South Africa: Cyril Ramphosa - from firebrand to billionaire PDF Print E-mail
Monday, 07 July 2008 18:41

Cyril Ramaphosa was one of the most prominent leaders of the struggle against apartheid in the 1980s.

As leader of the COSATU union federation, Ramaphosa was active in the mass strikes that brought the regime to its knees. Since then, however, Ramaphosa - who has claimed to be a committed socialist - cashed in his political cred for cash - amassing millions in the private sector.
While at university, Ramaphosa became involved in student politics and was detained in solitary confinement for eleven months in 1974 under the Terrorism act and again in 1976. After his release, he continued his studies. After graduating, Ramaphosa then joined the Council of Unions of South Africa (CUSA) as a legal advisor. In 1982, CUSA requested that Ramaphosa start a union for mineworkers- the National Union of Mineworkers (NUM). Ramaphosa was elected as the first General Secretary of NUM, a position he held until he resigned in June 1991, following his election as Secretary General of the African National Congress (ANC). Under his leadership, union membership grew from 6,000 in 1982 to 300,000 in 1992. As General Secretary, he also led the mineworkers in one of the biggest strikes ever in South African history.
In 1985, the NUM broke away from CUSA and helped to establish the Congress of South African Trade Unions (COSATU). When COSATU joined forces with the United Democratic Front (UDF) against the National Party regime, Ramaphosa took a leading role.
Subsequent to his election as Secretary General of the African National Congress in 1991, he became head of the negotiation team of the ANC in negotiating the end of apartheid with the National Party government. Following the first fully democratic elections in 1994, Ramaphosa became a member of parliament and played a central role in the government of national unity.
After he lost the race to become President of South Africa to Thabo Mbeki, he resigned from his political positions in January 1997 and moved to the private sector, where he became a director of New Africa Investments Limited.
Under "black empowerment" (for the elite), Ramnaphosa has amassed great wealth.
Ramaphosa has interests in mining, the financial sector, advertising, information technology, property, telecoms and retail.
He is chairperson of Mondia, the Bidvest Group, MTN Group and SASRIA Limited, director of Macsteel Holdings, Alexander Forbes, Standard Bank and SABMiller and a member of the Coca-Cola Company International Advisory Board and the Unilever Africa Advisory Council. He was also deputy chairman of the Commonwealth Business Council.
The Sunday Times Rich List puts his personal fortune at R490 million, but an analysis of his listed fortunes (about seven of his 21 investments) shows that he may be worth more than double this. (wikipedia and Mail and Guardian)