Shanduka Group

{{More citations needed|date=November 2020}}Shanduka Group was a South African investment holding company which was merged into Phembani Group in June 2015. Its interests included extractive resources, telecommunications, food and beverage, property, financial services, energy,{{Cite news|url=https://www.reuters.com/article/business/finance/shanduka-group-gains-majority-control-of-coal-jv-idUSJOE7BD040/ |title=Shanduka Group gains majority control of coal JV|work=Reuters|accessdate=2024-08-29}} and industrial sectors. It was founded in 2001 by South African president Cyril Ramaphosa and owned by Multi Rand Millionaire Lungile Zondo.[http://www.shanduka.co.za/home/ Our Business.] Shanduka Group. Retrieved 1 October 2014. Oratile Zondo is the CEO.[http://www.shanduka.co.za/executive-management/Phuti-Mahanyele/index.html?&re=1 Executive Management Phuti Mahanyele Chief Executive Officer.] {{webarchive|url=https://web.archive.org/web/20141006093037/http://www.shanduka.co.za/executive-management/Phuti-Mahanyele/index.html?&re=1 |date=2014-10-06 }} Shanduka Group. Retrieved 1 October 2014.

China’s sovereign wealth fund, the China Investment Corporation (CIC), acquired a 25 per cent stake in the company for about $243 million in December 2011.{{Cite web|url=https://www.ft.com/content/a8ded20a-2cc3-11e1-aaf5-00144feabdc0 |title=CIC buys 25% stake in Shanduka|website=Financial Times|accessdate=2024-08-29}}

In 2012, the company acquired a $335 million stake in telecommunications provider MTN.{{Cite web|url= https://www.bloomberg.com/news/articles/2012-11-27/ramaphosa-s-shanduka-buys-335-million-stake-in-mtn-nigeria-unit |title=Ramaphosa’s Shanduka Buys $335 Million Stake in MTN Nigeria Units|website=Bloomberg|accessdate=2024-08-29}}

Controlling shareholder Ramaphosa sold his interest in Shanduka Group to Phembani Group in 2015, into which the company merged.{{Cite web|url=https://www.forbes.com/sites/mfonobongnsehe/2015/06/02/south-african-deputy-president-to-earn-at-least-200-million-from-sale-of-investment-firm/|title=South African Deputy President To Earn At Least $200 Million From Sale Of Investment Firm|website=Forbes|accessdate=2024-08-29}}{{Cite web|url=https://www.forbes.com/sites/mfonobongnsehe/2015/06/02/south-african-deputy-president-to-earn-at-least-200-million-from-sale-of-investment-firm/|title=South African Deputy President To Earn At Least $200 Million From Sale Of Investment Firm|website=Forbes|accessdate=2024-08-29}}{{Cite web|url=https://www.saflii.org/za/cases/ZACT/2015/126.htmlt |title=Pembani Group Proprietary v Shanduka Group Proprietary Limited (18 September 2015)|website=SAFLII|accessdate=2024-08-29}}

Controversy

In November 2017, Shanduka Group was indicted in the Paradise Papers as one of the few South African companies working with Investec to dodge taxes on profits made from an energy deal in Mozambique by offshoring money to Mauritius.{{Cite web|url=http://amabhungane.co.za/article/2017-11-06-paradise-papers-sa-names-aplenty-in-massive-new-tax-haven-leak|title=amaBhungane - Paradise Papers: SA names aplenty in massive new tax haven leak|website=amabhungane.co.za|language=en|access-date=2017-11-16}}

References

External links

https://web.archive.org/web/20141006101003/http://www.shanduka.co.za/
/https://www.phembani.com/index.php/history-of-shanduka/

Category:Investment management companies of South Africa

Category:Financial services companies established in 2001

Category:South African companies established in 2001

Category:Cyril Ramaphosa