Kevin Crowley
DEPUTY President Cyril Ramaphosa sold his investment in Shanduka Group, a holding company mainly invested in mining and energy assets, to avoid conflicts of interest.
Ramaphosa had been given more time to dispose of assets in industries that were regulated by the government, the presidency said in a statement yesterday.
A family trust for Ramaphosa held a 29.6 percent stake in Shanduka, according to a disclosure to Parliament in September.
“The deputy president will not give any instructions with respect to the management of these interests for the duration of his term in office, save for the purposes of complying with a legal requirement or to give instructions to sell such interest,” it said.
Ramaphosa’s shareholding in Lonmin, through Shanduka, came under scrutiny during the inquiry into the killing of 34 protesters by police in Marikana during a strike in 2012.
The deputy president’s investments in unregulated industries would be put in a trust and managed by independent people, the presidency said.
Shanduka said in May that Ramaphosa planned to exit his business interests in the company to focus on his government responsibilities. He also held stakes in companies including Standard Bank, MTN, the local McDonald’s franchise and Coca-Cola bottling plant.
– Bloomberg