Please enter your login details

You can also sign in with your Sowetan LIVE &
Business LIVE account details.
   Sign Up   Forgot password?

Sign in with:

 
Sat May 26 13:08:02 SAST 2012

Khulubuse Zuma does not use his 'connections'

Khaya Buthelezi, by e-mail | 01 August, 2010 23:340 Comments

Khaya Buthelezi, by e-mail: S'Thembiso Msomi's article on Khulubuse Zuma (President Jacob Zuma's nephew) refers. While I agree with most of your views in your column, I would like to vehemently disagree with you on Khulubuse Zuma. First, Khulubuse is not wealthy as you suggest.



I don't think a few deals here and there make anyone wealthy by any standards. Some of us in business understand these things very well.

Most of the much-talked-about deals are heavily geared. Put simply, it's borrowed money that he's using from banks and other financial institutions who are investing in these business ventures, after having satisfied themselves that they will get a return on their investment.

The oil deals in the Democratic Republic of Congo have not yet generated even a cent and the media is already screaming about Khulubuse's wealth. What wealth?

As you put it, Khula was selling newspapers as a boy. Shouldn't we be celebrating his achievements, rather than lambasting the successes of another black brother?

Your comparison between Khulubuse and Saki Macozoma and his friend, Bulelani Ngcuka, is unfair. Khulubuse started from the bottom, owning a taxi, and later a security company, which gave him many sleepless nights. He is a true entrepreneur who used his close proximity to his uncle to his advantage, like any other entrepreneur would have, if given the opportunity.

On the other hand, Macozoma and Ngcuka were handed their wealth on a platter, literally. Today, both men have interests in various companies without breaking any sweat because of their high-profile names and close proximity to the chief, Thabo Mbeki, in his heyday as the boss in Luthuli House and at Union Buildings.

Khulubuse was making deals when the name ''Zuma" was a swear word in business circles. Where was the media during these difficult times? Why are we only hearing about him now? Again, the media is failing South Africa's transformation project by misrepresenting successes of black entrepreneurs.

If indeed Khulubuse is this wealthy because of this close proximity to President Zuma, why would he let MaNtuli (Zuma's second wife) struggle financially, even failing to pay for her domestic worker?

Msomi, I understand your neighbourly jealousy, but I think Khulubuse Zuma should not be the target.

A little homework for you and other jealous scribes of your ilk: investigate how SA's nouveau riche whites got their wealth, and how over the past 16 years of our democracy they have made more money beyond their wildest dreams?

These are stories you guys should be telling, not chasing after poor "big guy" Khulubuse Zuma.



PS. I hold no brief for the Zumas.

To submit comments you must first

Join the discussion & Debate

Khulubuse Zuma does not use his 'connections'

For Commenters Consideration | Please stick to the subject matter