MIC turns 20! Founding member Kgalema Motlanthe recalls how it all began…

Watch Bruce Whitfield's interview with founding members of the Mine Workers Investment Company, Kgalema Motlanthe and Kuben Pillay:

The Mineworkers Investment Company (MIC) is celebrating its 20th birthday.

The Money Show’s Bruce Whitfield interviewed former Deputy President of South Africa Kgalema Motlanthe, a founding member of the MIC.

Whitfield also spoke to Kuben Pillay, MIC Founding Executive Director and Non- Executive Chairman of Primedia, owner of 702 and CapeTalk.

Listen to the audio (scroll down) for more on the following:

  • Why the founders decided to form an investment company (an unusual step for a union at the time).

  • The internal debates that took place within the union at that time.

  • Anecdotes about the early days of the organisation (e.g. the challenges, what the founders were trying to achieve and what the broader purpose and drive was).

  • The organisation’s unique institutional structure (trust ownership, separation of functions and responsibilities between the MIC, the Mineworkers Investment Trust and the National Union of Mineworkers) and its role in sustaining the organisation over time.

  • How the organisation kept away from controversy (clean history, no scandals, its integrity, unqualified audits, the fact that it remains 100% owned by the trust, undiluted).

  • Why certain sectors were invested into or open to BEE investors (large sale deregulation of state assets or strategic sectors).

Scroll down for quotes from the audio below.

It was about understanding how society works; you need capital!

Kgalema Motlanthe

We realised you couldn’t run things on a “comradely” basis; you’ll run it into the ground!

Kgalema Motlanthe

I was acting as a legal advisor to NUM at the time when the idea of MIC was conceived.

Kuben Pillay

One of our founding principles was to never invest in any industry in which NUM organised in.

Kuben Pillay

MIC’s greatest strength – the reason we survived – was the structure that was put in place when we didn’t own a single asset.

Kuben Pillay

Ownership of media assets doesn’t mean you control the content.

Kuben Pillay

Subscribe to our Business Wrap Newsletter


This article first appeared on 702 : MIC turns 20! Founding member Kgalema Motlanthe recalls how it all began…


Recommended

by NEWSROOM AI
Read More
Bill proposes 2-year limit for auditors at companies they audit

Bill proposes 2-year limit for auditors at companies they audit

The Money Show’s Bruce Whitfield interviews Stephen Kennedy-Good, Director and Corporate Lawyer at Norton Rose Fulbright.

SA braces for horrific fuel price increases as oil hits 4-year high

SA braces for horrific fuel price increases as oil hits 4-year high

It's monstrous! The Money Show’s Bruce Whitfield interviews the Automobile Association of South Africa's Layton Beard.

Gigaba throws SA tourism a lifeline, backtracks on foreign minor travel rules

Gigaba throws SA tourism a lifeline, backtracks on foreign minor travel rules

The Money Show’s Bruce Whitfield interviews Lee-Anne Bac, Director at Grant Thornton.

Every Tom, Dick and Harriet wants a Harley Davidson (prices start at R89 900)

Every Tom, Dick and Harriet wants a Harley Davidson (prices start at R89 900)

The Money Show’s Bruce Whitfield interviews Fanie Haarhoff, Harley Davidson South Africa Dealer Principal.

Solutionist Thinking: In Conversation with FirstRand's founders

Solutionist Thinking: In Conversation with FirstRand's founders

In the bonus episode of Solutionist Thinking with RMB, Bruce Whitfield speaks the founders of FirstRand, GT Ferreira, Laurie Dippenaar and Paul Harris.

Empowerment pioneer MIC celebrates 20 years

Empowerment pioneer MIC celebrates 20 years

The Mineworkers Investment Company, a major shareholder in Primedia Broadcasting, is celebrating 20 years in business this year.

Popular articles
Dros rape: 'He was sitting near the kid's play area...he had his eye on her'

Dros rape: 'He was sitting near the kid's play area...he had his eye on her'

The man allegedly attacked the six-year-old inside a toilet cubicle at a Dros franchise in Pretoria on Saturday.

New visa rules a relief for our economy and for jobs, says WC MEC

New visa rules a relief for our economy and for jobs, says WC MEC

The Western Cape government and SA Tourism have welcomed the amendments to South Africa's visa regulations.

'She says I'm just waiting for this c**lie to move so I can take the photo'

'She says I'm just waiting for this c**lie to move so I can take the photo'

A caller on the Eusebius McKaiser Show, Zeenat says she was called a derogatory word for Indian on Heritage Day.

'This leaked document is calling a spade a spade'

'This leaked document is calling a spade a spade'

Breakfast Show Host Bongani Bngwa shares his views on the leaked report from the Thabo Mbeki Foundation.

[WATCH] Vietnam's The Bachelor uproar as female contestants run away together

[WATCH] Vietnam's The Bachelor uproar as female contestants run away together

Khabazela shares some of the most popular tweets, posts, and videos on 'What's gone viral'.