ATM calls on Ramaphosa to ‘apologise’ for and ‘clarify’ Rupert, Oppenheimer R1bn speech

In a statement on Tuesday the African Transformation Movement (ATM) accused President Cyril Ramaphosa of misleading the country on the true nature of pledges from the Rupert and Oppenheimer families of R1 billion each to a Solidarity Fund in the fight against the spread of Covid-19.

“The ATM was very pleased when during your address to the Nation on 21 March you made mention of the Solidarity Fund and how the social partners were supportive of it to assist small businesses in distress as a result of the coronavirus pandemic,” said ATM president Vuyolwethu Zungula.

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“ATM was rather taken aback when media reports attributed to the Rupert and Oppenheimer families made announcements that were in conflict with what you said.

“Contrary to your announcement that Ms Gloria Serobe would be chairing the Solidarity Fund where all the monies would be administered, Business Partners, under the leadership of Mr Biermann, has announced instead that it has been appointed to manage the R1 billion of the Rupert family, while Nedbank has also announced that it would be managing the other R1 billion from the Oppenheimer family.

“Furthermore Mr Biermann announced that whereas some of the money would be grant funding to small businesses, the other portion would be for loan funding for big businesses. At this point it’s not clear what the split would be between the grants to small businesses and loans to big businesses.

“Nedbank has also announced that this fund would be used for loans to SMMEs including their own SMME clients.”

Zungula asked the president to explain the apparent discrepancy.

“ATM is concerned and disappointed that what we thought was goodwill from the social partners is in fact a cold, calculated and cunning business decision that may further burden small businesses instead of giving them a lifeline.

“Furthermore, Mr President, could you please clarify the tax treatment that would be applicable to both the Rupert and Oppenheimer families as regards their R1 billion each pledge/donation/grant.”

“How does the nation put its full trust and confidence in your leadership if such contradicting statements play out in public?We trust that at your next address to the nation you will apologise and clarify these glaring discrepancies.”