Ramaphosa to review business interests

Cyril Ramaphosa

Newly-elected ANC deputy president Cyril Ramaphosa says he will review his business interests to avoid a conflict of interest.

In a statement released by his Shanduka group this afternoon, Ramaphosa announced that he has initiated a “review” of his business interests.

Ramaphosa was elected as deputy to ANC president Jacob Zuma yesterday. He defeated Tokyo Sexwale and Mathews Phosa to get the job.

Yesterday, Cosatu general secretary Zwelinzima Vavi called on Ramaphosa to resign from all his companies and place his shares in a dormant trust.

Business Day reported today that Ramaphosa’s wealth was estimated at R3.1 billion.

Ramaphosa said he was reviewing his interests in the wake of his election as the ANC’s second-in-charge.

“This is necessary to address any potential conflicts of interest, and to ensure that I can adequately perform the responsibilities of this position.

“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,” Ramaphosa said.

He said he would make further public statements “at the appropriate time”.

Shanduka is heavily invested in a plethora of industries, including mining, technology, banking and food.