How Stellenbosch became a breeding ground for Afrikaner billionaire businessmen
There was a feeling amongst the Broederbond that Afrikaner quotas should be introduced… Anton Rupert was a staunch opponent… He said that if they were going to spoon-feed Afrikaner businesses, they’ll never be able to stand on their own…Pieter du Toit, Assistant Editor - News24
You just have to look at the Top 40 index of the JSE… the next generation is already busy. Stellenbosch is a very tech-savvy town… It’s impressive to see…Pieter du Toit, Assistant Editor - News24
Markus Jooste… he desperately wanted to be part of that group… it didn’t turn out so well… It is a closed society…Pieter du Toit, Assistant Editor - News24
On the weekend, Pieter du Toit’s new book “The Stellenbosch Mafia: Inside the Billionaires' Club” made headlines.
Various publications published excerpts from it describing how closely connected the EFF’s Floyd Shivambu is to Johann Rupert.
If public the EFF decries Rupert and “white capital” but, claims Du Toit, Shivambu and Rupert are close enough to have worked together on a few occasions.
Du Toit is a seasoned political journalist and assistant editor at News24.
Description of “The Stellenbosch Mafia” on loot.co.za:
About 50 kilometres outside of Cape Town lies the beautiful town of Stellenbosch, nestled against vineyards and blue mountains that stretch to the sky.
Here reside some of South Africa’s wealthiest individuals: all male, all Afrikaans – and all stinking rich.
Johann Rupert, Jannie Mouton, Markus Jooste and Christo Wiese, to name a few.
Julius Malema refers to them scathingly as “The Stellenbosch Mafia”, the very worst example of white monopoly capital.
But who are these mega-wealthy individuals, and what influence do they exert not only in Stellenbosch but more broadly on South African society?
Author Pieter du Toit begins by exploring the roots of Stellenbosch, one of the wealthiest towns in South Africa and arguably the cradle of Afrikanerdom.
The town is the birthplace of apartheid leaders, intellectuals, newspaper empires and more.
He then carefully examines this “club” of billionaires.
Who are they and, crucially, how are they connected?
What network of boardroom membership, alliances and family connections exist?
Who is the “old guard” and who are the “newcomers”?
What about the youngsters desperate to make their mark?
He looks at the collapse of Steinhoff: what went wrong, and whether there are other companies at risk of a similar fate.
He examines the control these men have over cultural life, including pulling strings in South African rugby.
Listen to the interview in the audio below (and scroll down for more quotes from it).
Stellenbosch is not the richest area in the country. Johannesburg tops the list… Stellenbosch is an interesting place…Pieter du Toit, Assistant Editor - News24
The new money is the Capitecs, the PSGs and, also, Steinhoff… the old money doesn’t shimmer. The new money shimmers quite a lot…Pieter du Toit, Assistant Editor - News24
It starts after the Boer War… the farmers lost their farms and livelihoods… Transvaal and the Free State was pretty much destroyed… Stellenbosch became the spiritual home of the resistance against British domination…Pieter du Toit, Assistant Editor - News24
…when Johann Rupert was younger, he was opposed to apartheid…Pieter du Toit, Assistant Editor - News24
Rupert became the target of that [Bell Pottinger misinformation campaign] …Pieter du Toit, Assistant Editor - News24
Enjoy The Money Show, but miss it sometimes?
Get the best bits emailed to you daily, right after it ends:
The Money Show's Bruce Whitfield hosts a debate on NHI between Paul Theron (Vestact) and Russell Rensburg (Wits).Read More
Ever dreamt of just doing it? You may want a few pointers from someone who did. Meet Callan Williamson of Tortilla Modern Mexican.Read More
The Money Show’s Bruce Whitfield interviews Ketso Gordhan, CEO at SA SME Fund.Read More
Bruce Whitfield interviews Chris Burgess, Editor-in-chief at Landbouweekblad, South Africa’s legendary magazine about farming.Read More
The Money Show’s Bruce Whitfield interviews Nicole Westwig, Managing Director at Marcel's.Read More
The Money Show’s Bruce Whitfield interviews Andrew Papadopoulos, Trade Mark Attorney at KISCH IP.Read More
The Rosslyn plant makes 15 BMW X3 SUVs per hour for export around the world. Bruce Whitfield interviews BMW SA's, Tim Abbott.Read More
The Money Show’s Bruce Whitfield interviews Jared Molko, a former employee at Google.Read More
Dino Zuccollo of Westbrooke Alternative Asset Management answers 12 FAQs about the Section 12J tax incentive.Read More
What is “customer rage”? Bruce Whitfield interviews Prof Nicola Kleyn of the Gordon Institute of Business Science (Gibs).Read More