Madiba’s first finance minister, Derek Keys, dies aged 86
The influential businessman turned politician played a key role in the transition to democracy.
Derek Keys
Derek Keys, the finance minister from 1992 to September 1994, and who served in the cabinets of both FW de Klerk and Nelson Mandela, died on Monday.
In order to become finance minister, he apparently reluctantly joined the National Party. He was instrumental in the smooth handover of Treasury from white minority control to a democratic nonracial government.
He served Mandela in the government of national unity, but only for a few months. He resigned on 6 July 1994, and was replaced by banker Chris Liebenberg on 19 September.
He was a successful businessman and worked as an adviser and board member to several major local and foreign companies, especially Gencor.
Keys joined the Industrial Development Corporation of South Africa in 1965. In the subsequent eight years he was involved in the development of many of the major South African industries. Until 1986 Keys played largely advisory roles for several international and local companies operating in South Africa. During these 21 years he joined the boards of, among others, Malbak, National Discount House, Asea, Price Forbes, Sandvik, Samancor and Sappi.
Prior to becoming minister, he had been the executive chairman of Gencor since 1986.
He leaves behind his wife‚ Silma‚ two children‚ Martin and Jessica‚ three grandchildren and four great-grandchildren.
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