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Shanduka Group was a South African investment holding company which was merged into Phembani Group in June 2015. Its interests included extractive resources, telecommunications, food and beverage, property, financial services, energy,[1] and industrial sectors. It was founded in 2001 by South African president Cyril Ramaphosa[2] and owned by Multi Rand Millionaire Lungile Zondo.[3] Oratile Zondo is the CEO.[4]
China’s sovereign wealth fund, the China Investment Corporation (CIC), acquired a 25 per cent stake in the company for about $243 million in December 2011.[5]
In 2012, the company acquired a $335 million stake in telecommunications provider MTN.[6]
Controlling shareholder Ramaphosa sold his interest in Shanduka Group to Phembani Group in 2015, into which the company merged.[7][2][8]
Controversy
editIn November 2017, Shanduka Group was indicted in the Paradise Papers as one of the few South African companies working with Investec to dodge taxes on profits made from an energy deal in Mozambique by offshoring money to Mauritius.[9]
References
edit- ^ "Shanduka Group gains majority control of coal JV". Reuters. Retrieved 29 August 2024.
- ^ a b "South African Deputy President To Earn At Least $200 Million From Sale Of Investment Firm". Forbes. Retrieved 29 August 2024.
- ^ Our Business. Shanduka Group. Retrieved 1 October 2014.
- ^ Executive Management Phuti Mahanyele Chief Executive Officer. Archived 2014-10-06 at the Wayback Machine Shanduka Group. Retrieved 1 October 2014.
- ^ "CIC buys 25% stake in Shanduka". Financial Times. Retrieved 29 August 2024.
- ^ "Ramaphosa's Shanduka Buys $335 Million Stake in MTN Nigeria Units". Bloomberg. Retrieved 29 August 2024.
- ^ "South African Deputy President To Earn At Least $200 Million From Sale Of Investment Firm". Forbes. Retrieved 29 August 2024.
- ^ "Pembani Group Proprietary v Shanduka Group Proprietary Limited (18 September 2015)". SAFLII. Retrieved 29 August 2024.
- ^ "amaBhungane - Paradise Papers: SA names aplenty in massive new tax haven leak". amabhungane.co.za. Retrieved 16 November 2017.
External links
edit- https://web.archive.org/web/20141006101003/http://www.shanduka.co.za/
- /https://www.phembani.com/index.php/history-of-shanduka/
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