Over the past decade there have been 1 127 publicly announced black economic empowerment deals worth R232,6-billion, according to Ernst & Young. At the end of May, the JSE Securities Exchange had a market capitalisation of R2 800-billion. The black equity in the above companies is 0,36% of the market total. It can safely be assumed that the total is less than 1% of the JSE's market capitalisation.
Two months ago, Safika deputy chairperson Saki Macozoma offered a feeble defence against charges of enrichment levelled by black people against himself and his fellow black economic empowerment oligarchs, for want of a better word, such as Patrice Motsepe, Tokyo Sexwale and Cyril Ramaphosa. Until now, I have resisted participating in what has been a futile and sterile debate about enrichment versus empowerment.
"Like many people in black business, I cannot help but suspect that the attempt by Transnet CEO Maria Ramos to present evidence of her predecessors' incompetence is little more than an attempt to create a compelling rationale for the public to support sweeping changes at the transport and logistics company." The Transnet CEO manufactured a problem so she could get rid of the former board, argues Duma Gqubule.