It was no secret that African Rainbow Capital (ARC) was lined up as the BEE empowerment partner to Sanlam Investments (SI). But it took incoming Sanlam group CEO Paul Hanratty to insist that negotiations were brought to a close. And it is not as if either party is so financially stretched it needs to quibble over the last rand to pay, either.

ARC is controlled by the Ubuntu-Botho Investments consortium, headed by billionaire Patrice Motsepe, and is probably the wealthiest BEE consortium in SA. It was given a R2bn facility by Sanlam in 2018 to expand its financial services portfolio...

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