Michiel le Roux donates R100m to Covid-19 efforts

Capitec cofounder joins the ranks of other of the country’s wealthiest citizens such as Johann Rupert and the Oppenheimer family.
Welcome relief … Le Roux has donated more than 106 000 of his Capitec shares to South Africa’s coronavirus relief efforts. Image: Getty Images

Michiel le Roux, one of the founding directors of the hugely successful Capitec Bank, has donated R100 million to efforts to fight the impact of the Covid-19 pandemic on South Africa.

Le Roux joins the ranks of other of the country’s wealthiest citizens such as Johann Rupert and the Oppenheimer family, who days before the lockdown was announced by President Cyril Ramaphosa, made major commitments to supporting small businesses cope with the devastating impact of the lockdown.

A Sens announcement issued by Capitec on Tuesday said that on April 11 Le Roux, who is one of the largest shareholders in Capitec, had donated 106 110 of his Capitec shares to the South African Future Trust, the Solidarity Response Fund and the South African SME Relief Trust.

Proceeds ceded

“The proceeds of the disposals were ceded in anticipando to the three organisations, who are all responding to the impact of the Covid-19 pandemic on South Africa,” said the announcement.

The Capitec shares, which were trading at an all-time high of R1 500 a few months ago, have been hit, as have all the banks, by the widespread concerns around the devastating economic impact of the pandemic and consequent lockdown.

On Tuesday Capitec was trading at R881.50, up from the four-year low of R539.86 touched briefly in March.

Le Roux, who was Capitec’s CEO at the time it was listed at R2 in 2001, was appointed chairman of the bank in 2007, a position he held until 2017. He continues to serve on the board as a non-executive director.

The South African Future Trust, to which he is donating part of the proceeds, was launched by Nicky Oppenheimer in March. Oppenheimer’s R1 billion donation will be used by the trust to assist small businesses and their employees affected by the coronavirus pandemic. The trust is providing funds to small businesses to cover the employment costs of workers who are at risk of losing their jobs or a portion of their income.

Oppenheimer’s sister Mary and her daughters separately donated a further R1 billion to the Solidarity Fund, which was set up by Ramaphosa and members of the business community in March.

Le Roux is also contributing to the Solidarity Fund, which frequently works alongside government but is independent of government and relies on donations from individuals and companies. It focuses on the speedy acquisition of personal protective equipment, ventilators and testing equipment and is also involved in assisting government’s efforts to distribute food parcels to hundreds of thousands of families across the country.

Rupert’s R1 billion has been donated to Business Partners, which will also be using it to support small businesses and their employees.

Patrice Motsepe and related companies, primarily Sanlam, have committed to make R1 billion available for acquiring critical health equipment and other resources needed to deal with the pandemic.

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One can’t help to wonder, if white owned small businesses owners will see a sent of this donated money?

As far as I know Rupert and Oppenheimer have indicated that there may be no discrimination.

Say thank you, anc / eff gimme club commies!

I’m absolutely positive there is going to be a big donation announcement from Dr. Iqbal Surve any day now.

In your wildest dreams will this happen. As much chance of the same from Julius Malema & crowd.
I beg to be proved wrong.

And various others. All problems will be solved if there’s enough contribution from the Zupta cohorts…. again, wild dreams.

Just waiting for PIC board approval to release funds

Julius is also getting his spare ronts together, watch this space. 3 inch headline.

Followed by Brian, Singh, Duduzama and I am sure Kulubusi.

Hello Jacob are you there, your country needs you now.

So as the so-called “wicked WMC” are opening their hearts and wallets, the big mouthed RET-crowd and alleged campaigners for the poor are nowhere to be seen.

So how much as the BEE billionaire president who sprouts on about inequality in SA contributed?

Can’t help thinking of Ayn Rand’s “Atlas Shrugged” when I read about these donations from our successful business leaders to our ungrateful populace who take every opportunity to vilify them.

The EFF should put statues up on all university campuses to Messers Oppenheimer, Rupert and le Roux and publicly thank them for their generosity. The proceeds of these huge donations will go largely to EFF and ANC supporters

Add a few statues to the farmers who work 24/7 to keep their “little” tummies full.

Why is it everything with white people MONEY ?

These bots are tiresome.

I think all contributions are commendable but I am still unclear about the definitions… DONATION isn’t repayable yet the funds are actually soft loans?
Donations to the Solidarity Fund – now thats a donation, right?
How about making it interest free loans?
I could define that as a donation?

Who do you have to thank..hopefully not theANC corrupt brigade

As far as I understand loans are interest free

Should have split it amongst the customers.

There is a group of citizens, who will not be receiving any help from the various funds and drives – the stallholders at all the markets and festivals throughout South Africa, many of whom are represented by an organisation called Save our Business. They do not qualify as spaza shop owners, nor as small or micro-enterprises because they are not registered with any government departments, UIF, SARS, or any of the municipalities. They are mostly single people or couples and sometimes whole families making products such as foods, jams, décor articles, gifts etc., which they sell at the various Saturday, Sunday or night markets held in malls, at churches or during festivals across the country. Some source their products from other people but most use their kitchens, garages or back gardens to produce whatever they sell. All these markets closed depriving them of income and in some cases they lost whatever stock they had for the next few markets, which are unlikely to start up again until next year, if then. They have been left out of all forms of assistance and the state and administrators of the various funds need to accommodate these people. Save our Business have to date not received any response from government regarding assistance for these micro-enterprises.

End of comments.

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