Retiring Grooms Receive Pay Outs From Investment Scheme

Retiring Grooms Receive Pay Outs From Investment Scheme

At a historic lunch celebration held on Thursday 25 May at the Summerveld Training Centre, five recently retired grooms, Messrs S Gelede, M Jwala, M Ngilana, Q Zwelilfikile and Z Yebula, and a former assistant trainer to David Payne and Gavin Van Zyl, Opensea Mhlamvu, were presented with their retirement pay outs in front of a large jubilant contingent of more than 500 grooms employed in the Kwa-Zulu Natal racing industry.

The investment for retirement scheme was initiated by the KZNOTA benevolent fund board and strongly endorsed by the Gold Circle board whereby an amount of R4.5m was set aside to kick start this momentous scheme, a first of its kind in the country. Grooms who are employed in the racing industry in KZN were allocated various amounts of seed capital based on their age and length of service in the province.

Dr Manfred Rohwer, a board member of Gold Circle who is fluent in both IsiZulu and IsiXhosa presided as MC. In attendance were the Chairperson of KZN Grooms Association, Ernest (Rasta) Jalybane, supported by his entire committee, Gold Circle CEO, Michel Nairac, (also a member of the KZNOTA board), Tony Rivalland, Chairman of KZNOTA, along with fellow directors, Paul Lafferty (Chairman of the KZN trainers Association) and Raf Sheik, Racing Executive for Gold Circle.

Jalybane, who was also celebrating his birthday, was presented with a wonderful framed gift, fittingly celebrating African tradition on the occasion of Africa Day which symbolises unity and commitment to peace and development on the continent. Tony Rivalland, one of the main drivers of this investment initiative, thanked the grooms for their attendance and support and assured them of the benefits of their participation which would ultimately provide a financial pay out to them through the contributions of both the trainers and themselves, not only in retirement but also as an investment in their future should they wish to exit the industry for any reason, provided they have contributed in terms of the rules. He concluded by reminding all grooms that the allocation of seed capital would conclude at the end of June, as the deadline had already been extended a number of times. He also thanked Mr Preggie Somasundram, a leading owner in the province, for his generosity in sponsoring all meals and drinks for this occasion.

Prior to lunch being served there was much jubilation among the grooms as a lucky draw comprising of ten R1000 cash prizes sponsored by Gold Circle concluded the ceremony.

Wonderful 👏

Very good for the grooms. Maybe engaging with Gov about that tax issue would also help if a portion was allocated to the fund.

I would fact check this press release though, when the fund was started and by whom as some of the statements just don't ring true... However, it is all the same names so no surprises.

Whoever drafted this spin should be kicked out of the industry. What a load of bulldust.

Goldcircle has run out of cash and that's no secret and owners and trainers have been seeing their freaken noughts for the last few years. AND now there is an announcement of a phantom figure of R4.5m to benefit grooms!!!!!!!!!!!!!!

So Rivalland, Lafferty and the other self serving individuals that have been involved in the industry for decades suddenly woke up in May 2023 and realised that grooms exist in the industry .

This entire lot are the reason for this state of this industry.

Big shoutout to everyone involved, especially the trainers who agreed to setting aside part of their benevolent fund and Preggie for covering the cost of the meal on the big day (R50k)

Bob, i would ask for more facts, as far as I can remember, there was R16 million in a fund which was started by owners. Were the funds accessed from this?

I treat with extreme skepticism anything emanating from a group where conflict of interest is considered normal.