Deputy President refutes Shanduka Trust interests

Thursday, October 26, 2017

Deputy President Cyril Ramaphosa has refuted claims by the Business Day newspaper which states that he has shares in the Shanduka Trust.

In an article titled ‘Cyril Ramaphosa in firing line in latest probe request’, published on Tuesday, the Business Day alleged that a complaint brought to the Competition Commission implicates the Deputy President in Shanduka Trust. It later states that the complaint lists Shanduka Coal, “in which Ramaphosa held an interest in trust”.

The Deputy President has set the record straight, adding that he disposed of his stake in the Shanduka Group in November 2014, including all of Shanduka’s mining assets and investments in other regulated sectors. 

He added that not only does he not have an interest in Shanduka coal or in any mining assets, in a trust or otherwise he is also not aware of any entity known as Shanduka Trust.

Despite what the Deputy President has noted as inaccuracies in the report, he reaffirmed his view that any credible allegations of uncompetitive behaviour should be thoroughly investigated and those responsible held to account. -

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