Mandela name makes his clan filthy rich
17 June 2013 Leave a comment
Nelson Mandela name has left his descendants multi-millionaires without ever having to work for it…
Mandela clan’s massive wealth remains mostly hidden from public eye in some 24 trusts
2013-04-28 By a Beeld newspaper research team: “Ex-pres Nelson Mandela’s direct descendants live in South Africa’s wealthiest neighborhoods and own business interests in many dozens of successful companies. It’s practically impossible to trace the exact extent of the Mandela Family Wealth because of the intricate web of trusts in which their wealth is kept hidden from the public eye.
The lack of public documentation makes this research task exceedingly difficult. However — write Beeld newspaper’s researchers Andrew Trench, Tanduxolo Jika and Jeanne van der Merwe — the most recognizably-wealthy ‘Mandela Entrepreneurs’ are granddaughters Zaziwe and Zamaswazi (Swati) Dlamini, who are in the public eye with a reality-TV programme and a Mandela-clothing range.
Grandson Zondwa Mandela also hit the headlines recently due to his involvement – with Pres Jacob Zuma’s grandson Khulubuse Zuma – in the controversialm, now totally destroyed Aurora Gold Mine. Huge sums running into the many millions were paid to liquidators and directors while the mine-workers suffered: (they were not receiving their salaries for months on end, and survived only with their families because they received food-aid from Helping Hand, the charity branch of Solidarity trade union.)
The South African Company Registry shows that the Mandela children and grandchildren have been and/or are involved over the past two decades in some 200 companies across a wide spectrum of sectors: property, investment, railway-engineering, minerals, medical firms, fashion and entertainment. The children and grandchildren of the Mandela clan are currently actively engaged/involved in more than 110 companies, the registration records show.
Their massive wealth is hidden inside a network of at least 24 trusts drawn up by the family’s ex-lawyer Ismail Ayob. Some of these trusts own various wealthy properties in some of Johannesburg’s most luxurious neighbourhoods.
– Makaziwe Mandela ‘s Hyde Park mansion, occupying 3,575m2 is registered in the ownership of the Makaziwe M-trust – according to the latest valuation roll it’s worth some R13,6 million.
– Mandela’s grandson Ndaba Mandela provides his domicile at his Houghton property – valued at R4,5 million and owned by the Iterele Investment Corporation: a company in which Mandela lawyers George Bizos and Bally Chuene are the directors.
– Tukwini Mandela owns a R1,7 million property in Pretoria which is registered in her own name.
– His daughter’s Zindzi Mandela Family-trust also owns a property of R2million in Houghton.
– Makaziwe – Mandela’s oldest surviving daughter – is an active director in 16 companies – amongst those the South Africa affiliate of the Swiss multinational food giant Nestlé, a shopping centre in Kimberley NC, two railway-engineering companies and four other companies which appear to be engaged in mineral-explorations.
Makaziwe Mandela has held directorships of 40 companies since the mid-1990s.
– Mandela’s daughter Zenani Dlamini — currently the ambassador in Argentina — holds nine directorships in companies. She was also a co-director of a company together with Clinton Nassif – a man linked to the murder of SA mining-magnate Brett Kebble.
– Zondwa Mandela, Khulubuse Zuma and President Jacob Zuma ‘s lawyer Michael Hulley are co-directors in Labat Africa. Those three also at one stage held directorships together in the ill-fated Aurora gold-mine but have resigned from those posts.
– Granddaughter Nandi Mandela is a co-director in the town-planning company Linda Masinga & Associates – which according to its website completed many contractors for KwaZulu-Natal municipalities.
– Grandson Kweku Mandela is an ex-director of a movie company which has produced many shows for DStv’s Comedy Central channel.
– His nephew Ndaba Mandela is a director in a Johannesburg entertainment company.
Nelson Mandela himself does not appear to hold many assets in his own name, reports Beeld newspaper:
Last year the Nelson Mandela Foundation paid R2,9million to ‘The Founder’, only slightly more than the previous year’s R2,8 million.
As a former South African president he also receives a lifelong presidential salary.
Researchers: Andrew Trench, Tanduxolo Jika and Jeanne van der Merwe.