Deputy President Cyril Ramaphosa will soon have nothing to do with McDonald’s South Africa, as the fast food chain confirmed on Tuesday that they were in the process of replacing him as current developmental licensee of their operations in the country.
The McDonald’s group announced that the potential purchaser could be a United Arab Emirates-based company, MSA Holdings.
The proposed transaction has recently been approved by the Competition Commission and we can confirm that MSA Holdings is not currently involved in the restaurant business.
This is in line with a previous statement from Ramaphosa, in which he announced he was divesting from the Shanduka Group to free him up to “fulfil his responsibilities as deputy president without the possibility of conflict of interest.”
Ramaphosa is the founder of the Shanduka Group and, in March 2011, “received a 20-year agreement to run 145 McDonald’s restaurants in South Africa”, according to fin24. Ramaphosa owns all McDonald’s assets in South Africa, including property.
His family’s interests were to be held in blind trusts:
Ramaphosa subsequently entered into an agreement whereby the Pembani Group, led by entrepreneur Phuthuma Nhleko, as well as Ramaphosa’s family trust, Jadeite Limited and Standard Bank, amongst others, combined their interests and created a new black-controlled natural resources and industrial holding group.
Ramphosa’s spokesperson Ronnie Mamoepa told Fin24 by phone that since Ramaphosa announced his intention to dispose the bulk of his interests he was no longer in a position to comment on these transactions.
According to the McDonald’s South Africa, the 200 fast-food chains serve more than 8 million customers each month, and employs more than 10 000 people.
Just a little sickening.
But at least Ramaphosa keeps his promises? Or maybe it’s him just doing what he can to secure a place at the top.
[source:fin24]
