How the high-rollers made their millions

THOUGH Cyril Ramaphosa was involved in the first phase of BEE — through Nail and the Molope Group — he emerged with little money or business credibility.

He did, however, score substantially in what might be deemed the second phase when, after Molope was rescued by Rebhold, he was given substantial mining-related assets, which were used to build up Shanduka.

With few exceptions, the trade unions fared dismally with their involvement in BEE; their investment companies made little money, but managed to compromise union officials who, while they fought to get access to the corrupting influence of the betterpaid jobs, ignored the needs of their members.

But former union officials did do very well out of BEE, and probably none as well as the NUM’s Irene Charnley, who became a billionaire. As a union representative on the Johnnic board, Charnley was in the right place at the right time to stake a claim to a hugely valuable chunk of MTN shares.

There might be much to learn from the fact that Phuthuma Nhleko was one of the few blacks not to make any claims about working to benefit “black business”.

Nhleko, regarded as an outstanding businessman, works for Nhleko. He is credited with building a powerful MTN and his Worldwide Africa is a very successful group operating away from the BEE spotlight glare.

Patrice Motsepe was enormously fortunate to be excluded from the NEC back in 1996. This exclusion meant he was available to do a deal with the hugely wealthy Sacco family, which controlled iron-ore company Assore.

Motsepe’s stake in Assore was key to the establishment and growth of African Rainbow Minerals. Presumably Motsepe’s relationship with long-serving cabinet minister Jeff Radebe helped persuade the Sacco family, who may have had an eye on mineral rights, that Motsepe was the ideal partner. He is one of the very few BEE players to take philanthropy seriously.