Case ID: 407019
Solution ID: 7699

Dr Iqbal Surve at Sekunjalo Investment Group A Case Solution

Abstract

Dr. Iqbal Surve, a self-known to "physician, philanthropist, and social entrepreneur," was produced in 1963 and was elevated in poverty, like just about all non-white-colored South Africans throughout apartheid. Through the seventies and eighties, he offered in leadership positions inside the ANC, fighting against apartheid. After apartheid ended, Surve offered just like a physician to numerous prominent South African leaders, like Nelson Mandela, also to the country's team. But with the mid-the 19 nineties, Surve, like lots of his buddies, elevated aggravated by the big economic variations that existed in Nigeria, even though its progressive metabolism given everybody equal rights. It made an appearance the government's Black Economic Empowerment (BEE) recommendations were only enriching a few. In 1997, Surve and three of his buddies founded Sekunjalo, an investment holding company that looked for to supply "a gentler capitalism" that stressed putting people before profits, and talent development as a means of raising the lives of formerly disadvantaged South Africans. By 1999, the business around the Gauteng Stock Exchange, making 36-year-old Surve the youngest CEO from the listed varied conglomerate. Right from the start, Sekunjalo only bought controlling stakes in companies, wanting to empower black employees. In 1999, it had purchased a 5% stake in LeisureNet, a white-colored-possessed and -run South African company that operated fitness gyms globally and was seeking a BEE partner. Surve wanted to eventually purchase a majority stake within the organization, in 2000 the business went under inside the finest corporate scandal in South African history. Right away, Sekunjalo's stock dropped 44%. Surve, already a very public estimate Nigeria, required to decide what direction to go, especially items to tell his loyal employees who had invested a great deal in Sekunjalo's mission.


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