Shanduka executive chairman Cyril Ramaphosa announced on Wednesday (19 December) that owing to his election to the position of ANC Deputy President at the ANC’s 53rd National Conference in Mangaung‚ he has initiated a review of his interests in business.
Ramaphosa is independent non-executive director and chairman of MTN Group and is also chairman of Bidvest Group. He also sits on the board of brewer, SAB Miller and Standard Bank Group.
Shanduka Group, founded by Ramaphosa recently paid $335 million for a stake in MTN’s Nigerian business.
“This is necessary to address any potential conflicts of interest‚ and to ensure that I can adequately perform the responsibilities of this position‚” he stated.
“In consultation with the ANC national officials‚ I am undertaking a process of engagement with several stakeholders on the implications of my election to this post.
“This will include a review of existing positions‚ responsibilities and obligations. It is intended that this process result in an arrangement that removes the possibility of any conflict of interest.
“I will make further public statements at the appropriate time‚” Ramaphosa added in a statement.
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