Govt rebuffed offer to up stake in De Beers

Mokaila
Mokaila

Government has declined an offer to buy a pro-rata 10 percent of the Oppenheimer family’s shareholding in De Beers five years ago.

In 2011, Anglo American bought the Oppenheimer family’s 40 percent stake in De Beers for $5.1 billion in cash, ending the dynasty’s 80-year ownership in the world’s largest diamond miner.

The transaction increased Anglo’s holding in De Beers to as much as 85 percent, with the remainder held by government.

Editor's Comment
Gov't must empower DCEC urgently

As the new Umbrella for Democratic Change (UDC) government takes charge, it must act decisively to equip the Directorate on Corruption and Economic Crime (DCEC) with the tools, laws, and resources needed to combat graft. The time for half-measures is over. DCEC Director-General, Botlhale Makgekgenene’s, recent address to the Public Accounts Committee paints a stark picture. Over five years, leadership instability, chronic underfunding and weak...

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