Ramphele’s riches — which are real ones?

CONFUSION continues to reign over AgangSA leader Mamphela Ramphele’s net worth, with an independent research organisation revealing her Mediclinic shares could be worth more than the disclosed R30-million.

An evaluation by Who Owns Whom of Ramphele’s shareholdings suggests that her shares in the company were worth R92.9-million in 2009. Because the share price had gone up from R21.50 in 2009 to R65.50 by Friday, her shares are now said to be worth more than R277-million.

The scrutiny of Ramphele’s assets follows the voluntary disclosure of her personal finances last month. She told reporters her net worth was R55-million, including shareholdings, pensions and property.

Her move received a mixed reaction from political parties and civil society.

The Who Owns Whom calculation is based on the 2009 Mediclinic annual report, which stated Ramphele held “an effective interest” of 18% in Mpilo Investment Holdings through Circle Capital Ventures and the Ramphele Family Trust. Mpilo Investment Holdings held 23 377 488 shares in Mediclinic in 2009.

Ramphele’s office was quick to dismiss the evaluation, but refused to respond to specific questions by the Sunday Times.

Party spokesman Thabo Leshilo said: “Dr Ramphele’s net worth is just over R55-million as at June 27 2013. This is the only valuation that we recognise, as it was conducted by the company responsible for managing her investments, Personal Trust International.

“Dr Ramphele’s shareholding in Mediclinic has always been held via Circle Capital, of which she was only one of a number of shareholders. Her shareholding is valued at R30-million, as she has disclosed.”

The 2009 annual report was the last to declare Ramphele’s shares. The 2010 report stated that she had resigned as director and chairman of Circle Capital.

The party this week refused to say if she had disposed of any of her Mediclinic shares when she resigned.

Who Owns Whom researcher Carla Mould said the 2009 annual report clearly attributed the shares to Ramphele, not Circle Capital. “The annual reports says, ‘Ramphele holds an effective interest of 18%.’ There is no indication of Circle Capital. We calculated 18.5% of 23 277 488, which is how we got to the calculations,” she said.

Last month Ramphele revealed her shareholdings in Anglo American, Gold Fields, Sibanye Gold and PTI Select Managers were worth R1.3-million. Her indirect shares through the family trust were worth R30-million and her investments were standing at R10-million. She said her Camps Bay home was worth R10-million, her retirement annuity stood at R1.1-million and her provident fund at R1.5-million.