PSG founder diagnosed with early onset dementia

African tycoon and chairperson of PSG Group Jannie Mouton has been diagnosed with early onset dementia, he said adding that he was still fit to serve on the board of the investment heavyweight.

Founded by Mouton in 1995, PSG has enjoyed success by betting on high-growth companies challenging entrenched actors in finance, private education and hospitals in the post-apartheid economy.

“I have recently been diagnosed with an early form of dementia,” the 70-year old Mouton said in a letter to shareholders.

“The implication of this is that my short-term memory does not always function as it should, the result being that I sometimes forget people’s names, repeat myself, or may appear somewhat disorientated.” Mouton, who owns about 22% of PSG, said he would, however, stay on as chair of the R50 billion company, and his team of doctors and advisors will monitor his condition. “After consultation with my senior colleagues, we feel that I still have a contribution to make as PSG Group’s non-executive chair.”

this indicates that he doesn’t have many days as a PSG board member

One its biggest plays is Capitec, a financial startup whose inroads and stock market outperformance against South Africa’s big four banks have led to Mouton being compared to US investor Warren Buffett.

“He is a respected figure in the financial industry but this announcement is indication that he doesn’t have many days as PSG board member,” said Wayne McCurrie, a portfolio manager at Ashburton Investments. – Reuters