We have a new form of black economic empowerment (BEE) — “broads-based” empowerment, Reunert BEE windfall for Carolus, partners (February 7).

Who sold Reunert the snake oil that enriching a few wealthy women helps the many poor? For Cheryl Carolus, Wendy Lucas-Bull, Dolly Mokgatle and Thandi Orleyn to skim R475m off a trust for black education is a breathtaking abuse of position and connection. For Lucas-Bull to say directors getting 30% of the money meant for the poor is just a “quirk of the structure” is disingenuous to the point of dishonesty.

With this start, will the 70% go to deserving kids, or party pockets? That money would get 100000 kids into first year, so Reunert was shockingly naive to ignore an opportunity cost so big. The country’s taxpayers and corporate social investment departments will foot this bill, so how can Reunert hope to look good and the deal makers feel good if R475m has done no good at all?

Whether or not BEE is right, hijacking development funding is wrong. No wonder genuine charities and nongovernmental organisations are battling if the rich are skimming off their income.