|Anatomy of fast money|
|Vicki Robinson, Lloyd Gedye and Tumi Makgetla|
|11 Aug 2006 07:03|
Black ownership is now concentrated in more than 20 significant empowerment groupings, including Mvelaphanda Holdings, Johnnic Holdings, Sekunjalo, Thebe Investments, Matodzi Resources, Worldwide African Investment Holdings, Safika and Shanduka. The names of six magnates recur: Tokyo Sexwale, Cyril Ramaphosa, Saki Macozoma, Patrice Motsepe, Moss Ngoasheng and Mzi Khumalo. They have amassed huge fortunes, are part of or have access to the African National Congress, and are linked through business alliances and friendships. But the speed at which they have accumulated their wealth — using, in some cases, their political connections — and their appearance in deal after deal has galvanised the ANC. Cyril Ramaphosa ANC national executive committee member Funding vehicle: Shanduka Ramaphosa has interests in mining, the financial sector, advertising, information technology, property, telecoms and retail. The Sunday Times Rich List puts his personal fortune at R490-million, but an analysis of his listed fortunes (about seven of his 21 investments) shows that he may be worth more than double this. The Ramaphosa family reaps 30% of all investments. However, it is impossible to determine how much of the wealth is debt, or to establish the value of unlisted assets. Shanduka was established in November 2000. Below is a sample of eight of 21 acquisitions the company has made since then, and their current value:
Tokyo Sexwale Former Gauteng premier The Sunday Times Rich List values Sexwale’s total investments at R978,77-million. In 1999 he established Mvelaphanda Investment Holdings, a diversified investment company, and is currently its executive chairperson and chairperson of Mvelaphanda Resources. According to Mvelaphanda’s 2005 annual report, Sexwale was paid R2,2-million as director of several of the group’s companies. This does not include his share options. In 2000, Sexwale became a director of the Trans Hex Group, a diamond mining company, of which he is currently a non-executive chairperson. In that year he also joined the board of Northam Platinum, where he later became non-executive chairman. In January 2001 Sexwale became a director of Gold Fields. He is CEO of Batho Bonke, which was given an effective 10% stake in Absa bank in 2004 when it issued Batho Bonke 73,2million new redeemable preference shares, and owns empowerment consortium Jonga Entabeni, which won a tender, in 2004, for a development in Bloubergstrand in the Western Cape. Cheryl Carolus Former ANC NEC member, deputy secretary general of the ANC and former South African high commissioner in London Cheryl Carolus has been busy since November last year, concluding four empowerment deals through Peotona Group Holdings. Her last post was a three-year tenure as CEO of SA Tourism, which ended last year.
Rising oligarchs Popo Molefe Former premier of North West province and NEC member
Manne Dipico Former Northern Cape premier and currently President Thabo Mbeki’s parliamentary adviser
—Vicki Robinson, Lloyd Gedye and Tumi Makgetla