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Ramaphosa resigns from two boards

January 24 2013 at 08:00am
By Reuters

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ANC deputy president Cyril Ramaphosa was quitting the boards of paper producer Mondi and platinum producer Lonmin to prevent conflicts with his new political role, the companies said yesterday.

Ramaphosa was elected President Jacob Zuma’s deputy in the ANC in December and said at the time that he would consequently be reviewing his various business interests.

The former anti-apartheid mining union leader is one of Africa’s richest men and sits on the boards of some of the continent’s biggest firms.

His investment firm, Shanduka Group, has stakes in MTN and Standard Bank.

He also sits on the boards of Standard Bank and brewer SAB Miller.

Shares of Lonmin dropped 0.06 percent yesterday to close at R47.20, while Mondi advanced 1.09 percent to R101.34. – Reuters


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