Geoffrey Qhena quits as CEO of IDC
He was at the helm for 13 years, including the Zuma years when the IDC came under fire for its Gupta dealings
The CEO of the Industrial Development Corporation (IDC), Geoffrey Qhena, has resigned, the company announced on Friday. Qhena has been at the IDC for 20 years and at the helm for 13. During his tenure the IDC grew its asset base from R31bn in 2004 to R137bn in 2018. The IDC is the government’s most important development finance institution and has played a critical role in support for private-sector companies, through financing ventures considered strategic for the economy. Its role has been to provide loans and take investment stakes in companies deemed strategic for the economy. Economic Development Minister Minister Ebrahim Patel said in Friday’s announcement: “During his period at the helm, the IDC made a significant shift in its mandate, to focus on the development of black industrialists and youth entrepreneurs.” During the Zuma era the institution came under enormous political pressure to provide loans to the politically connected, in particular the Gupta family. It was badly...
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.