Ramaphosa quits Shanduka
Fin24

Ramaphosa quits Shanduka

2014-05-27 05:00

Johannesburg - Deputy President Cyril Ramaphosa said on Monday he will completely divest from Shanduka as the group is set to become part of the country's largest black owned private investment firm.

"Shanduka's majority shareholders have entered into an agreement that will, among other things, result in my complete divestment from the Group," Ramaphosa said in a statement.

He said the in the interim, his family's interests will be held in blind trusts.

Ramaphosa said that he stepped down from the boards of several companies to remove the potential for any conflict of interest and enable him to effectively perform his role as the new deputy president.

The transaction would allow Ramaphosa "to exit his business interest in Shanduka and focus on his responsibilities in government".

Pembani Group, led by entrepreneur Phuthuma Nhleko, Ramaphosa's family trust, Jadeite Limited and Standard Bank, amongst others, have entered into an agreement to combine their interests and create a new black-controlled natural resources and industrial holding group.

The group is set to become South Africa's largest black owned private investment firm, reported Reuters.

"The group will have a gross asset value in excess of R13.5bn, which will give it significant scale with liquidity to pursue value creating opportunities in sub-Saharan Africa."

The proposed transaction is subject to the conclusion of a number of additional agreements and is anticipated to be completed before the end of 2014.

“The proposed transaction creates an African champion," said Nhleko, who will also chair the new group.

Ramaphosa added that the new deal "enables me to leave Shanduka and eliminate any conflicts of interest confident that its founding vision of value creation, empowerment and transformation will continue through the new entity".

In January last year, following Ramaphosa's election as deputy president at the African National Congress' 2012 Mangaung conference, it was announced that he would step down from his positions at mining company Lonmin and packaging group Mondi.

Ramaphosa was a non-executive board member at Lonmin and a joint chair at Mondi Limited and Mondi.

"In the course of the next few weeks, I will take any further practical steps necessary to ensure that I comply with requirements of the Executive Ethics Code and uphold the integrity of my office," he said.

Ramaphosa, who founded Shanduka in 2001, said he will still be involved in the Shanduka Foundation, a non-profit organisation that works in the areas of school, skills and enterprise development.

Shanduka is invested in a portfolio of listed and unlisted companies and has holdings in the resources, food and beverage industries.

The group also invests in the financial services, energy, telecommunications, property and industrial sectors.

Shanduka has investments in South Africa, Mozambique, Mauritius, Ghana and Nigeria.

Comments
  • LadyDeep - 2014-05-27 05:18

    *waits for the negative comments from DA supporters*

      maraisl - 2014-05-27 06:06

      Sorry to disappoint you Jennifer. Most DA people have no issue with Ramaphosa. Have a nice day! And don't be so pessimistic;P

      Xavier7034 - 2014-05-27 06:13

      The REAL talent in South Africa, that will take our country forward is not in ANC politics. Watch Mmusi Maimane......he is an inspiration.....most people are embarassed to have Zuma there, and Cyril will take over in 2016. The ANC are going to lose a lot of ground in 2016 Municipal Elections, and their downfall will accelerate as the scaryEFF gains ground .

      Tshivhenga Ndou - 2014-05-27 06:23

      Good move Mr. Ramaphosa. At least you removed the potential for corruption. JENNIFER, NOT EVERY PERSON WHO CRITICIZES THE ANC IS A DA!!!! Some have actually voted ANC but oppose some of its decisions.

      winston.wiggill - 2014-05-27 06:48

      What is a "blind trust" ? A place where you hide your money so that other people and institutions like SARS cannot see how stinking rich you really are . #ANC4Life

      LadyDeep - 2014-05-27 07:17

      Ndou I voted ANC and I still oppose some of its decisions. So what's your point? I just knew some DA supporters were gonna say negative things here because that's what they always do

      LadyDeep - 2014-05-27 07:20

      Frank..thank you for proving me right :)

      Leeann Anthony - 2014-05-27 07:34

      Boom, you can see you're right... Soar, unhappy people, that DA people. Moaning, complaining, sharing their unhappiness... Since I left that bunch of unhappy people and I voted ANC, I don't see people moaning... They are happy and try to do something good. Just watch the Pistorius court case. ANC woman, volunteers, helping and assisting the mother of Reeva Steenkamp... I almost miss these unhappy moaning DA people coming to my house (mis)using my hospitality...

      Kathi Smuts - 2014-05-27 12:04

      Clearly you are targeting DA supporters, would that be because you realise you put your x in the wrong place on the ballot paper?

      LadyDeep - 2014-05-27 13:47

      @Khati not at all! I made no mistake. #unapologetic

      Foc Us - 2014-05-27 14:08

      What's with these young black girls that posts hundreds of selfies on their FaceBook pages for ALL to see?? Is it to catch a husband?? Just asking .... What worries me MORE about Jennifer Boom(roker's) is that her nick for the News24 is Lady Deep .... I wonder how deep she is and how did she measure it??

      Feik Mc Heither - 2014-05-27 15:45

      @ Foc Us, at least she's not hiding behind some Non-Foc(used) profiles and for a person of her age, your comment makes you such an a-hole. And I'm assuming you are an adult, and the kid beat you to common sense.

      Foc Us - 2014-05-27 16:31

      Mr Feik or is it Fake .... it is because of her age that I worry!! WHY would you expose yourself to the world like this?? Do they not know there are settings to keep things a little bit more private? .... no wonder perverts have such a ball in this country ...

      paul.d.murison - 2014-05-27 21:05

      One person doesn't make right!!! Jen

  • Erna Westdyk - 2014-05-27 06:09

    What would impress me is is Ramaphosa, with all his wealth, would donate his salary to a specific charity.

      Leeann Anthony - 2014-05-27 07:38

      He does that Erna. Just like his brother in law, Patrice Motsepe who gave half of his wealth away in a trust. Income of this trust is spent on welfare in South Africa. He did put R 8,000,000,000 in the Motsepe trust... Christo Wieze, Raymond Ackermans who overprize you on a daily base in the supermarkets NEVER will do that...

      Bushy Mogale - 2014-05-27 09:10

      I am anxiously waiting to see if EFF will donate part of their salaries to charity as they claim to be championing the poor and the destitute.

  • Xenswim1 - 2014-05-27 06:49

    Oh please he did not resign and walk away empty handed. Seeing he is rich he should now refuse his state salary as a way of saying sorry to his nation for abusing the BEE system.

      Feik Mc Heither - 2014-05-27 15:51

      How do you expect him to walk empty handed? Would you? Pathetic comment.

  • T-Mak Makatu - 2014-05-27 06:58

    Good move

      Nathan Strong - 2014-05-27 07:41

      Consider the probable outcome if zuma had been impeached last year leading to Cyril becoming the leader. maybe the anc would have achieved a greater following and majority. At least Cyril has brains, manners, can afford his own private accommodation and wife and is not a laughing stock locally and internationally.

  • Landile Mamve - 2014-05-27 06:59

    That would be great.....

  • Sameerah Limalia - 2014-05-27 07:09

    I smell shale gas...

  • James Maswoba - 2014-05-27 07:09

    am waiting for you to be president then you built. Nkandla and Ramaphosaville in limpopo. up to so far is raining in one man yard. and I wonder if rumours that in Kzn one hospital has more doctors than limpopo as a province.

  • jonas.Bnet - 2014-05-27 07:28

    He just transferred it all to his family trusts.

  • Wanda Ayanda Mokwena - 2014-05-27 07:32

    Blah blah blah blah blah blah....u r jst moving yourself away from all the drama at the Marikana. divesting givs u an advantage cos ther is nothing left ther, only the strikes.

  • Zahir - 2014-05-27 07:41

    R13.5 billion why not share some with the lonmin miners or the anc principle wealth must be held by few greedy elite

  • Mike Machaba - 2014-05-27 07:42

    So who cares,another dictactor in the making.

  • Maxi Fox - 2014-05-27 08:07

    Many, many years ago I met Mr Ramaphosa when he was still with Numsa and involved in the mines. He was a true gentleman with great compassion then and I believe he can only be good for this country now.

  • Archie Dempster - 2014-05-27 08:12

    I think he's getting ready to take over from Zuma very shortly

      Robert Michael - 2014-05-27 15:41

      Totally agree, all these moves are in preparation for him to take over the presidency. At least we will have someone with a backbone leading the country.

  • Pieter Retief - 2014-05-27 09:21

    @Gary Larkan. F**k Off!!!!!!!

  • Channon Merricks - 2014-05-27 09:54

    Cyril Ramaphosa says he is no longer a shareholder of Shanduka.He has however said my family interest will be held in a "blind trust"So much for transparency, accountability and fighting corruption.South Africans are really fools.Even apartheid government dident think blacks are that stupid

      Zolani Makhasi - 2014-05-27 10:06

      Did you really think about what you just said?

  • Zwelithini Mdluli - 2014-05-27 10:55

    Shower man n baffalo man

  • Bonginkosi Mabunda - 2014-05-27 11:15

    Good for our country. Full attention on building our beloved land. Delivery will improve. Halala, deputy president.

  • Kathi Smuts - 2014-05-27 12:01

    Money is clearly better and easier to come by in government. Divest. Is that what you wear under dishirt.

  • Jerry Medina - 2014-05-27 12:24

    This is what big business do, appoint your own President and you covered. Smart move by Lonmin and other mining powerhouses.

  • Robert Shelley - 2014-05-27 12:42

    OUR NEXT PRESIDENT PERHAPS?

  • Marc Anthony Webb - 2014-05-27 13:39

    A true man with integrity a 21 gun salute should be fired off Naval Hill to celebrate this man after the money he has made is used to provide the basic needs the CancER Regime has been promising for the last 20 years...The day that stops we will stop complaing and whining which I sincerely doubt will ever happen...

  • Rocky Bell - 2014-05-27 14:05

    Leeann Anthony here again with her BS. Before making ridiculous statements, please check your facts. Motsepe did NOT give away half of his wealth. He gave away half of the income his businesses generate. That means his investment of R100 generates R10 income. From this amount he gives away R5 - difficult to understand. And before making an even bigger fool of yourself, google Wiese, Ackerman, Rupert to see what they do for charity. eish!!!!! party ma se kinners!!

  • Masela Dima - 2014-05-27 14:41

    i believe that he is not going to engage himself in some corrupt activities....but i am sure as hell that he is going to network too much to grow this Shanduka on the government expense.......

  • Victor Nganguem - 2014-05-27 15:06

    j'aime ├ža

  • Archie Dempster - 2014-05-27 15:23

    Is this blind trust run by Zuma

  • paul.d.murison - 2014-05-27 21:04

    I would much rather him leading this country than Zuma and fat boy. He could make a change.

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