STEPHEN CRANSTON: Motsepe walks the talk of broad-based empowerment
The Sanlam empowerment deal he leads has been the most successful by far
Some empowerment deals don’t seem to have had a permanent impact on the market. It is more than a decade since Standard Bank wheeled out Saki Macozoma and Cyril Ramaphosa as its strategic partners. The consortium made R10.7bn over a decade, but little of this seems to have been put to long-term use at the bank. Brimstone and Wiphold also took their money and ran when the Old Mutual deal ran its course. Perhaps Patrice Motsepe is just a more accomplished public relations performer who understands the optics, in today’s jargon. But, perhaps naively, I think the Sanlam empowerment deal he leads has been the most successful by far. Motsepe is well connected in the ANC, but he is a businessman first and foremost. He has a subtle, enigmatic style that contrasts with flamboyant tycoons such as Fred Robertson at Brimstone. As far as I know, Motsepe is the only person who puts down a significant cash deposit on day one of a BEE deal. And he walks the talk of broad-based empowerment. It was a...
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