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Johannesburg - Questions still linger about the transparency of South Africa’s new Deputy President Cyril Ramaphosa's process of distancing himself from his business interests to take up his new position, City Press reported on Sunday.
Ramaphosa’s company, Shanduka Group, announced a merger with former MTN chairperson Phuthuma Nhleko’s Pembani. It does, however, not say if Ramaphosa has sold any of his investments.
It merely states that the merger “will enable” him “to exit his business interest in Shanduka” to focus on politics.
Ramaphosa’s net worth is estimated at more than R2.2bn in terms of his directly and indirectly held listed investments.
His interests reach from Bidvest to Mondi, MTN Group, Standard Bank, Coca-Cola and McDonald’s.
Ramaphosa has stepped down as executive chairperson of Shanduka. The company merged with Pembani Group – co-founded by Phuthuma Nhleko, who was MTN CEO at the time Ramaphosa was chairperson.
Ramaphosa has neither said if he was selling his stake in Shanduka, nor if Shanduka was selling any of its investments.
Media reports have suggested that Ramaphosa will keep assets that are not regulated by government.
He could also be following former minister Tokyo Sexwale by placing his investments in a blind trust.
Attorney and tax practitioner Andrew Duncan, told City Press that , technically, there is no such thing as a blind trust in South Africa.
He said if the trustees were completely independent and have had no link to Ramaphosa at all, then this approach could be considered a blind trust.
Dion George, DA shadow minister of Parliament’s standing committee on public accounts, said the move was a sensible one and showed that Ramaphosa had presidential ambitions.
Ramaphosa’s company, Shanduka Group, announced a merger with former MTN chairperson Phuthuma Nhleko’s Pembani. It does, however, not say if Ramaphosa has sold any of his investments.
It merely states that the merger “will enable” him “to exit his business interest in Shanduka” to focus on politics.
Ramaphosa’s net worth is estimated at more than R2.2bn in terms of his directly and indirectly held listed investments.
His interests reach from Bidvest to Mondi, MTN Group, Standard Bank, Coca-Cola and McDonald’s.
Ramaphosa has stepped down as executive chairperson of Shanduka. The company merged with Pembani Group – co-founded by Phuthuma Nhleko, who was MTN CEO at the time Ramaphosa was chairperson.
Ramaphosa has neither said if he was selling his stake in Shanduka, nor if Shanduka was selling any of its investments.
Media reports have suggested that Ramaphosa will keep assets that are not regulated by government.
He could also be following former minister Tokyo Sexwale by placing his investments in a blind trust.
Attorney and tax practitioner Andrew Duncan, told City Press that , technically, there is no such thing as a blind trust in South Africa.
He said if the trustees were completely independent and have had no link to Ramaphosa at all, then this approach could be considered a blind trust.
Dion George, DA shadow minister of Parliament’s standing committee on public accounts, said the move was a sensible one and showed that Ramaphosa had presidential ambitions.
