Architect – Target Rabaul Fri, 30 Sep 2022 05:10:01 +0000 en-US hourly 1 Architect – Target Rabaul 32 32 South Africa: Mark Willcox, former trader and architect of Mvelaphanda Holdings, dies Fri, 30 Sep 2022 05:10:01 +0000

Mark Willcox, the former chief executive of Mvelaphanda Holdings, which housed his business interests and those of veteran African National Congress politician Tokyo Sexwale, has died.

Willcox, it is said, died aged 50 after a long battle with poor health. Willcox was Tokyo Sexwale’s right-hand man and was instrumental in the creation of Mvelaphanda Holdings, Mvelaphanda Group which was a diversified investment company and was listed on the Johannesburg Stock Exchange as well as Mvelaphanda Resources Limited which held key interests in prized mining assets, namely the Booysendaal Platinum Project which was eventually sold to Northam Platinum and Trans Hex Diamonds as well as a stake in Gold Fields Limited.

  • Mark Willcox, the former chief executive of Mvelaphanda Holdings, has died.
  • Willcox, despite being white, was instrumental in creating black economic empowerment in South Africa as we know it. He certainly took advantage of it.
  • His death was reportedly caused by cardiac arrest after a long illness.

It seems strange that Mark Willcox, a white man, was instrumental in creating one of the most important black economic empowerment formations and became fabulously wealthy in the process.

Willcox was no ordinary man.

For starters, he was a millionaire at the age of 35 through black economic deals hosted under Mvelaphanda Holdings in 2005 after starting the company with zero capital in 1998. It took just seven years after he started afresh zero for Mark Willcox to make a fortune. 100 million rand personally and make his business partners fabulously rich.

In 2005, Willcox’s 4.4% stake in the formerly listed and now defunct Mvela Group was valued at around R118 million. It was the pillar of his fortune.

Mining MX reported that Willcox trained as a barrister, earning an LLB from the University of Cape Town. After a stint in the United States, he returned to South Africa, where he became involved in commercial law. While structuring a deal in 1998 involving diamond assets near Kimberley, Willcox first met Sexwale.

Black economic empowerment is a moving topic in South Africa and Southern Africa. Countries on the African continent were historically colonized by predominantly European countries that assumed political and economic control of their colonies. The colonies were governed by a political system of white minority rule where the settlers exercised political control and ruled over the entire population. The natives of the land had little or no political say, let alone the right to self-determination. When the tide of nationalism began to wash over the countries of Africa and they began to achieve independence, it did not take long for the liberators of these countries to realize that political control alone does not counted for nothing if they had no economic means.

Step into Black Economic Empowerment…

The government of South Africa, having realized the importance of giving control of the means of production to the masses, decided that it was imperative to legislate the economic participation of previously disadvantaged people.

  • Willcox was the right-hand man of Tokyo Sexwale, ANC stalwart and former South African presidential candidate.
  • Mvelaphanda Holdings has invested in a diverse portfolio of businesses under the leadership of Mark Willcox, ranging from mining car dealerships to business support services.
  • Mvelaphanda Resources had interests in platinum, gold and diamonds.

The previously disadvantaged phrase has become a euphemism for black people and other people of color. Political control of a country, it was learned, was not worth much if it was not accompanied by control of the means of control which were still largely in the hands of the white minority. The year after South Africa became a democracy, 1995, can be described as the year that began the first wave of black economic empowerment deals. There are three notable waves of BEE agreements from 1995 to 2010.

Ernst & Young conducted research in 2005 which they published in a report and found that in 1995 the value of BEE transactions conducted was ZAR 12 billion and the following year in 1996 the value of these transactions decreased somewhat to ZAR. During this period, first-generation Black Economic Empowerment firms emerged that had prime assets in key economic sectors. Companies like Real Africa Holdings Limited and New Africa Investments Limited took center stage.

However, in 2003, Ernst & Young reports indicate that these first-generation black economic empowerment ventures were quickly eclipsed by a new breed of voracious winners who were supported and led by highly connected and politically powerful individuals.

The Ernst & Young 2005 report indicates that 72% of BEE transactions in 2003 involved companies considered to be the pioneers of BEE, namely African Rainbow Minerals which is the vehicle of Patrice Mostepe, Mvelaphanda which Tokyo Sexwale and Mark Willcox founded Shanduka which was the investment vehicle of the current President of South Africa, Cyril Ramaphosa, Safika, Kagiso and Tiso are valued at a total of R30 billion, of which more than a third is attributable to a single transaction from African Rainbow Minerals.

Scholars and historians of this phase of South African history speculate that the rise of BEE conglomerates was the result of the unbundling of non-core assets from white corporations and that empowerment corporations used the same model and the same structure for acquiring shares in various companies. ranging from financial services to tourism, construction, transportation, engineering, manufacturing, information technology (IT), food processing, print and electronic media, and healthcare. The success of these BEE conglomerates did not come without criticism as it was felt that the key individuals behind them took advantage of their “wrestling credentials” to enrich themselves and create “black chip” businesses at the expense of their elders. “comrades”.

Of the companies that emerged during the second wave of black economic empowerment deals in the early 2000s, few were as big as Mvelaphanda Holdings headed by the late Mark Willcox and African Rainbow Minerals boss Patrice Motsepe. Since its inception in 1998, the businesses under Willcox’s leadership have amassed a very impressive portfolio of businesses ranging from business support services to automotive dealerships.

  • Mark Willcox took his interest in Mvelaphanda Holdings from nothing when he and Sexwale set up the business in 1998 to over ZAR 100 million in 2005.
  • Through his activities in the origin of black economic empowerment deals, Mark Willcox has reportedly personally earned up to R300 million from his connections.
  • Mvelaphanda is a South African Venda dialect word meaning to progress.