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Macozoma leaves Liberty, Standard Bank to develop Safika

4th December 2014

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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Liberty Group chairperson and Standard Bank deputy chairperson Saki Macozoma has resigned from both positions, effective December 31, to focus his full attention on Safika Holdings, where he was also chairperson.

“There are opportunities that have opened up to Safika Holdings that require my full time attention if we are going to do justice to them,” Macozoma said, adding that the restraints placed on the former chair and Safika Holdings following the Katleho black economic-empowerment (BEE) transaction would be lifted in December.

Safika’s subsidiary, Safika Resources, was currently involved in the development of the Tshipi Borwa manganese mine, in the Northern Cape, with a feasibility study under way into a second manganese mine in the area.

“It is these factors taken together that make now the right time to bow out of the leadership of the Liberty Group,” he explained.

Standard and Liberty were significant shareholders in Safika, which was one of the BEE partner companies. Safika also owned stakes in both Standard Bank and Liberty.

Macozoma joined the Liberty Group in 2003 and became chairperson in 2007.

Liberty’s lead independent director Angus Band would act as chairperson until the necessary regulatory process for board succession had been completed.

Edited by Creamer Media Reporter

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