DEPUTY PRESIDENT CYRIL RAMAPHOSA ON MONDAY ANNOUNCED A TRANSACTION THAT WILL RESULT IN HIS DIVESTMENT FROM SHANDUKA GROUP

Shanduka's majority shareholders have entered into an agreement that will, among other things, result in my complete divestment from the Group. In the interim, my family's interests will be held in blind trusts.

Over the course of the last 17 months, I have stepped down from the boards of several companies on which I served and resigned as Shanduka Group executive chairman.

This is the culmination of a review of my business interests that I initiated soon after my election as ANC Deputy President in December 2012.

It was intended to remove the potential for any conflict of interest and enable me to effectively perform the functions of my position.

In the course of the next few weeks, I will take any further practical steps necessary to ensure that I comply with requirements of the Executive Ethics Code and uphold the integrity of my office.

I will continue to be involved in the Shanduka Foundation, a non-profit organisation that works in the areas of school development, skills development and enterprise development.

Statement issued by Thabo Masebe, The Presidency, May 26 2014

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