From midnight on 26 March, South Africa will be in lockdown due to the coronavirus, with many small businesses suffering. Two white billionaires, Nicky Oppenheimer and Johann Rupert, have stepped up to the plate and donated R1 billion each to a fund to help them, but no black billionaires are showing “ubuntu” or the mythical African altruism. The ANC regime also wants to exclude white-owned small businesses from being helped, it seems.
Tag: Johann Rupert
Rupert: The rich will want to conceal their wealth
Johann Rupert, the South African who has made billions peddling Cartier jewelry and Chloe fashion, said tension between the rich and poor is set to escalate as robots and artificial intelligence fuel mass unemployment.
“We cannot have 0.1 percent of 0.1 percent taking all the spoils,” said Rupert, who has a fortune worth $7.5 billion, according to data compiled by Bloomberg. “It’s unfair and it is not sustainable.”
The founder and chairman of Richemont, whose 20 brands also include Vacheron Constantin and Montblanc, said he expects advances in technology to lead to job losses after having read books on the subject recently. Conflicts between social classes will make selling luxury goods more tricky as the rich will want to conceal their wealth, Rupert said in a speech Monday at the Financial Times Business of Luxury Summit in Monaco.
“How is society going to cope with structural unemployment and the envy, hatred and the social warfare?” he said. “We are destroying the middle classes at this stage and it will affect us. It’s unfair. So that’s what keeps me awake at night.”
Rupert, a university dropout whose father made a fortune setting up Rembrandt Tobacco Corp. and selling it off, has in the past made other social critiques. Nicknamed ‘Rupert the Bear’ for his pessimistic views on the economy, the 65-year-old refers to himself as a “reformed prostitute,” having spent a decade as an investment banker. He said in 2008 that the collateral damage from the financial crisis was yet to come.
“We’re in for a huge change in society,” he said Monday. “Get used to it. And be prepared.”
Source: Bloomberg
Tycoon says Apartheid was bad for business
Apartheid was not good for his businesses Johann Rupert, chairman of the Remgro and Richemont groups, declared on Tuesday.
He was one of the speakers at the FW de Klerk Foundation’s conference on issues related to the South African economy and race.
On 2 February 1990 De Klerk unbanned most terrorist organisations, including the ANC, SACP and the PAC and announced the liberation of Mandela and all leftwing and communist political prisoners.
Almost all rightwing political prisoners are still in prison after 25 years, an indication of De Klerk’s total lack of popularity amongst whites.
Rupert, De Klerk, former deputy president Kgalema Motlanthe and Lord Renwick were guest speakers at the annual FW de Klerk Foundation conference in Cape Town, commemorating the 25th anniversary of Nelson Mandela’s release.
“We had businesses here and overseas and the businesses in foreign countries did much better [during apartheid]. Over there returns were 10% or 12% more than in South Africa,” Rupert said.
Rupert dismissed the notion of wealth redistribution as the panacea for inequality, saying the issue was rather to create the conditions to create wealth.
“Trade unions destroy jobs. Their job is not to create jobs, their job is to protect people who are already employed. They do not represent the interests of the unemployed,” he said.
His remarks were made a week after the Heritage Foundation, a Washington DC thinktank, pointed an accusatory finger at the strong influence of the unions in the economy.
De Klerk told the forum he was convinced that “what we have now is much better than what we had in the past”.
Lord Robin Renwick, the British ambassador to South Africa prior to Mandela’s release, said South Africa would do best by “defending its constitution and the independence of the judiciary”.
Progressive redistribution was not an unrealistic goal, he added, but the question was how it would unfold as perceptions could affect the country.
If there was to be increased state intervention, he said, “then you need to have a state more efficient than we have seen anywhere in the world ever”.
Not even East Germany managed that, he said, quipping: “Karl Marx is dead everywhere, except in South Africa.”
But debate was urgently needed to forge social cohesion, the two former presidents, the Afrikaner tycoon and British diplomat agreed on Tuesday.
Former president Kgalema Motlanthe deplored the fact that South Africans criticised the country’s “black government”, saying it was both a political misnomer because the government was democratically elected and an indicator of division.
“Labelling the government black may say more about their thinking than anything they are trying to express. The result is a misinformed and misleading discourse which often entrenches social stereotypes, fuelling feelings of alienation.
“If there is one space that provides a useful index of race relations in the country it is social media. In the recent past the social-media space has seen torrential racial abuses across the social spectrum openly advocating the biological, historical, economic and social utility of the construct of race as the organising principle in human affairs.
“Most disheartening about this open manifestation of racial hostilities is the debilitating effects on what we are trying to build, a nation united in diversity.”
Rupert laughs at Malema

Julius Malema has accused billionaire businessman Johann Rupert of controlling the ANC and DA and being behind the EFF leader’s tax and political woes, the Sunday Times reported.
When Rupert was contacted for comment by the paper, he laughed uncontrollably before asking: “Did he really, really say that?”
Rupert told the newspaper that he funded neither the DA nor the ANC.
Malema accused Rupert of supporting both parties as well as the SA Revenue Service.
“The ANC and DA are one thing. They agree on everything. The ANC is a black DA and the DA is a white ANC.
“All of them are controlled by Rupert and friends,” the Economic Freedom Fighters leader told supporters at a rally in Khayelitsha in Cape Town on Saturday.
Malema told the crowd that Rupert wanted the ANC to deal with him when he was its youth league leader. He also said that Rupert controlled the SA Revenue Service.
“Rupert said the ANC Youth League is like an irritating mosquito in a room and it needs a Doom. President Jacob Zuma became that ‘Doom’.”
Source: Sapa
Rupert makes an offer for Caxton

Billionaire Johann Rupert has made a R2.34bn offer to obtain a large stake in Caxton, the Sunday Times reported.
Remgro wants to buy ElementOne, which holds a 40% stake in Caxton and CTP Publishers and Printers.
ElementOne owns The Citizen and various community newspapers.
Remgro, with Rand Merchant Bank, has offered R475m in cash and the balance in stock. The stock is currently priced at R22.51 per share.
ElementOne syas Rupert’s offer presented a “unique opportunity” and would “unlock value”.
