Mandela did not trust his kids with his money

FORMER president Nelson Mandela did not trust his children with his money, says a close family friend.
Mandela formed companies and trusts in 2003, 2004 and 2005 for his children. He approached his then lawyer Ismail Ayob to babysit his children Makaziwe, Zenani, Zindziswa and Makgatho and act as either co-director or trustee with them. The source said that when Mandela had a falling out with Ayob in 2005, he approached his long-time friend George Bizos to take over his role.
"Mandela had wanted the children to gain control of his money only after his death but Ayob wanted to hand over control (to the children) immediately after their falling out," said the family friend. "But Mandela said 'no, they will spend the money'." The current legal battle for control of three companies and trusts with a reported balance of more than R20-million will be heard in the Johannesburg High Court.


Mandela's daughters Zenani and Makaziwe have applied to court to remove Bizos, Tokyo Sexwale, Temba Sangoni and Bally Chuene as directors of the companies as they contest the legality of their appointment. They also want their powers as trustees reduced. The companies in question are Magnifique Investment and Harmonieux Investment. As Mandela's health deteriorates, the scramble for any financial gain to be squeezed from his name has intensified.


But the fight has turned nasty, with Tukwini Mandela, Makaziwe's daughter, publicly lambasting Bizos for saying that the family's court bid was "insensitive money grabbing". She has been quoted in the media, accusing Bizos of insulting her mother, slandering the Mandela family name and spreading blatant lies.


"Please have the decency to behave as an elder if you care for my grandfather and his name, which catapulted you into undeserved stardom," Tukwini is alleged to have said, on behalf of 18 of Mandela's grandchildren. However, Mandla Mandela, who is now a traditional ruler at Mandela's birthplace Mvezo in Eastern Cape, did not sign the statement and released his own last week.


Mandla was quoted as having decried the spat between the family and Bizos saying his grandfather's heart must be bleeding because of it. "It is immoral to fight over an inheritance while the individual is still alive. I have never heard of it in my life. It is like he is being stripped of his clothes and they are being sold off," he said.


A company called Mandela 95th Birthday was also established late last year to "corporatise" the celebration of Mandela's birthdays and was registered by his grandson Zondwa Mandela. Not to be outdone, in August last year, sisters Zozuko and Zamaswazi Dlamini launched a clothing range under the Long Walk to Freedom brand, a name derived from a book written by their grandfather about his journey from being a prisoner on Robben Island, to the realisation of his dream for a democratic South Africa.


Mandela was hospitalised late last year and again last month for a recurring lung infection. In between the health scare, Zaziwe and Zamaswazi's reality TV show, Being Mandela premiered in the US in February.


Sunday Times reported that there were various events organised by the family under the Mandela 95th Birthday banner, which included a gala dinner, a boxing tournament at the playground for the superrich, Monaco, and soccer matches involving Manchester United. Oupa Ngwenya of the Nelson Mandela Children's Fund said his organisation was informed about the company's existence.


"We are told that it was registered by Zondwa on behalf of the family to 'corporatise' Mandela's birthday celebrations. "We asked if it was meant to host only his 95th birthday but we were told it would host all future birthdays."


The fund raises money for the Nelson Mandela Children's Hospital and is one of two custodians of his name, the other being the Nelson Mandela Centre of Memory. Sello Hatang of the Centre said it was not for them to give their blessings for family members to establish businesses.


"For information about its objectives, you will have to ask Zondwa himself," he said. Efforts to contact Zondwa at the time of going to press were unsuccessful and Zelda le Grange, Mandela's personal assistant refused to comment on the matter.