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...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now