R2bn from Rupert and Oppenheimer families a ‘pledge, not a donation’

The R1 billion each made available by the Rupert and Oppenheimer families to assist Small, Medium and Micro Enterprises (SMMEs) during the uncertain economic environment created by the Covid-19 coronavirus pandemic “was a pledge and not a donation”.

2020-03-31 09:00:00 PM

The R1 billion each made available by the Rupert and Oppenheimer families to assist Small, Medium and Micro Enterprises (SMMEs) during the uncertain economic environment created by the Covid-19 coronavirus pandemic “was a pledge and not a donation”.

The R1 billion each made available by the Rupert and Oppenheimer families to assist Small, Medium and Micro Enterprises (SMMEs) during the uncertain economic environment created by the Covid-19 coronavirus pandemic “was a pledge and not a donation”.

The minister was asked by the media to clarify if the money, as had previously been announced by President Cyril Ramaphosa, was “a donation” or a loan, as it was now being reported.In her response, Khumbudzo said: “We must indicate that the money wasn’t donations but pledges and therefore we [as government] cannot speak on behalf of the families as to how they will be distributed”.

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When Ramaphosa announced a national lockdown last week, he also announced a combined R2 billion in donations from the family of Remgro billionaire Johann Rupert and De Beers billionaire Nicky Oppenheimer.Business Day reported last week that Rupert preferred the funds to be disbursed through his company Business Partners, which is 43% owned by Rupert’s Remgro, “as it had an extensive network of businesses, through its work supporting them”.

We must indicate that the money wasn’t donations but pledges and therefore we [as government] cannot speak on behalf of the families as to how they will be distributedKhumbudzo Ntshavheni, small business development ministerOther media reports this week indicted that the funds would be distributed as loans to assist SMMEs facing financial distress as a result of the Covid-19 pandemic.

Business Partners said in a statement released on Monday that small, medium and micro enterprises in South Africa could begin applying for assistance from its R1 billion fund to keep them afloat during the three-week national Covid-19 coronavirus lockdown.

Business Partners managing director, Ben Bierman, said the company would offer the R1 billion disbursement through various packages to suit businesses of various types and sizes without any clarity on whether a repayment would be expected from the recipient companies.

“We can confirm that Business Partners Limited – one of Africa’s leading risk finance companies for SMEs – has been selected as the administrator of the R1 billion funding and are truly honoured to have been provided the opportunity to serve our country in this manner.

“We will have distinct and separate financing programmes available for both sole proprietors and formalised SMEs to ensure widespread support. We expect to make an announcement regarding the criteria, repayment terms and how to apply for the finance this week,” said Bierman.

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Business Partners said in a statement released on Monday that small, medium and micro enterprises in South Africa could begin applying for assistance from its R1 billion fund to keep them afloat during the three-week national Covid-19 coronavirus lockdown

Another South African billionaire, Patrice Motsepe, announced his own business relief fund of R1 billion on Saturday.Listed technology investor Naspers will donate R1.5 billion in emergency aid to the government’s response to the Covid-19 crisis.The Cape Town-based group will contribute R500 million to the Solidarity Response Fund announced by Ramaphosa last week, and R1 billion to be used to buy personal protective equipment and other medical supplies from China — in partnership with the Chinese government and Tencent — to support SA’s health workers.

•City Press is owned by Media24, which is the print media division of Naspers Read more: City Press »

🤣🤣🤣 So the president was just marketing? Tell them to keep that pledge. Oh and there’s a catch 😂😂😂 I'm out of this Pledge, Donations, Commitment. Really now Minister MizKhu These billions have many guises. From donation to loan to pledge. What's next...prank? Kudala sinixelela nge Capitalism, ingxaki you don't listen. Bathi 'Capitalism: donated R2bn' 'Socialism : Sanitizers ' Ooookay🤣🤣🤣

Omama bama fruit bona? How can you be shocked 🤔😑 These pledges or donations must made available under very strict conditions/control. I don’t trust these thieving officials won’t try their luck again by dipping their hands in the cookie jar. If envelope was a person Ai am am pledging 40 billion please celebrate me too

English ilume amper the whole country!!! Jroxderealest There's definitely no free lunch Can someone define what a 'pledge' is, ndonqena uku consulter a dictionary It's a loan ...word pledge If I'm not mistaken his excellent President CR said both families donated R1B each. I don't remember hearing a word suggesting pledge or loan. I wonder what court would claim who might have misled the President.

MMALOWEEE! So if it's a Pledge...you guys have no control on it only u will be getting orders from them on how or where to use the money for... it's fine guys anyone who criticises this must come with a better plan A pledge and a donation is basiclly the same thing. What are the conditions since its now a pledge & not a donation?

Ok then who is suing China if its not a donation. I see a US group Freedom Watch already is. Money better spent then in my view to sue China for the fallout of this pandemic. All aboard? But there is not much difference between a donation and a pledge. The difference lies in their tax status. I would rather get a pledge as it is not tax-deductible

Eei🙌 Money is never free. There is always a catch. Terms and conditions *Loan

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