Gary Harlow, a trustee of Markus Jooste’s family trust Silveroak, has resigned as a Blue Label and Cell C director.
“Gary David Harlow has tendered his resignation from the board of Blue Label and its subsidiaries, as well as the Blue Label committees he served on with effect from 19 October 2022,” Blue Label said.
“Harlow has made an outstanding contribution to Blue Label and the board for well over a decade.”
“The board both respects and appreciates the unwavering commitment and skill which he has consistently invested and demonstrated in the conduct and performance of his duties.”
The resignation followed after the South African Reserve Bank attached assets linked to former Steinhoff CEO Markus Jooste.
The main assets attached are the Lanzerac wine estate, Jooste’s mansion in Hermanus, and the Silveroak Trust, which reportedly has over R1.2 billion in assets.
Harlow was a responded in the Reserve Bank’s court application in his capacity as a trustee of the Silveroak Trust, along with fellow trustee Riaan du Plessis.
Speaking to Biznews’ Alec Hogg, Harlow said he would fully cooperate with the Reserve Bank’s investigation.
He dismissed reports that the trust contained over R1.2 billion in assets. “The only assets there is a loan to Mayfair, which is worth nothing, and the houses worth R100 million,” he said.
“I don’t believe that there will be any funnies found during our tenure. It was just a case where the family business kind of assets stayed,” he said.
“Over the last four years, the trust has done nothing wrong. It hasn’t traded. It has not broken any Forex laws. It has not brought in or sent out money.”
Harlow said the latest development and his association with Jooste had affected his reputation and everything he worked for.
He added that out of respect for the boards and shareholders of the companies he serves as a director, he has decided to resign.
“After 45 years in corporate South Africa, to reign from the boards of two large and respected companies hurts,” he said.