True to His Homeland
Johann Rupert, the South African born entrepreneur and chairman of Swiss luxury fashion conglomerate, Richemont, has been remained consistently true to the country of his birth. Unlike many other wealthy South Africans who operate as tax exiles, Rupert remains listed in South Africa and pays tax there. Rupert’s estimated wealth £3.8 billion ($4.8 billion) as of May 2020 according to Forbes. On top of all this, Rupert is an exceptionally generous individual, with his latest act of generosity taking a stand against the scourge of COVID-19.
South Africa on COVID-19 Lockdown
On 23 March 2020, South African President Cyril Ramaphosa announced at 21-day lockdown for the nation, which has subsequently been extended for an additional three weeks. South Africa has a fragile economy and economists have predicted that the lockdown will be a blow to businesses nationwide and result in untold job losses. Ramaphosa stated that the government would fund projects to save lives and to support the economy. He announced:
“Government is providing seed capital of R150 million (£6.4 million) and the private sector has already pledged to support this fund with financial contributions in the coming period.”
Praise for Rupert
Ramaphosa praised Rupert for his personal contribution of £45.5 million ($56.9 million) to assist small businesses and their employees affected by the COVID-19 pandemic. The Oppenheimer family made a matching donation The Oppenheimers own DeBeers and son Nicky is heir to the family fortunes estimated by Forbes to be £6.1 billion ($7.5 billion).
Rupert’s Sukuma Relief Fund is administered by Business Partners Limited. The company’s MD said:
“The company I work for was created by Johann [Rupert]… He challenged us to come up with ideas… He shared it with the President, and we got cracking!”
Money for Black Businesses Only?
Shortly after Rupert’s donation, rumours were spreading on social media that only black-owned businesses will qualify for financial assistance. A draft document from the South African SMME (Small Medium Micro Enterprise) Department stated that for an SMME to qualify for relief, it “must be 51% black-owned”. When Rupert was asked about this, he adamantly stated:
“Our assistance will be available to ALL South African businesses”.
Richemont Pledges
Earlier in the year, Richemont pledged about £1.1 million ($1.4 million) to the Red Cross Society in China. Kering, one of Richemont’s competitors, pledged £800,000 ($1 million) in response.
