Sexwale quits Mvela Holdings

Johannesburg - Tokyo Sexwale has now resigned from main Mvelaphanda parent company, Mvelaphanda Holdings, his spokesperson Chris Vick said on Thursday.

Mvelaphanda Holdings - best described as a diversified industrial group - serves as a repository for all non-listed Mvelaphanda interests.

"Former deputy chairperson Mikki Xayiya will serve as chairperson of the company," Vick said in a statement.

A former businessman, Sexwale was appointed by President Jacob Zuma to head the human settlements ministry.

Vick said Sexwale was in the process of resigning from all other remaining Mvelaphanda business interests worldwide.

"This will be done within the required statutory period," Vick said.

Discussions were still under way around a number of options in terms of Sexwale's interests in various companies.

"This process is being conducted by independent professionals, in line with international best practice," Vick said.

In addition, Sexwale would comply with all the disclosure requirements for a member of Parliament and a member of the Cabinet.

"He will obviously also comply with the requirement to timeously deliver the required disclosure forms to the Registrar of Members' Interests in Parliament and the Secretary of Cabinet,"Vick said.

He added that Sexwale would continue serving on the boards of non-business and philanthropic organisations such as the Nelson Mandela Foundation, the Sexwale Family Foundation and the Washington-based Brookings Institute.

"In summary, Minister Sexwale intends to adhere to both the letter and spirit of the legal requirements, and the morality of such matters, regarding disclosure of information and avoiding conflicts of interest between his private interests and his dutiesas a member of the Cabinet," Vick said.

- Sapa