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World's richest BEE man - how easy it it?

Posted by: OS GIKEN

OS GIKEN

If like me you saw this morning's top earners of the world, you'll be surprised that the USA only has 3, and South Africa also has 3, only billionaires count in this exercise, so even if you had 984million, you won't make the top cut.

BEE - it started way back when non-democratic whites decided to take all for themselves. And then the supposed democratic blacks decided to take all for themselves as well, and the well known "it’s our turn" slogan echoes rife in BEE stables ever since.

BEE - in top earning category.

Was BEE established to make individuals rich? How many of Patrece's billions went and made millionaires of others who in turn went on and made thoudandaires of others? Patrece was handed a startup capital sum, which, like all entrepreneurs set him off. For failure or success depended on his accord. BEE beneficiary principle has made a South African one of the richest men in the world, was that its objective? Or did Patrece make it work?

BEE  - most fail.

I don't care who that guy is but he's appearing in court over liquidation etc...Long story short - he had billions in shares, and now he's declaring bankruptcy on some of his "interests" Most tender irregularities stem from some hot shot seeing or seizing an opportunity to make money with the least amount of effort. Tenders are handed to BEE companies who are owned by BEE beneficiaries...and they get one R5million tender, screw it up in light of parties and BMW's, and then their bust. This could have been the case with Patrece…but he had a head on his shoulders of course!

BEE riches - how easy is it to make R10million turn into R1Billion?

My wife and I love to talk about this...I can say red and she'll say black for the sake of differentiation - keeps us on our feet in terms of meaningful debate.

“I believe, any person with sense and a decent mind coupled with a regular education can turn  R10 million into R20 million or even R100 million.”

I believe it takes nothing. I believe once you have that cash, and don't spend it on luxuries, you'll be sure of a couple if not hordes of opportunities all of a sudden flocking up on your doorstep. This is how I believe it is with BEE beneficiaries. They get a massive cash injection, purchase land, which apparently accumulates, purchase millions of shares, joint ventures in overseas companies, tender companies, cross investment into smaller BEE companies...or like in Tokyo's case...used his BE "E" bucks to purchase a seat in ABSA's executive board rooms. This is only my theory. 

A stupid human will take R10 million and turn it into R1 million - 1 Lambo is R4.5million; a reasonable big house furnished is about R4million...need I say more?”

I have the utmost respect for business minded people, but I cannot respect people who got a silver spoon, and claim rags to riches when it was actually riches to riches. Donald Trump comes to mind. Google owners' kids come to mind. Mercedes Benz’s owners come to mind. Mittal's kids come to mind...even worse - oil magnate's comes to mind. The sole purpose of your job is not mess up the finances of the family, I'm sure somewhere in the will of these guys the script is written already stating what investments to watch out for in future when daddy’s gone.

In closing - I believe its easy to make R10 million turn into R20 million...buy shares in ABSA or SASOL or some mine...you'll be guaranteed a doubly return plus you'll get an executive seat which means decision which means a monthly salary.
OS over and out - this BEE beneficiary trade is no hard one, you get a silver spoon, your job is to keep the silver spoon clean - how difficult can that be? Or on the other hand…work hard for your millions, use your brain…be clever, and most of all, stay away from BEE guys!

 

 

Comments (1)Add Comment
The Source
...
written by The Source, March 11, 2010
Well, when Patrece featured o the Forbes list last year, they also noted that most of his money was thanks to BEE.

I have more respect for people like Richard Branson who started out with nothing than say Donal Trump who had a rich father.

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