Road to riches forks sharply for former union comrades

Whether choosing a hairstyle or a business partner, Marcel Golding is not afraid to stand out in a crowd.

The diminutive unionist-turned-capitalist, who once sported a pony tail but is now defined more by his well-groomed bank balance, has a track record of bold action and acquisition.

Back in the 1990s, Golding and Johnny Copelyn, the former general secretary of the South African Clothing and Textile Workers Union (Sactwu), were inseparable.

In 1997 they quit as MPs to start an investment company using R481-million in union cash.

The company was Hosken Consolidated Investments (HCI), whose blue-chip assets now include 41% of Tsogo Sun, 63% of e.tv, a controlling 27% stake in wine and brandy maker KWV, and complete ownership of bus service Golden Arrow.

Golding has become extremely wealthy thanks to HCI. Sunday Times estimates show he is the 33rd richest person in the country with a personal stake in HCI worth R1.25-billion by Friday.

Copelyn's stake in HCI is worth R837-million.

One of Golding and Copelyn's biggest corporate successes was outmanoeuvring Johnnic Holdings to gain a controlling stake in Tsogo Sun, which helped to cement Golding's reputation as a formidable business leader.

For some he will always be the man who played second fiddle to Deputy President Cyril Ramaphosa in the days when he was general secretary of the National Union of Mineworkers. For others Golding is the archetypal back-room strategist who was happy to bide his time until the time was right.

"He is generally regarded as a person who turned his back on the workers and really enjoyed the fruits of being an employer," said a prominent unionist this week.

Another union commentator said he believed Golding's legal dispute was part of a broader political agenda.

"This is definitely politics. I wouldn't be surprised if what he is alleging is true. His affidavit rings true for me."

In his court papers, Golding describes how his relationship with Copelyn, once so close, became so icy that 10 days ago Copelyn ordered the locks be changed on Golding's office.

Now, Golding paints a picture of his former close friend as a spineless man, ready to yield to unacceptable meddling in the business from politicians.

If the spat between Copelyn and Golding reveals anything, it is how both of them have become far removed from their former lives as unionists. Relations are so frosty that the two men now barely talk to each other.

Even before this spat, Golding no longer had an office in HCI's new building in Sea Point in Cape Town - despite his official title as executive chairman.

The two have considered going their separate ways for some time, "but for me these incidents of interference in news content were the last straw," said Golding.

Copelyn said on Friday he would comment only when the "matter is out of the limits of the court".