Deputy President Cyril Ramaphosa has now formally advised the Director-General in the Presidency and Secretary of Cabinet Dr Cassius Lubisi of the steps he has taken to comply with Rule 3.6 of the Executive Ethics Code.
The Code requires that members of the executive dispose of assets that may give rise to a conflict of interest or place them under the control of professional and independent persons.
In July 2014, President Jacob Zuma granted the Deputy President an extension of four months to dispose of, or place under independent control, any assets that may give rise to a conflict of interest with his duties. Deputy President Ramaphosa has consequently disposed of his shareholding in Shanduka Group, an investment holding company with assets in a number of ‘regulated’ industries such as resources and energy. It should be noted that certain elements of the disposal are dependent on regulatory approval.
Deputy President Rmapahosa’s remaining business interests, all in ‘unregulated’ sectors, are being placed in a trust managed by independent and professional persons. The Deputy President will not give any instructions with respect to the management of these interests for the duration of his term in office, save for the purposes of complying with a legal requirement or to give instructions to sell such interest.
The Deputy President will update his disclosure of financial interests to Parliament and to the Secretary of Cabinet accordingly.
For more information contact:
Ronnie Mamoepa
Cell: 082 990 4853
