Whatever the reason, the outcome was that most notable BEE transactions went to Patrice Motsepe’s African Rainbow Minerals and Ubuntu Botho Investments, Tokyo Sexwale’s Mvelaphanda Holdings and the current President Cyril Ramaphosa’s Shanduka Investments which is now part of the Pembani Group.
Legislated empowerment whose focus was primarily on ownership levels produced heavily skewed results towards benefitting political stalwarts and not the broader masses that were previously disadvantaged during apartheid.
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