Word: macozoma
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Dates: during 2005-2005
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...with gold-mining magnate Patrice Motsepe, 43, whose wealth South African newspapers put at more than $500 million, and banking and media tycoon Saki Macozoma, 47--form a quartet of rich, well-connected black businessmen who symbolize South Africa's new corporate élite. Although they work separately, Macozoma, Motsepe, Ramaphosa and Sexwale have been dubbed the Fabulous Four for their growing power and wealth, and between them, they have more than $1 billion worth of interests in some of South Africa's largest companies, from mining heavyweights Harmony Gold and Gold Fields to life insurer Sanlam and Alexander Forbes...
...Macozoma agreed in an interview to take on the critics. He argues that comparing the experiences of Russia and South Africa is "analytical madness." In Russia, he notes, the oligarchs snapped up state-owned assets at bargain prices; in South Africa, the new élite is making deals with private companies who are obviously profit motivated. "I find it very strange that people who profess to believe in capitalism criticize people who embrace it," Macozoma says. His work with the A.N.C. helped transform the color of South Africa's government, he says, and now he's doing the same...
...idea that BEE has precipitated sweetheart deals, Macozoma notes that none of the new black élite "control any independent capital" that would otherwise allow them to influence corporate South Africa and that their investments are "often at [their own] considerable financial risk." He also sees more than a touch of racism in the criticism: "It appears that white South Africans are prepared to commit class suicide in defense of the status quo. If I were a white South African, I would welcome a situation where black people join my class and take on some of my values...
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