- Dondo Mogajane, former National Treasury Director-General, becomes CEO of the Moti Group, aiming to improve the company’s governance and restore its reputation.
- Mogajane’s efforts have led to banks reopening their doors to the Moti Group, including Standard Bank, First National Bank, Bidvest, and international banks.
- Leveraging his connections, Mogajane has helped the company expand its reach in Zimbabwe by establishing relationships with government officials and central bank authorities.
Former National Treasury Director-General, Dondo Mogajane, recently took on the role of CEO at the Moti Group, a family-owned company that has faced its fair share of controversy. Tasked with improving the firm’s governance and restoring its reputation, Mogajane has already begun making strides, particularly with regards to reestablishing the company’s relationship with banks.
The Moti Group, led by founder Zunaid Moti, has significant investments in various industries, including property, security, aviation, fleet management, and mining. Despite the absence of criminal charges against the company or its founder, the Moti Group has faced reputational damage, which Mogajane is determined to rectify.
Zunaid Moti announced his decision to step away from the company’s day-to-day operations, entrusting the management to Mogajane and his 24-year-old son, Mikhail. However, the Moti Family Trust will continue to retain sole ownership of the company’s assets. It should be noted that Moti will maintain control over the group’s mining assets in Limpopo and Zimbabwe, including the country’s largest chrome mine and significant lithium deposits.
In the past, Moti faced allegations of involvement in the theft of a R500-million pink diamond from a Russian businessman, which led to his arrest in Germany in 2018. Although the charges were dropped and Moti claimed the incident was a setup by the Russian mafia, his reputation suffered a significant blow.
Mogajane cited the closure of Moti and his son’s bank accounts by Absa last year as a turning point for the Moti Group founder. Mogajane’s appointment as CEO has already resulted in positive changes, as he has been engaging with various banks and their CEOs to challenge their previous assessments of the company. As a result, banks have begun reopening their doors to the Moti Group, including Standard Bank, First National Bank, Bidvest, and even some international banks.
In addition to reestablishing relationships with financial institutions, Mogajane has leveraged his connections with Zimbabwean government officials and central bank authorities to open doors in the country, further expanding the group’s reach.
Mogajane and Moti’s friendship, which began years ago, deepened after Mogajane’s son passed away in April. Moti’s unwavering support during that difficult time led Mogajane to accept the CEO position at the Moti Group, despite the potential for reputational damage.
Mogajane is confident that if any legal issues were pending, the Hawks would have arrested Moti by now. Upon joining the company, he found that all of its affairs, including tax compliance, were in order. Furthermore, Mogajane emphasized that it was a non-negotiable condition of his appointment that the Moti Group would not engage in any business dealings with the government.
As the new CEO of the Moti Group, Mogajane is on a mission to restore the company’s reputation, reinforce its governance, and ensure the future success of the family-owned business.
