Perhaps it is only those who recall the very old days when powerful, large conglomerates controlled much of South African business who feel some unease about Johan van Zyl’s recent appointment as Sanlam chairman. As recently as the 1990s, five entities — Old Mutual, Anglo American, Liberty, Rembrandt and Sanlam — dominated the South African economy. Few significant deals were done without one or other of these parties being involved. Transactions often involved the exchange of assets between two of them. The control structure inevitably meant little more than a handful of individuals ruled the roost and decided who bought what and for how much. The background helps to explain why SA has been dogged by so much collusion and lack of competitiveness despite the opening up of the economy after 1994. For all its faults and difficulties, the economy has come a long way since the National Party shuffled off stage. But, given this historic setting, it is difficult not to see the appointment...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.