Sexwale to resign from Mvelaphanda

Tuesday, May 12, 2009

Pretoria - Tokyo Sexwale is expected to resign as Executive Chairman of the Mvelaphanda Group, following his appointment as Minister of Human Settlements.

Speaking to BuaNews on Tuesday, Mr Sexwale's spokesperson Chris Vick said: "Yes, that is correct, he will be resigning."

However, an official announcement regarding the minister's business interests and all his companies will only be made later this week once he has consulted his lawyers on the way forward.

"One of his companies is listed on the JSE and there is a process to be followed in as far as that is concerned," Mr Vick said.

Mr Sexwale founded Mvelaphanda Holdings, a company primarily focused on the mining and energy sectors, after leaving the public sector as Premier of Gauteng.

He also serves on the board of the 2010 FIFA World Cup Local Organising Committee.

President Jacob Zuma appointed Mr Sexwale Minister of Human Settlements, previously called Housing, on Sunday.