Saturday, 8 September 2012

'The Truth about Marikana and Cyril Ramaphosa'

http://www.marikana-truth.com/ 

'We are told the workers are demanding that their wage be raised to R12,500 per month (about $1,500) but the workers claim their salary is already at this level. They say they are sub-contracted by a company owned by billionaire South African oligarch Cyril Ramaphosa. He only pays them R5,400 or less and pockets the rest paid out by Lonmin.

If this is so then agreeing to the workers’ demands would cost Lonmin nothing and the whole dispute is between the workers and Cyril Ramaphosa. Instead of saying this however, Lonmin has placed itself between the two and taken responsibility for negotiating a pay rise which no one has asked for. Doing this, Lonmin is placing Cyril Ramaphosa’s private interests above those of its common stockholders and is neglecting its fiduciary duties. It is also leaving itself open to litigation.

Cyril Ramaphosa in fact owns 9% of Lonmin but was paid out $304m in cash by the company in 2010 in a deal backed ultimately by Xstrata. By comparison common shareholders have received only $60m in dividends in the last two years and have incurred over $2.5bn of paper losses. What the workers are requesting is that Ramaphosa share with them about $18m which he is taking from their wages.'

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