JOHANNESBURG – South Africa's new deputy president says he is disinvesting from a major investment group that he founded to avoid any conflict of interest with his political position.
Cyril Ramaphosa took office this week as deputy to President Jacob Zuma, whose ruling African National Congress party was returned to power in elections on May 7.
Ramaphosa, a former union leader during apartheid who is also the ruling party's deputy president, said the majority shareholders of Shanduka Group have reached an agreement that will result in his "complete divestment" from the group.
He says his family's interests will be held in blind trusts and that he will take any further steps in the weeks ahead to comply with ethical codes.
Shanduka has holdings in a range of industries, including energy and communications.