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Thu Apr 17 02:53:27 SAST 2014

Cyril out to avoid trouble

MOIPONE MALEFANE | 20 December, 2012 00:06
South Africa's President Jacob Zuma (R) jokes with his party's newly appointed Deputy President Cyril Ramaphosa at the National Conference of the ruling African National Congress (ANC) in Bloemfontein December 18, 2012. South Africa's ruling ANC re-elected Zuma as its leader on Tuesday, setting him up for seven more years as head of state of Africa's biggest economy.
Image by: MIKE HUTCHINGS / REUTERS

BUSINESSMAN Cyril Ramaphosa has started "to review his interests in business" following his election to the ANC deputy presidency in Mangaung earlier this week.

Ramaphosa said yesterday it was necessary to deal with potential conflicts of interest to ensure that he performed the responsibilities of his new position adequately.

His company, Shanduka, has business interests in many sectors of the economy .

"In consultation with ANC national officials, I am undertaking a process of engagement with several stakeholders on the implications of my election to this post," he said.

He said the review would include looking at his positions in the private sector, his responsibilities and his obligations.

"It is intended that this process results in an arrangement that removes the possibility of conflict of interest," he said.

Ramaphosa was elected on President Jacob Zuma's slate, replacing Kgalema Motlanthe, who opposed Zuma for the party leadership.

Motlanthe has declined nomination to any leadership position in the ANC, making him an ordinary member.

There is speculation that he will resign as deputy president of the country.

The past year has seen a dramatic increase in Ramaphosa's wealth. His worth rose by 39% last year, to R3.1-billion this year, according to the Sunday Times Rich List, which measures wealth on the basis of an individual's holdings in listed companies.

A glance at the holdings of Shanduka, in which the Ramaphosa Family Trust owns a 30% stake, reveals a large and diverse range of interests across almost every sector.

In the financial sector, these include holdings of 1.2% in Standard Bank, of which he is also a director, 7.8% in Alexander Forbes and 1.5% in the Liberty Group.

Shanduka also owns 0.54% of industrial holding company Bidvest, which has varied interests, including vehicle dealerships.

In the telecoms sector, Shanduka has interests in both South Africa and Nigeria, the latter being the fastest-growing mobile communications market in the world.

The interests include 0.45% of MTN South Africa and about 5% of MTN Nigeria.

Shanduka also has a 32.7% interest in a cellphone tower-building operation in Nigeria - Helios Towers - and 12.5% in Seacom, which lays undersea communications cables. - Additional reporting by BDlive

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Thu Apr 17 02:53:27 SAST 2014 ::