Ramaphosa's time to ‘dump’ business interests extended

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drum-cyril-ramaphosaAugust 15, Sapa reported that President Jacob Zuma has agreed to extend the period for Deputy President Cyril Ramaphosa to dispose of his business interests.

In January last year, following Ramaphosa’s election as deputy president of the African National Congress at the party’s 2012 Mangaung conference, it was announced that he would step down from his positions at mining company Lonmin and packaging group Mondi.

On May 26, Ramaphosa announced a transaction that would result in his “complete divestment” from the Shanduka Group.

Zuma set a four-month period of extension, with effect from July 25 2014, for Ramaphosa to comply with the Executive Ethics Code.

The President  has agreed to a request by the Deputy President to extend the period in which to dispose of any financial or business interests that may give rise to a conflict of interest when performing his functions or place administration of such interests under the control of an independent and professional person or agency,” Spokesperson, Mac Maharaj said.

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