Forbes Africa April 2013 (e magazine full)

Full E-magazine Forbes English version (copyright)

SAM JONAH FROM A SHOVEL TO A KNIGHTHOOD ABOUT THIS ISSUE FORBES CONTENTS — APRIL 2013 10 | COVER STORY: THE MAN WITH THE GOLDEN TOUCH BY LERATO SEKO 20 | EPIPHANY: NEVER LET A PUNCTURE SLOW YOU DOWN BY SIYAVUYA MADIKANE | EDITOR’S DESK // Chris Bishop | BRIEF 360° FORBES FOCUS 16 | ClIppED WIngS Blacky Komani recalls the exact time he made the decision to suspend South african airline 1Time Since then, he’s had a lot of time to think about what went wrong BY UFRIEDA HO 22 | OSCAR’S lOST MIllIOnS When South african athlete Oscar pistorius shot his girlfriend, reeva Steenkamp, on Valentine’s day, his sponsors distanced themselves BY TSHEPO TSHABALALA AND KARABO SEANEGO 32 | nO BuSInESS AS uSuAl Thankfully the Kenyan elections turned out to be more of an expensive nuisance than a violent threat for most of the country’s entrepreneurs BY GOVENOR MAKHUBELA COVER IMAGE BY CHRIS TOWNEND fOR fORBES AfRICA RETOUCHING BY THE VANILLA RAIN CREATIVE | FORBES AFRICA april 2013 VOLUME NUMBER 34 | THREE MEN YOU CAN BET YOUR LIfE ON BY CHRIS BISHOP ENTREPRENEURS 36 | ExplAInIng ThE unThInKABlE TO ThE gERMAnS Bunga Kiala left angola to escape the war Now, he is blazing a trail in business in Berlin BY KRISTIN PALITZA 38 | A pluCKy DAvID BAnKIng On BEATIng gOlIAThS From David and Goliath to the giant in Jack and the beanstalk; who doesn’t like the age-old story about the little guy taking on the big guy and winning? This is the story of african banking wizard, riaan Stassen BY LERATO SEKO LUXURY SUPPLEMENT 52 | luxuRy SupplEMEnT | 10 TOP WATCHES fOR 2013 BY TONI MUIR 58 | DAzzlIng DIAMOnDS AnD AFRICAn gEMS From the 3,106 carat Cullinan Diamond from South africa to Tanzania’s rare Queen of Kilimanjaro tanzanite stone, africa is known for the largest and most radiant precious gems ever found africa.com took a closer look at some of the continent’s biggest and best inds BY AFRICA.COM EDITORIAL STAFF EDITED BY FORBES AFRICA INVESTMENT GUIDE 68 | MInIng ThOughTS // Brendan ryan 69 | ThE FInAnCIAl COnunDRuM BEhInD ThE ThREAT OF DARKnESS // James Styan 72 | THE RISING STAR WITH THE LAzY LUCkY EYE BY MICHAEL SHERMAN SPORT 74 | STAy AWAy FROM BOOzE AnD BAD FRIEnDS, yOung MAn african middleweight Tommy “Gun” Oosthuizen is on the cusp of breaking into the big bucks and pay-TV in the States—but only if he stays away from quick ists and fast food BY FANIE HEYNS THIS IS AFRICA 80 | 2013 ACADEMy AWARDS WInnERS april 2013 FORBES AFRICA | FORBES EDITOR’S DESK — CHRIS BISHOP “Carpe Diem” Bite The Ballot Bullet BY CHRIS BISHOP, MANAGING EDITOR S o, Kenya has elected its man Uhuru Kenyatta, the son of the founding father of Kenya, has a magic name in politics, if ever there was one There can be few world leaders who have a irst name that means freedom Fewer names can evoke the passion and power of a bygone era of hope at the dawn of independence He is the irst son of a president to take the reins of power in East Africa and also the youngest at the age of 51 Another dubious irst has been denied Kenya’s new president He is only the second sitting president to face charges of crimes against humanity laid at the International Criminal Court (ICC) in The Hague; the other being President Omar al-Bashir of Sudan The charges relate to the appalling election violence of the bloody Kenyan elections of 2007, in which more than a thousand people died The political rivalry lared into that most ugly cancer of the world: ethnic violence If I were Kenyatta, my irst phone call in oice would be to the ICC to arrange a hearing as soon as possible I would ly to The Hague for my day in court, for a chance to clear my name and clean the slate Aside from the moral question, imagine the political capital that could be made through an acquittal and triumphant return to Nairobi But then again, I am not | FORBES AFRICA april 2013 him and the complexity of Kenyan politics is probably beyond me During this year’s election, I caught a glimpse of the 2007 mayhem on TV that made me sick to my stomach It was the image of a tall man, probably in his forties, running the gauntlet of a gang of thugs on a road in the Kenyan hinterland The man was in distress; his shirt was torn and hanging down the back of his legs, a sure sign he was leeing a beating As the sweating man ran past the camera, one of the thugs kicked out, slicing the man down at the knees As the man writhed in pain on the loor the camera cut, probably at the insistence of one of the attackers Now, most of us who have covered numerous elections know what happens The attackers would kick the man on the ground senseless—if he was fortunate he would wake up in hospital, covered in blood People ask me what was the worst I ever saw on this continent—was it the tear gas, the bullets, or the blood? My answer: the looks on the faces of the cowardly thugs who jump onto their lonely victims in packs Those gloating, leering and vicious looks make me shudder In fact, I am shuddering as I write this now What I am saying is that any hardship is worth it, if it means avoiding brutality of this kind that merely breeds more In my experience the swallowing of an election result, no matter how unpalatable, can be GOT SOMETHING TO SAY? WRITE TO US LETTERS@fORBESAfRICA.COM the irst step to a brighter future The opposition in Kenya is appealing the result Wouldn’t it be better to draw a line under the election and start afresh? Surely, it would be better to regroup and prepare for the arduous task of opposition—keeping the ruling party to account for its decisions, while redoubling the eforts of activists on the ground ready for the next election In my view, this stoic and patient approach by opposition parties, in hanging on and stoking debate, is as much a part of nation building as drawing up policy Then again, I believe that day follows night and that the running man writhing in agony can go back and teach the bullies a lesson At stake, is the long-term prosperity of a country Foreign investors will always look at the likelihood of successful free and fair elections before they decide to plough their money into a country Freedom, conident spending, business stability and policy certainty usually go hand-inhand Let us hope Kenya can sort out its problems on the path to stability There is a lot riding on the country and even the disgruntled opposition can sleep safe in the knowledge that when a real change is afoot the people vote in a landslide that few can resist I predict that at least one country in southern Africa faces such an electoral tsunami this year Speaking of powerful forces, after half a century on earth, I am on Twitter (@ChrisBishopZA) I thought that if I said it quickly it would sound more familiar It doesn’t I am a man who has built a career in journalism on reading and listening to people I feel all too often that on social media, everyone is talking and few are listening On the other hand, I felt, as an editor, it was my duty I will try to tweet, with a sweet turn of phrase, only those morsels that could inform and intrigue It will be journalism and FORBES AFRICA only To put it all in context, I telephoned my 13-year-old daughter, who has been on social media shortly after going onto solid food, to tell her of my foray onto Twitter “Whatever,” she says casually OMG Views expressed by commentators in this publication are not necessarily those held by FORBES AFRICA or its members of staf All facts printed in FORBES AFRICA were conirmed as being correct at the time the magazine went to print FOrBES aFriCa INBOX FORBES AFRICA – NOW AVAILABLE DIGITALLY! TESTIMONIAL I was initially very impressed when the irst issue of Forbes hit my desk – great content, insights from business leaders and inspirational tales about adversity being turned into advantage Then it hit me – this can’t go on for too long, can it? How many positive stories could possibly come out of Africa? I waited with anticipation for the next issue to be proved right Issue two arrived with just as much inspiration about the changing face of Africa and its people From stories of losing your job with no concrete plan B to big business deals, I’ve since been sold on the pulsating beat of Africa’s heart Every issue is a lesson in resilience and for somebody in public relations consultancy in an increasingly busy and competitive Lusaka city, the magazine demystiies business and enterprise into an endeavor that one can excel at You get knocked down so many times in business and at times, the tenacity to get up from the canvas can be a really grueling challenge The inspiration, insight and analysis by some of Africa’s leading lights in business makes you feel you’ve got the right team in your corner, refusing to throw in the towel even in the twelfth round At the end of each read, you’re not only inspired but challenged to think diferently and resist the precedents of those who have gone without success all because they did not go down the path we’ve decided to take Forbes Africa is required reading if the murky, meandering landscapes of business and enterprise in Africa are not only to be taken on but relished as well The digital edition of FORBES AFRICA gives our loyal readers an enhanced experience of the magazine Take it with you, wherever you go Now you have the opportunity to watch behind-thescenes footage of our cover shoots with Africa’s wealthiest It provides readers with additional coverage and exclusive images of our special features FORBES AFRICA fans across the world will receive much more than just the magazine’s signature content, for which it is renowned The app is available on: Android and iOS devices as well as on the Magzter and Zinio webstores Download the app for free from the Apple Appstore, Google Play and the Amazon Appstore Kachepa Mtumbi Lusaka, Zambia april 2013 FORBES AFRICA | APRIL 2013 – VOLUME NUMBER CHAIRMAN: zafar Siddiqi f0UNDER & PUBLISHER : Rakesh Wahi MANAGING DIRECTOR, ABN GROUP: Roberta naidoo PROJECT DIRECTOR: Sid Wahi ExECUTIVE DIRECTOR: Bronwyn nielsen NON-ExECUTIVE DIRECTOR: Busi Mabuza NON-ExECUTIVE DIRECTOR: Sam Bhembe MANAGING EDITOR Chris Bishop ART & DESIGN DIRECTOR lieria Ferreira GENERAL MANAGER Davlynne lidbetter PRODUCTION COORDINATOR Shanna Jacobsen ASSOCIATE EDITOR vuyo Mvoko DISTRIBUTION COORDINATOR gillian van zyl SUB-EDITOR Iga Motylska JOURNALIST, WEST AfRICA Abisola Owolawi BDM - EAST AfRICA govenor Makhubela JUNIOR JOURNALISTS lerato Seko, Rutendo nyamuda BDM - WEST AfRICA Radithebe Rammutle JUNIOR DESIGNER Amy Esterhuizen ABN MANAGEMENT TEAM Group Head of West Africa: Frederic Van de vyver Group Head of Sales: Quinton Scholes Chief Editor, Africa Business News: Godfrey Mutizwa Group Head of Marketing: Alexander Leibner Group Multimedia Manager: Andrew Herd Group Head of Human Resources: Rochelle John Group Head of Technical Operations: Jean Landsberg Group Head of Events: Zubaidah Hanif Group Head of finance: Alistair Aitken Business Development Manager, Africa: Ali Naka Group Head of Corporate Communications: Nola Mashaba ABN Publishing, South Africa: 4th Floor, West Tower, Sandown Mews, 88 Stella Street, Sandton, South Africa, 2196 Contact: +27 (0)11 384 0300 ABN Publishing, Nigeria: Ground Floor, Katia Gardens, Plot 1676, Oladele Olashore Street, Victoria Island, Lagos, Nigeria Contact: +234 (1) 279 8034 ABN Publishing, kenya: University Way, 19th Floor Ambank House, Nairobi, Kenya Contact: +254 (20) 225 2150/1 FORBES MEDIA LLC Chairman & Editor-in-Chief: Steve Forbes President & Chief Operating Oicer: Timothy C Forbes Vice Chairman: Christopher Forbes President forbesLife: Robert L Forbes President, forbes TV and Licensing: Miguel Forbes FORBES ISSN 2223-9073 is published monthly except for two issues combined periodically into one and occasional extra, expanded, or premium issues FORBES AFRICA EDITION is published by ABN PUBLISHING (PTY) LIMITED under a license agreement with Forbes Media LLC, 60 Fifth Avenue, New York, New York 10011 FORBES is a registered trademark used under license from FORBES LLC SUBSCRIPTIONS: For subscription rates and options, go to www.forbesafrica.com FORBES AFRICA is available in South Africa, Nigeria and Kenya To subscribe online, change your address, or for other assistance, please visit www.magsathome.co.za You may also write to FORBES AFRICA subscriber service, subs@ramsaymedia.co.za or call +27 (0) 860 100 209 Copyright © 2011 ABN Publishing (Pty) Ltd Copyright © 2011 FORBES, as to material published in the US edition of FORBES All rights reserved Printed in South Africa by Paarl Media Cape and EPP Dubai in the UAE | FORBES AFRICA april 2013 SUBSCRIBE TO THE BILLIONAIRE LIFESTYLE, SUBSCRIBE TO fORBES AfRICA CLICK HERE FOR OUR PRINT SUBSCRIPTION OFFER www.forbesafrica.com FORBES AFRICA IN BRIEF BRIEF VENEZUELA: 58-year-old Hugo Chavez, president of Venezuela, passed away on March He ruled from 1999 NEW POPE IN THE VATICAN After three days of discussions, Jorge Mario Bergoglio (76) was chosen as the 266th pontif of the Roman Catholic Church Bergoglio, the irst non-European pope in more than 1,200 years, succeeds Pope Benedict XVI who unexpectedly resigned in February Bergoglio took the name Pope Francis I, to honor Saint Francis of Assisi “A saint that transcends the Catholic Church and is loved by all people, a saint who reached out for simplicity poverty and care for the poor,” according to Reverend Thomas Rosica, spokesman for the Vatican The two African Cardinals in the running were Ghana’s Peter Turkson (64) and Nigeria’s Francis Arinze (80) DEADLIEST NIGERIAN BOMBING IN MONTHS Two suicide car-bombers struck a bus station in the Christian neighborhood of Kano, Nigeria, killing at least 41 people Oicials say that at least 65 others were wounded It is reported to have been the deadliest attack in nine months Although no group has claimed responsibility for the attack, many suspect Islamist extremist group Boko Haram President Goodluck Jonathan condemned the attack and declared that the government would continue "its unrelenting war against terrorists" FEMALE UN CHIEF: Activists from South Sudan are prompting the United Nations General Assembly to consider a female successor to its current chief, Ban Ki- Moon, after 68 years of male dominance AIRPORTS: Airports Council International (ACI) named Cape Town International Airport the best airport on the continent, followed by Durban, Cairo, Mauritius and Johannesburg LEADERS: The World Economic Forum (WEF) named Alex Okosi, senior vice president and managing director of Viacom International Media Networks Africa, a 2013 Young Global Leader Okosi was featured in the November issue of FORBES AFRICA INNOVATION: The world’s irst Climate Innovation Centre (CIC) was established in Kenya by the World Bank Group’s infoDev program, to help companies working with climaterelated technologies turn their ideas into viable businesses SOCCER: According to FIFA rankings: Ivory Coast is ranked irst in Africa and 13th in the World, followed by Ghana, which is 20th in the world Third is Mali, which is 24th in the world Nigeria and Algeria were the other top ranking African nations BOAT: At least 45 people drowned after a wooden boat traveling from Nigeria to Gabon sank The boat, carrying 166 passengers, capsized 40 nautical miles of Nigeria’s shore There were two survivors, the remainder are unaccounted for DANGOTE GETS RICHER Alhaji Aliko Dangote moved up 33 places from the 76th position to 43 on Forbes’ ‘The Richest People on the Planet 2013’ list Dangote was reportedly valued at $16.1 billion in 2013, strengthening his position as the richest man in Africa, for the third year in a row Other Africans who made it onto the list include: Mike Adenuga—the second richest man in Nigeria and 267th in the world, with $4.7 billion Adenuga made his wealth from mobile telecommunications and oil Patrice Motsepe is ranked 490th on the list He is South Africa’s irst and only black billionaire with a fortune of $2.9 billion Ranked at 490 is Isabel Dos Santos, the richest woman in Africa Dos Santos’s fortune, from her involvement in inancial investments is said to be more than $2 billion ZIMBABWEANS SUPPORT DRAFT CONSTITUTION Ninety four and a half percent of Zimbabweans voted in favor of the new draft constitution on March 16 A twothirds majority is required in Parliament before it is sent to President Robert Mugabe for approval The referendum took almost four years to produce and cost $50 million of donor funds The amendments to the constitution include: presidential term limits and eliminating the president’s power to reject legislation; the banning of cruel punishment and torture; the protection of the freedom of press and expression as well as a reinforcement of gender equality The new constitution calls for the creation of a constitutional court to replace the Supreme Court as the highest court in the country, which will enforce fundamental rights Zimbabwean elections are expected to take place between July and October This is said to be the most important election since 1980 and could possibly end the 33-year reign of Mugabe If he approves the new constitution and wins, he could remain in oice for another two ive-year terms, until he is 99 Write to us at letters@forbesafrica.com www.facebook.com/forbes.africa | FORBES AFRICA april 2013 www.twitter.com/forbesafrica www.youtube.com/forbesafrica GALLO IMAGES/ AFP NEWS LINES 360° RAMPHELE’S AGANG FIGHTS FOR POLITICAL REFORM Former Black Consciousness activists Mamphela Ramphele called for South Africans to support her new political party Agang, which translates to “Build” Ramphele, who was a chairwoman of Gold Fields, will use the political platform to contest the 2014 elections The biggest issue raised is the electoral reform, which needs the signatures of million South Africans, before citizens, and not political party leaders, can decide on who makes it to Parliament Skeptics believe the party will fail to make a diference, like Congress of the People (COPE), but only time will tell if the new political party is a possible solution or just another fad RAMPHELE: GALLO IMAGES/ CITY PRESS / LEON SADIKI, MIDO MACIA: GALLO IMAGES/ SOwETAN / VELI NHLAPO TOGO MEDIA BLACKOUT Media organizations and journalists in Togo staged a nationwide news blackout in protest against a new law, recently passed by the country’s parliament The new regulation allows the High Authority for Broadcasting and Communication (HAAC), the statutory media regulatory body, the right to impose sanctions on the media without going through judicial processes As part of the three day protest, journalists wore red and planned a demonstration in front of the Presidential Palace KENYAN ELECTION RESULTS CONTESTED BY ODINGA Uhuru Kenyatta has been voted the fourth president of the Republic of Kenya in a hotly contested election that saw the highest voter turnout in the history of the country Kenyatta acquired 50.07% of the votes, which is 4,100 more votes than required by electoral law Raila Odinga trailed behind by more than 800,000 votes at 43.31% The announcement of the results was peaceful However, the Independence Electoral and Boundaries Commission (IEBC), which was responsible for the conduct of the election admitted some challenges ranging from failure of the electronic system to server communication failures This amongst other reasons prompted Odinga not to concede defeat He iled a petition at the Supreme Court challenging the election of Kenyatta, on March 15 The court will have 14 days to rule as to whether Kenyatta will be sworn in on 26 March Voting day also saw 19 people—including four police oicers, who were hacked to death with machetes—killed Read about the Kenyan elections on pages 38-40 TAXI DRIVER LAID TO REST The 27-year-old Mozambican taxi driver Mido Macia, was laid to rest on March 9, in Matola, Mozambique Macia was tied to the back of a police van and dragged for 400 meters The postmortem indicated that he had died from head injuries and internal bleeding The incident, which was recorded on a cellphone camera, spread quickly on the internet and sent shockwaves across the world The nine oicers in question were been suspended and face charges of murder A memorial for Macia, in Johannesburg, was attended by Graỗa Machel and Mozambiques ambassador Fernando Fazenda The South African ambassador to Mozambique, Charles Nqakula, pledged that South Africa will provide logistical support to Macia’s family In the wake of this event another incident of police brutality occurred in Lomanyaneng in the North West Province A sergeant was arrested after he grabbed a complainant by his neck and dragged him behind a police vehicle for around 100 meters The complainant sustained injuries to his feet during the incident and was taken to hospital by his neighbor The sergeant has since been charged with attempted murder ThE GOOD ThE BAD aND THE UGLY Fanie Fourie’s Lobola, a South African romantic comedy, has won the Audience Choice Award for Best Comedy at the 19th Annual Sedona International Film Festival in Arizona The ilm was also selected to screen at the 39th Seattle International Film Festival (SIFF) in the United States in June The Seleka rebel military command in the Central African Republic detained ive ministers and threatened to break a peace deal made in January, unless political prisoners are freed and 400 South African troops, who were sent to assist President Franỗois Bozizộs army, are withdrawn Seven foreign hostages were kidnapped from northern Bauchi, Nigeria and later killed by Islamist group Ansaru In another incident, seven French nationals were kidnapped by Boko Haram in Cameroon and are being held in Nigeria april 2013 FORBES AFRICA | FORBES/FOCUS SAM JONAH THE MAN WITH THE GOLDEN TOUCH it was a dangerous beginning where a dying man could whisper thanks; it led to riches, acclaim and a knighthood BY LERATO SEKO PHOTOS BY CHRIS TOWNEND fOR fORBES AfRICA S am Jonah has broken rocks miles underground and brokered deals over the boardroom table He’s advised world leaders and discovered a passion for parrots He is probably one of the few men in the world to be knighted in London nearly 30 years after sweating as a miner in the searing heat, miles beneath the country of his birth It all began in 1949, Jonah was born in a military camp in Kibi, Ghana; his father—a sergeant major and World War II veteran, served in the Royal West African Frontier Force Soon after, Jonah Senior left the army and set up a construction company The family moved to Obuasi where Jonah went to school It was after high school that Jonah made the surprising decision to work underground at Ashanti Goldields Corporation’s (Ashanti) Obuasi mine, the only mine in Ghana Jonah’s classmates were going into law and medicine, while he was going to work shoulder-to-shoulder with men who had barely gone to school “My business was breaking rock,” he says Jonah saw that mining was run by whites and wanted to change it There were tough days underground Jonah calls it his most humbling experience and with merely a high school certiicate and no experience, he had to sink to the bottom of the barrel to learn to survive 10 | FORBES AFRICA april 2013 “You learn quickly how to get what you want from people who are better equipped, who are better skilled, who are better experienced, who are much older than you are,” he says In his quest for more, Jonah won a scholarship to study mining engineering at the Cambridge School of Mines, in England, which later awarded him an honorary doctorate He returned to Ashanti and moved up the ranks Then he returned briely to London to study business at Imperial College, now the University of London It was during these exciting days at Ashanti that tragedy struck One day, Jonah was underground when the chamber’s ceiling fell in, trapping and killing miners It was time for quick thinking Jonah saw a man trapped under rubble who showed signs of life by muttering softly Under Jonah’s guidance, a team worked to pull the man free and carry him to the lift The miner, whose legs were crushed, drew Jonah close and thanked him Four hours later the miner was dead This was the life Jonah chose as a young man; a life he likens to that of a soldier Jonah’s life was moving apace In 1979, air force oicer Jerry Rawlings, then 32, led a coup in Ghana and nominated Jonah, who was the same age, to be Ashanti’s vice president In 1986, the late Tiny Rowland, the founder of Lonrho, INVESTMENT GUIDE — MINING THOUGHTS BRENDAN RYAN AlAS PooR CyNTHIA, i KNEW HEr WEll A nglo American Corporation CEO Cynthia Carroll left the group at the beginning of April and went out ighting In her inal address to the Mining Indaba, in Cape Town in February, she spelt out a number of truths about the responsibilities of government in South Africa Truths that the ruling African National Congress (ANC) clearly doesn’t want to hear Carroll has been a highly controversial leader at Anglo American and, according to her resignation statement last October, she’s leaving because: “I feel that the time will be right to hand over to a successor, who can build further on the strong foundations we have created” Chairman John Parker proclaimed at the time: “Cynthia’s leadership has had a transformational impact on Anglo American [ ] Her values represent the very best of Anglo American” In other words, a basinful of the usual PR platitudes when a CEO leaves under controversial circumstances; in this case against a background of speculation that a number of important institutional shareholders had demanded her departure because of the loss of value of their shares on her watch Take the Minas Rio iron ore project in Brazil Carroll backed it to the hilt, despite the fact that it cost the group billions of dollars in delays, cost overruns and impairment charges Carroll’s greatest contribution to Anglo was the rapid conversion of the group’s portfolio of old order mining rights into new order rights When she 68 | FORBES AFRICA april 2013 arrived seven years ago, Anglo was in diiculty with the government over the conversion of those rights Since the South African government took over ownership rights to minerals, more than a decade ago, companies have been pressured to reapply for them under the new system Shareholders were growing increasingly restive as other mining companies—which had started the process after Anglo—successfully achieved conversion, while Anglo remained stalled One of the reasons was an impasse between governments and so called ‘old school’ Anglo executives Carroll sorted that out in short order establishing a close rapport— “Sisters doing it for themselves” if you like—with successive female mining ministers At one Indaba she left the stage arm-in-arm with then mining minister, Buyelwa Sonjica Current mining minister Susan Shabangu—who tailors her speeches to her audiences—was genuine at this year’s Indaba when she said that Carroll “Set the precedent in showing to us that nothing is impossible for women Thank you We’ll miss you” Carroll’s second greatest achievement was publicly standing up to the ANC in the on-going debate over the future of the South African mining industry, which had seriously eroded investor conidence She told the ruling party that nationalization was fatally lawed In the aftermath of the Marikana tragedy, Carroll pointed out to the politicians where they had failed and what they had to to rectify the mess in South African society Those actions have to be seen against a background where South Africa’s leading businessmen have long considered it wiser to keep their mouths shut in public, rather than risk political backlash The result of that silence was disadvantage in the debate over the future of the mining industry, unlike Australia, where mining companies banded together to confront government over controversial new tax legislation Outspoken Randgold Resources CEO, Mark Bristow, said in an interview at this year’s Indaba, after he spoke from the podium against mining code changes underway in Africa “Politicians have a lot more leverage on investors when there is no transparency […] The issue is this: are we going to sit like the South African executives and allow the politicians to let their words convince themselves it’s the right thing to without any constructive debate?” “By not participating in the debate they have failed to keep the partnership [with government and labor] intact It saddens me to see what has happened in South Africa, where there has been so little real engagement and the situation is one of ships passing each other in the night.” Bristow’s assessment is: “Governments’ role should be irstly to provide a stable, business-friendly regime that will attract—or at least not drive away—investors and then to partner the mining company in the development cycle, helping to drive the project up the value curve and sharing the value” My impression from the Indaba is that the ships are still passing each other in the night INVESTMENT GUIDE — POWER JAMES-BRENT STYAN THE FINANCIAl CoNUNDRUM BEHiND THE THrEaT OF DarKNESS S outh Africa has not seen a rolling schedule of load shedding—the fancy name for a string of power cuts—since April 1, 2008 It’s possible that the darkness may return before the end of this year The main cause for concern is that national power generator Eskom has not been granted the tarif increases it applied for at the end of 2012 Last year, Eskom, a South African government-owned power utility, applied for tarif increases of 16% per year for ive years This followed on a period of three years of increases that were, on average, 25% per year Eskom made it clear that it needed the increases to keep the lights on Eskom is busy with a capacity expansion program that will cost the company R337 billion ($37 billion) This program means building and adding 17,000 Megawatts (MW) of new generating capacity and 4,700km of new transmission infrastructure, plus associated substations, to the national electricity grid by 2018/19 The massive build program, the country’s largest since the dawn of democracy in 1994, is based on three major projects: a hydro power station called Ingula and two mega coal-ired power stations, Medupi and Kusile These three stations will increase the country’s generation capacity by a quarter To inance the program, Eskom has raised more than R180 billion ($19.7 billion) in debt on local and international capital markets It expects to increase this to over R360 billion ($39.5 billion) by the end of the current build program Therein lies the tale—how does Eskom inance this massive debt? The company is sitting with a weak balance sheet and a shareholder—that is the government—that has indicated it will not be putting huge amounts of equity back into the company anytime soon That leaves two viable alternatives The irst is to generate some equity itself and, for Eskom, the easiest way to this would be to sell of one or two of its more modern power stations The second alternative lies with increasing proit and to that Eskom needs to generate more revenue To that, tarifs need to be increased and substantially so; hence, Eskom approached the National Energy Regulator (Nersa) with a tarif proposal of 16% per year Aside from Eskom’s debt program, the company also has to keep operations running and with escalating costs, this is proving a diicult challenge Eskom estimates that the cost of basic natural resources used to produce electricity is set to increase by an average of 8.6% per year and by 10% per year with IPPs incorporated Coal costs alone are expected to increase from R35 billion ($3.8 billion) in 2012/13 to R57.7 billion ($6.3 billion) in 2017/18 This is a serious problem Eskom says the cost of generating electricity is still not fully covered by existing electricity prices Costrelective prices are critical to enable Eskom to recover the cost of producing electricity while inancing new power stations Eskom received news on February 28 that it had not received its 16% increase, with Nersa granting a mere 8% a year for the next ive years Whilst consumers may heave a sigh of relief, this may have dire consequences, as it leaves Eskom with a shortfall of around R190 billion ($20.8 billion) over the next ive years It is a concern because Eskom and the country cannot aford any delays to the build program that may be caused by inancial constraints Eskom’s new build program is already between 18 months to two years behind schedule with more delays expected due to labor unrest As demand starts to exceed the supply of electricity, Eskom is already using its last resort peaking power plants more and more This costs Eskom dearly due to the cost of the fuel needed to run open cycle gas turbines that make up the shortfall The company is increasingly pointing out its tight margins in the media and on various platforms they’re urging consumers to use electricity sparingly The company simply wants electricity supply not to be outstripped by demand as this would surely lead to new load shedding In days gone by, cheap electricity attracted investment in South Africa That advantage is already gone Today, the best potential investors into South Africa can hope for is a steady, guaranteed supply of electricity Given the lack of revenue, even this is uncertain april 2013 FORBES AFRICA | 69 FORBES SPORT THE KALUSHA BWALYA COLUMN The Ugly Side Of The Beautiful Game Kalusha Bwalya Kalusha Bwalya, Zambia’s most capped player, nails his colors to the mast about racism in football N o one and nothing can prepare you for what you will face in the world of professional football Nobody warns you of the ugly side; the side that none of my team mates in Africa cautioned me about I started my professional football career in Belgium in late 1985 It was a giant leap from the tiny township of Mufulira, in northern Zambia, to the sophisticated streets of Brugge, the so-called ‘Venice of the north’ I had achieved a lot in the Zambian league with my team Mufulira Wanderers I won Zambian Footballer of the Year in 1984 and my career in the national team career was blossoming The ofer to go to Europe to ply my trade was like a dream come true I felt privileged to have been given a chance to prove myself on the European stage I was strong, self-conident and determined to succeed In those days, black people were rare in Brugge In fact, there were only three black players in the two premier league teams, Cercle Brugge and Club Brugge There were times at training when one of my team mates would swear they had seen me in town that day When I told them that I had not left my home the whole day, they would shrug it of by saying: “You all look alike” At irst, it used to get me upset, but later I learnt to laugh about it To get to training I needed to take two buses and then walk about 150 meters to the ground, even in the harshest of weather conditions Initially, all the players driving to 70 | FORBES AFRICA april 2013 training would drive past without as much as a hoot or a glance As I started to make more impact in training and challenged for a place in the team, they would stop and ofer me a lift I never accepted a lift and continued walking until I bought my own car I conquered these examples of belittlement by strengthening my determination to prove to all that I could rise above them and prove my worth as an equal When I inally made it to the irst team, I got the shock of my life I was booed by the opposition fans during the warm-up This was something I had never experienced before The opposition fans hostility sometimes went on for the entire match Through concentration and sheer determination I started ignoring it The chants and slurs were part of the game in the late GALLO IMAGES/AFP 1980s and, as I began to make a name for myself in the league, I paid less and less attention This, coupled with resolve and fortitude, helped my mind to shut all of it out All I wanted was to be respected for my skill, not insulted for the color of my skin It made me more resolute to succeed It needs to be known that making it as a professional footballer does not happen by luck and talent alone It takes strenuous practice, extreme discipline, unlinching determination, untold sacriice, laser-sharp focus and dedicated commitment Players deserve to be respected for this It has always been a sad state of afairs when a malevolent minority try to inluence the majority The racist chants in stands have always come from a small portion of the crowd—a small portion so intent on their team winning they would anything to see the opposition losing, even stooping low to try to degrade them They ind a diference they can pick at and take it to the extreme I am not sure if walking of the pitch as a reaction to this, as was the case with KevinPrince Boateng of A.C Milan recently, achieves anything but victory for the ofending party Many football players have been victims at one time or another of crude gestures, monkey noises and booing among other attacks Players need to soldier on We are all trying to make it in life Most fans around the world attend football games to enjoy the match and encourage their teams The love outweighs the hate FIFA have made their position very clear in article of their statutes: “Discrimination of any kind against a country, private person or group of people on account of ethnic origin, gender, language, religion, politics or any other reason is strictly prohibited and punishable by suspension or expulsion.” My opinion is that, to try to eradicate this scourge, the authorities need to manage it better The onus AC Milan’s Ghanaian defender Prince Kevin Boateng warms up, wearing a jersey against the racism Boateng was subjected to racist taunts by Pro Patria fans during a friendly should be on the clubs and national football associations to empower their safety personnel to identify the ofenders and act swiftly to remove them from the stadium They need to be named and shamed and banned from ever attending another game Doing so would make them think twice before shouting obscenities If this cannot be done then we need to resort to hitting where it hurts most, by deducting points I would support such a cause Unfortunately, discrimination is alive in our society, practised by a minority convinced that they are superior by one virtue or another It does not mean we have to tolerate it We, as the majority, need to kick it out It is a rare disease that needs to be wiped out As players, we need to stand tall and be strong, be immune to such pettiness As fans we need to expose the perpetrators and stop them from infecting others with this disease Football is meant to conquer discrimination and adhere to the notion of fair play Here we are in 2013, 28 years after my European debut, still talking about this scourge How can we still call it the beautiful game? april 2013 FORBES AFRICA | 71 FORBES FORBES SPORT JUSTIN WALTERS The Rising Star With The lazy lucky Eye When many luckier golfers are driving of the tee, Justin Walters is struggling to see This is the story of a ight back from a tragic childhood injury by one of the new bright lights of african golf A s the 2013 European tour began at Royal Durban Country Club in South Africa in December, the tour had a new member—take note of this name: Justin Walters Like Branden Grace in 2012, here was another young man from South Africa on the verge of a breakthrough in the tough world of professional golf Also like Grace, Walters, 32, goes into his European tour campaign with just one backyard victory to his credit in the Sunshine Tour Unlike Grace, who enjoyed a fairy-tale rise, it has been a grim journey for Walters When he was four years old, Walters sufered a damaging and traumatic eye injury “I have 50 percent vision in my right eye I sufer with double vision and lazy eye, you name it,” says Walters in the players’ lounge at Serengeti Golf and Wildlife Estate, where he was playing the 102nd South African Open in November “I ight a lot of conditions with it When I was four years old, I had a pine needle go straight through my eye I've had several operations, ive or six, trying to help it Right now, it's 72 | FORBES AFRICA april 2013 as good as it's going to get I have a contact lens in my right eye I've had it [the condition] so long, maybe it does hurt me, but I'm so used to it now I can't spend too much time dwelling on it Walters explains that overcast skies, rather than bright sunshine, are the biggest worry for him on the golf course “There will be several occasions when I'm out on the golf course when I can see two golf balls, four sets of shoes and my double vision really causes havoc I wear Oakley sunglasses all the time, the guys take care of me and really get me through a day's golf They limit the fatigue on my eyes and help me my job as good as I can.” Securing playing privileges doesn't come much tougher than playing the Challenge Tour for a full season, but that's just what Walters did The Challenge Tour, the secondary tour in Europe, provides 20 cards for the main European tour, via the seasonlong money list Walters was outside the top 20, coming into the inal event of the season in Italy, and needed a good inish to get his card He wasn't just playing for money; he was playing for his future Even after the irst round he wasn't lying well after a level par 71 “I got of to a really slow start, and your back is against the wall There was only one of two results—I was going to play well and get it done or I wasn't.” He played the next three rounds in 14 under par to inish ifth for the event If Walters was two shots worse, he would have missed out on getting his card completely In those circumstances, to come through and make the grade, shows great mental strength and determination— something that bodes well for the European main tour “The night before the inal round, I was a little bit nervous and it was really tight All the guys around me were right there or ahead of me I knew I had to produce something that was half-decent It was a very stressful day, but I got of to such a good start I made the mental goal of not looking at a leader board the whole day The conditions were tough and I was playing well I managed to post a really good score given the conditions When I tapped in for par on 18, that was the irst time I looked at a leader PHOTO BY MICHAEL SHERMAN BY MICHAEL SHERMAN board and saw I had managed to cross the inish line.” Walters studied in the States at North Carolina State University, where he did business management and qualiied cum laude There he was roommates with fellow South African Garth Mulroy, who now campaigns on the US PGA Tour Walters said the reason he went abroad was because of his father's inluence and having a back-up career, if the golf path did not pan out “My dad was quite hard on me, he really wanted to make sure I had a degree to go with me pursuing golf At the time in South Africa, that wasn't really possible It was either a degree or you just played golf It really improved my game and played a big role in where I am today.” Walters explains the conditions in the States help make better-rounded players Added to that is the high competition level at college, where the best players from around the world ply their future trade before turning professional “If you look at the PGA Tour and European Tour, a lot of the guys have gone through the college system If you can show your worth there, it certainly gives you a good boost mentally and conidence to take on the pro ranks Walters is honest with his expectations—he doesn't know what to expect, but with help of the healthy contingent of South Africans out on tour, he hopes to be able to cement his place among the top golfers in the world “I'm lucky that there's a big tribe of South Africans playing there [in the European Tour] I've already spoken to “I have 50 percent vision in my right eye I sufer with double vision and lazy eye, you name it.” a couple of the players and the caddies, asking if they can take me under their wings and show me the ropes I'll be relying on them as much as I can and hopefully in a year's time I can sit here and tell you more.” Walters has conquered the pain of the pine needle of outrageous fortune, now he wants to conquer the world april 2013 FORBES AFRICA | 73 FORBES FORBES SPORT TOMMY “GUN” OOSTHUIZEN Stay away From Booze And Bad Friends, young Man african middleweight Tommy “Gun” Oosthuizen is on the cusp of breaking into the big bucks and pay-TV in the States—but only if he stays away from quick ists and fast food BY FANIE HEYNS 74 | FORBES AFRICA april 2013 Berman was equally blunt in his assessment: “I don’t want another Johnny du Plooy or Dingaan Thobela Tommy is young and impressionable I read him the riot act about his weight problems I have seen so many boxing careers that were ruined because of a lack of dedication” “Potentially, I see Tommy in the super-middleweight section for another three years After three years, he might have to move up to the light-middleweight category, as he is a tall ighter at six feet four inches He can use the next three LEE wARREN/ GALLO IMAGES / GETTY IMAGES H is trainer claims he possesses the extraordinary hand speed reminiscent of the legendary Sugar Ray Leonard His detractors warn that South Africa’s Tommy Oosthuizen’s love of fast food, women, clubs and bars could cause irreparable damage to a career destined for greatness They hope the riot act, read by his promoter Rodney Berman will force Oosthuizen, defending supermiddleweight champion of the International Boxing Organization (IBO), to abandon what critics claim is an illdisciplined lifestyle Berman admitted to berating Oosthuizen for his failure to make the initial super-middleweight limit on the Friday before the ight against the veteran Colombian slugger Fulgencio Zuniga, on November 10 “Exposed as a party animal” and “preference for pubs and clubs outweighs his yearning for the gym” were some of the phrases used as boxing writers challenged Oosthuizen’s struggle to reach the super-middleweight limit of 76.36 kilograms Zuniga also warned Oosthuizen, after the 24-year-old South African needed extra time to shed 800g to make the weight “You can be the best boxer but if you don’t take your career seriously, then you will have serious problems He has got to be very careful about such things if he wants to mix it with the big boys out there,” says Zuniga years to leave a legacy.” Harold Volbrecht, Oosthuizen’s trainer, the former South African welterweight champion who fought 54 professional bouts, dismissed criticism about Oosthuizen’s love for pubs as mere media hype He said the wrong friends and a lack of respect for money contributed to his weight problems “He doesn’t respect money enough.” Oosthuizen admitted that the wrong lifestyle exacerbated his weight problems “Sometimes you take four cool drinks instead of two and you start loving barbeques Currently, I’m seeing a sport psychologist, Jannie de Wet It’s about the right focus and peaking at the right moment He also helps me to deal with women and things like that and to ind the right balance between Tommy the man and Tommy the sports person.” Probed about his alleged love of the bars, Oosthuizen said he’s deinitely no pub loafer, although he might have a drink “Yes, I have socialized, but it was not outrageous,” he added “The ight against Zuniga was a turning point I will never have trouble with the weight limit again “I felt I could have stopped Zuniga in his tracks But because I had to make the extra efort to shed weight, it drained and weakened me Next time, I will ensure that I am within the limits three to four weeks before a ight.” Oosthuizen’s father, Charles, was a brilliant boxer, according to Pierre Coetzer, a former heavy-weight champion of South Africa Charles Oosthuizen, the former South African middleweight champion, fought 35 professional bouts between 1984 and 1991 “My father taught me to stay humble and to train harder than my greatest challengers in order to outperform them in the ring It’s true to say that boxing is in my blood That’s why I ventured into the ring for the irst time at the age of six,” says Oosthuizen Berman considers Oosthuizen a gifted south paw and arguably the Ernie Els of South African boxing His hand speed is extraordinary, he says, and he has a strong jaw that can withstand severe punishment Volbrecht said Oosthuizen’s hand speed is the equal to that of a former welterweight legend, Sugar Ray Leonard Oosthuizen, undefeated in 22 bouts, is ranked fourth on The Ring Magazine’s list of super-middleweight ighters in the world Du Plooy, one of South Africa’s inest and most charismatic heavyweight champions of the past thirty years, acknowledges Oosthuizen’s abilities but has a stern warning about the pitfalls “Tommy is extremely talented and a very good counter-puncher, like his trainer, Harold Volbrecht, was My advice to Tommy is: stay away from booze, from wrong friends and train hard.” “People claimed that alcohol and cocaine caused my downfall as a boxing champion That’s not the truth I did not fulill my potential because I was lazy and did not train enough I doubt if I did 500 kilometers of road work during my entire career.” “After the completion of my boxing career, I snorted my way through more than a million rand of cocaine With the help of God and my committed wife, I started a successful business career And consequently, I have trained four or ive world-champion ighters, so my life is on track I have been clean from cocaine for 12 to 13 years I have earned the T-shirt and have paid my school fees.” “To me, Brian Mitchell is the type of role model that Tommy should attempt to emulate I don’t know if he won a world title as an amateur but look what he achieved as a professional ighter thanks to his total dedication.” If Oosthuizen won’t heed Du Plooy’s advice, his corner might remind him of how a love for fast food temporarily ruined Roberto Durán’s reputation Durán, considered one of the greatest lightweight boxers of all time, retired at the end of the eighth round in his world welterweight ight against Sugar Ray Leonard in 1980 by using the dreaded words no mas (Spanish for ‘no more’) The Panamanian, whose bingeing and fasting had taken its toll and had him ill-prepared for the bout as he battled to reach the weight limit, looked clumsy while Leonard danced around and taunted him Durán was unit for the contest and retired rather than face the inevitable humiliation at the hands of Leonard in the later rounds, as his stamina faded, claimed the publication Lords of the ring, The greatest ighters since 1950 Volbrecht said HBO—an American premium cable television network, which reaches around 30 million subscribers in the States and broadcasts in at least 151 countries worldwide—is already on board for a possible uniication bout in the super-middleweight division involving Oosthuizen that was hosted by the States in March “If your ights are broadcasted on HBO with its massive appeal you have arrived,” he says Volbrecht hinted to the fact that Oosthuizen might ight against Adonis Stevenson as an elimination-bout for a showdown with Carl Froch, the super-middleweight champion of the International Boxing Federation (IBF) Stevenson, Froch and Mikkel Kessler—the super-middleweight champion of the World Boxing Association (WBA)—are marquenames in a division that has attracted the attention of WBO, while supermiddleweight fever is spreading amongst adorning fans It presents Oosthuizen with opportunities to forge a reputation as one of South Africa’s inest-ever super-middleweight ighters, provided he contemplates the history lesson of the No Mas-ight and takes to heart the timely and fatherly advice from Du Plooy and Berman april 2013 FORBES AFRICA | 75 FORBES SPORT — BOXING FANIE HEYNS WHEN liFE TriES TO KNoCK yoUR HEAD oFF S teve Kalakoda has seen it all in 35 years as a professional boxing trainer He has rubbed shoulders with the big names, coached the inest ighters in boxing and kickboxing and seen the fanfare and the fame Yet he has also seen the tragedy of boxers whose self-destructive lifestyles have slowly, but surely, hastened their decline Kalakoda, 61, was in the corner of class ighters like Francois Botha, former heavyweight champion of the World Boxing Federation, and Rashid Matumla, a three-time boxing Olympian for Nigeria He also presided over the careers of kickboxing greats like the undefeated Jan Nortjé and Mike Bernardo, who was an integral part of the K-1 World Grand Prix’s and beat K-1 legend Peter Aerts three times Much has been written about the lifestyles of champion boxers who fail to retire gracefully They keep stumbling into the ring for another pay day because bad entourages, bad investments and bad spending habits have depleted their life savings Look at Roy Jones Jr, the ighter of the decade in the 1990s, considered one of the world’s best pound-for-pound ighters, who was forced out of semiretirement because his music label, Body Heat Entertainment, lost $10 million Kalakoda says it’s not merely bad choices that ruin careers “Pressure gets to a lot of boxers Rugby teams like the Springboks or the Stormers could lose a match and 76 | FORBES AFRICA april 2013 just set the record straight in the next match But if you lose one signiicant ight as a boxer, your career can be terminated Or even if you are a world champion and lose one ight, your world ranking can plummet dramatically There is much more pressure in boxing Your livelihood is at stake And don’t forget that you are ighting for your very life In order to beat you, your opponent is trying to knock your head of,” he says “People forget that reasonable boxers start training at 05:30 in the morning and when they inish their day with a session of shadow-boxing in the gymnasium, they have spent between four and four and a half hours on training,” added Kalakoda Kalakoda says as a trainer he has been like a father igure to his boxers and knows all the inside stories “I know when they phone me to tell me they are not it to train today, what they have been up to the previous day I’m not prepared to reveal any names, but in the case of boxers I have managed, alcohol has been a major stumbling block, and not necessarily drugs “There are contemporary examples of boxers whose self-destructive lifestyles have caused them irreparable harm Take Julio César Chávez Jr for example He was caught in possession of marijuana Chávez was formerly the World Boxing Council (WBC) middleweight champion and one of the most popular attractions on the HBO channel,” says Kalakoda The World Boxing Council suspended Chávez and imposed a hefty ine One of the darkest moments of Kalakoda’s life came when that Bernardo, with whom he started a promotional MMA company, took his own life in his Muizenberg home, near Cape Town Bernardo was a former world Olympic kickboxing super heavyweight champion Kalakoda was Bernardo’s trainer until 2006 and doesn’t know what triggered the fatal decision One thing Kalakoda realized was how diicult it was for ighters, who had lived in the spotlight and were admired by millions, to manage their waning star attraction after retirement “Mike, for example, starred in 15 advertisements in Japan at a stage In Japan, he was a sensation, with 40,000 to 50,000 people packing the stadium when he was ighting, and the fans shouting his name When he was at an autograph session, he was so popular that if he turned up in the morning, he could have stayed for a whole day.” “Generally, depression is a common problem for many famous ighters after retirement How they deal with the loneliness, the fact that they are deprived of the attention of the masses,” says Kalakoda “I have seen Tommy Oosthuizen in action, introducing his father, Charles, in the ring He has a good support structure, an excellent coach and perhaps also the lifestyle to survive,” he says “But you also need character The former professional football player O.J Simpson once said: ‘Fame is a vapor, popularity is an accident and money takes wings The only thing that endures is character.’” FORBES FORBES SPORT JOHN WAUGH The Boat Master He quit his job as a scientist to make boats that breed champions, Olympic ones at that it’s a labor of love BY MPHO RABORIFE 78 | FORBES AFRICA april 2013 PHOTO BY CHRIS TOwNEND FOR FORBES AFRICA I n quiet Centurion, near Pretoria, you will ind South Africa’s leading rowing boat maker, John Waugh He lives around the corner from what he calls his oice This is where he and a handful of craftsmen make boats used by everyone from club rowers to Olympic champions The workshop stands on a large piece of land It’s a white house where every room, including the upstairs, has at least one boat in it The walls and loors are covered with dust, paint, tools and plastic The raw materials used to make the boats are scattered throughout the house Waugh has been building boats here for 34 years “I decided to build boats, working at night, as a hobby, just for myself I started in my garage… 500 hours later I came out with a boat,” says Waugh Cape Town-born Waugh took interest in rowing at 20, when he was studying in the then Rhodesia, now Zimbabwe He graduated in Botany and Zoology and had an MSc in Marine Biology He moved to Durban, on South Africa’s south coast in KwaZulu- Natal, with his family to work as a scientist This is where he began ixing boats as hobby He became a passionate artisan, who eventually quit his job and moved his family to Johannesburg to start his boat-making business “It was a total obsession once I started,” says Waugh However, it was not easy to ind money to get the business running “It was quite diicult [getting funding] I tell my staf that I started with R500 ($56), which is true Today… materials could cost you R120,000 ($13,500) could be R105,000 ($12,000) It’s quite a lot of money.” says Waugh Rowing is not a cheap sport and those who can aford it are a small, privileged group of South Africans Waugh’s customers are largely South African private schools and universities These schools can aford to spend anything between R185,000 ($21,000) and R245,000 ($26,000) on a single boat, according to Waugh The third boat he made was for rower, Colin Graham, who was a member of South Africa’s national rowing team The very same team, which won the South African championship in 1980 in Waugh’s boat And then the orders began to lood in Italian boat maker Filippi, the most recognized international boat-maker donated a four skull boat worth close to $18,000 to the South African rowers after they won gold at the London 2012 Olympics His four skull boats cost anything between $17,000 and $21,000 Yet the industry is not as steady as one of its inest boats “We had one winter where we only had one order for the whole month… One telephone call could bring in R250,000 ($28,000),” says Waugh International brands are ierce competition for Waugh as some South African clubs import Waugh has taught a handful of employees how to build these boats in hopes of keeping the industry aloat Lucas Muruku, who has been working for Waugh for 20 years, says that it takes ive to six years to master boat making Lucas was working as a gardener, when Waugh asked him to join him in his workshop He has been with Waugh ever since But Muruku’s job came under threat when Waugh and his wife were violently attacked in their home and left seriously injured “… He was seriously ill, following a violent break-in at his house… He was in hospital for three weeks We weren’t even sure that he would come back… They nearly killed him,” says Muruku After thirty four years of having his hobby as his job, his family thinks it’s time that he retires For him, it’s not that easy “It’s more than just a job, it’s a labor of love,” he says Perhaps we’ll see the fruits of his labor gliding on the water for many years to come april 2013 FORBES AFRICA | 79 FORBES THIS IS AFRICA 2013 ACADEMy AWARDS WINNERS Best Picture: Argo (Producers: Grant Heslov, Ben Aleck and George Clooney) Short Film Animated: Paperman – John Kahrs Actor in a Leading Role: Daniel Day-Lewis - Lincoln Documentary Feature: Searching For Sugar Man – Malik Bendjelloul and Simon Chinn Actress in a Leading Role: Jennifer Lawrence - Silver Linings Playbook Short Film Live Action: Curfew – Shawn Christensen Sound Editing (Joint winners): Skyfall - Per Hallberg and Karen Baker Landers/Zero Dark Thirty - Paul N.J Ottosson Actress in a Supporting Role: Anne Hathaway - Les Miserables Foreign Language Film: Amour - Austria Makeup and Hairstyling: Les Miserables - Lisa Westcott and Julie Dartnell Music Original Score: Life Of Pi - Mychael Danna Animated Feature Film: Brave - Mark Andrews and Brenda Chapman Film Editing: Argo - William Goldenberg Music Original Song: ‘Skyfall’ from Skyfall - Music and lyrics by Adele Adkins and Paul Epworth Production Design: Lincoln - Rick Carter (Production Design); Jim Erickson (Set Decoration) "Asad is at once a painful reminder of the xenophobia that shamefully still exists in South africa and a heart-warming tribute to our special ability as members of the human family to heal ourselves." Archbishop Desmond Tutu 80 | FORBES AFRICA april 2013 Sound Mixing: Les Miserables - Andy Nelson, Mark Paterson and Simon Hayes "He didn’t want to take any of the credit himself That just about says everything about that man and his story that you want to know." Simon Chinn, producer of Searching for Sugar Man (Oscar acceptance speech) Visual Efects: Life of Pi Bill Westenhofer, Guillaume Rocheron, Erik-Jan De Boer and Donald R Elliott Best Original Screenplay: Django Unchained – Written by Quentin Tarantino Best Adapted Screenplay: Argo – Written by Chris Terrio Documentary Short: Inocente – Sean Fine and Andrea Nix Fine Cinematography: Life of Pi - Claudio Miranda Costume Design: Anna Karenina - Jacqueline Durran Directing: Life of Pi - Ang Lee JENNiFER GRAyLOCK/ GETTy iMAGES/ GALLO iMAGES Actor in a Supporting Role: Christoph Waltz - Django Unchained Tablet Edition Hope you enjoyed our tablet edition Please mail us your feedback at: letters@forbesafrica.com ... he is 99 Write to us at letters@forbesafrica.com www.facebook.com /forbes. africa | FORBES AFRICA april 2013 www.twitter.com/forbesafrica www.youtube.com/forbesafrica GALLO IMAGES/ AFP NEWS LINES... those held by FORBES AFRICA or its members of staf All facts printed in FORBES AFRICA were conirmed as being correct at the time the magazine went to print FOrBES aFriCa INBOX FORBES AFRICA – NOW... edition of FORBES All rights reserved Printed in South Africa by Paarl Media Cape and EPP Dubai in the UAE | FORBES AFRICA april 2013 SUBSCRIBE TO THE BILLIONAIRE LIFESTYLE, SUBSCRIBE TO fORBES AfRICA