Duduzane Zuma: President’s Son To Give Proceeds Of Shares To Youth Development


Duduzane Zuma Donates Money – Recently, we reported that President Jacob Zuma’s favourite son, Duduzane Zuma, confirmed that he has started selling his shares in Gupta-owned Oakbay companies.

Duduzane disclosed that he’s selling his shares in order to focus his time on clearing his name. Now, the president’s son has promised to donate proceeds from the sales towards youth development.

See Also: Grace Mugabe Says ‘Drunk’ SA Model Attacked Her With Knife

He said in a statement: “Last year I committed to selling my shares in Oakbay companies and this process is currently underway. I have decided that ALL (100%) of the money from the sale of the shares in the media businesses will go to a new Youth Development Programme specifically focused on creating real and sustainable jobs.”

“While this new programme has a specific interest in graduates, it will be for ALL young people, male and female, regardless of background.”

In addition, Duduzane promised to provide more details of the project in coming weeks.

According to reports, the president’s son owns shares said to be worth R850 million in Gupta-owned companies, which he made through his company – Mabengela Investments.

Duduzane is currently a director of seven companies in the country. He was formerly a director of 21 Gupta-owned companies but he resigned from most of them in 2016 after he was implicated in the state capture saga.

The leaked Gupta emails showed that Zuma’s son is well-connected to the Gupta family and their businesses. The leaks also showed that they bought him an expensive home in Dubai, organised and paid for his wedding and helped in cleaning up messes in his personal life.

In August, Oakbay announced that it has sold its media assets – Infinity Media and The New Age – to a former government spokesperson, Mzwanele Manyi, for R300m and R150m respectively.

Check Out: Remembering Steve Bantu Biko – 10 Lesser Known Facts

The company also recently announced that it had sold its mining outfit Tegeta which comprises Optimum, Koornfontein, and the Optimum Coal Terminal for R2.97 billion.

Although no one knows the truth behind the sales, the Gupta family, however, claimed that they sold their assets due to the closure of their accounts by some banks.