Today's Labour News

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newsBL Premium reports that Remgro chair Johann Rupert says the preferred route for the disbursement of his family’s R1bn donation to assist small businesses will be through Business Partners, a company he founded and co-owns.  

He expects to finalise plans in the coming days.  "Business Partners have the institutional capacity to do this, as they have been financing and mentoring small businesses for almost 40 years. So it’s the perfect delivery mechanism in which to give the money and get cash into the pockets of employees.  The primary purpose of the money will be to pay workers’ salaries," Rupert indicated.  Remgro owns 43% of Business Partners, a specialist lender to small and medium-sized business owners.  The R1bn contribution from the Rupert family will be separately earmarked for use as donations to small businesses using the company’s infrastructure, and will run separately from the donation made by the Oppenheimer family.  Rupert’s donation is part of efforts to cushion the economic effects of the 21-day lockdown announced on Monday by President Cyril Ramaphosa to contain the coronavirus pandemic.  The Oppenheimers, who will also donate R1bn to help small businesses, indicated that they were busy finalising the structure, operation and governance of the fund.

  • Read the full original of the report in the above regard by Warren Thompson at BusinessLive (paywall access only)
  • Read too, Coronavirus: SA Muslim body donates R1m to assist government’s Solidarity Fund, at News24

Get other news reports at the SA Labour News home page