home Featured, News, Politics Rupert’s R1 billion is for loans to SMEs, not donation

Rupert’s R1 billion is for loans to SMEs, not donation

Johann Rupert. Image: Wikipedia Commons

By BO Staff Writer

The Sunday World reported this week that Johann Rupert’s R1 billion donation is “not a freebie but loans to SMEs“.

In this regard “[t]he Rupert Family has tapped small businesses financing company, Business Partners, a company the family played a key role in establishing nearly 40 years ago as an administrator of the R1 billion the family last week pledged to assist businesses battered by the coronavirus,” the report read.

Ben Bierman, the Managing Director at Business Partners is quoted in the report explaining what financing programs will be available “for both sole proprietors and formalised SMEs”. He also said that an announcement will be made during the week about “the criteria, repayment terms and how to apply for the finance”.

From President Cyril Ramaphosa’s announcement last week, the nation was made to believe that Rupert had actually donated R1 billion (albeit crumbs considering that he is worth R103.4-billion), towards the government’s R13.85 billion stimulus package to address the negative impact of the coronavirus pandemic.

Black First Land First (BLF) President Andile Mngxitama responded sharply to the news of Rupert’s intention with the R1 billion pledge he made.

“We said then that white monopoly capital doesn’t donate, it invests. We have also been saying that the 21 days national shutdown is about allowing the covid-19 infections to be unleashed in the few days preceding the lockdown; and white monopoly capital making money from the spread of the virus that is predicted in terms of the ‘herd immunity’ policy to infect 70% of the population,” Mngxitama said on social media.

“When we try to open people’s eyes, morons say we are negative. What bullshit is this? Again, didn’t we say white monopoly capital doesn’t donate, it invests? Morons,” he added.

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