Zuma's son to give away BEE riches

13 September 2010, 07:37
Duduzane Zuma, businessman and son of President Jacob Zuma, has defended his involvement in black economic empowerment (BEE) deals and vowed to give away 70 percent of his stake in the ArcelorMittal SA (Amsa) deal .

"I have decided to spread it among South Africans who are needy and disadvantaged like I once was," he said.

His close business allies, the Gupta family, had also agreed to give away 70 percent of their allocation in the Amsa deal.

Zuma jr said he would set up a broad-based share scheme for disadvantaged South Africans to distribute shares in the controversial Amsa deal.

His Mabengela Empowerment Trust was worth more than R1 billion, he said. A share would go to widows and widowers, orphans and dependants of police officers who had died in the line of duty since April 17, 1994.

Another would go to a bursary fund for underprivileged students studying at universities.

"The inaugural award will go to the University of Johannesburg," Zuma jr said.

"We will particularly target universities in historically disadvantaged areas or universities with a large proportion of students from historically disadvantaged communities."

A portion would go to support women in rural communities and pay for the education of orphans.

Zuma jr was chastised by Cosatu after it was announced he was one of the beneficiaries in Amsa's BEE deal, worth more than R9bn.

Cosatu general secretary Zwelinzima Vavi said: "Prominent 'business figures', linked to top political leaders, deepen perceptions that there is blatant abuse of power to concoct illegitimate business deals worth billions."

Zuma jr defended his involvement in the deal, saying it had nothing to do with his father being president. "I have been in business long before my father was president."

He had "never done business with government", Zuma jr said. Hard work and dedication had helped him establish himself in business. - Sapa

This article was originally published on page 2 of The Pretoria News on September 13, 2010

The Star

Comments by Sonny

To WHOM and WHY?

Communist rhetoric to say the least...!

Let's hope us poor benefits from 'this' mysterious handout!!

Will Whites be on that 'wish-list' as well?