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Wednesday, 2 October, 2002, 15:22 GMT 16:22 UK
South African business leader quits
Ten rand
No one factor can be blamed for the rand's fall
South Africa's business organisations could be poised for a shake-up following the resignation of the controversial head of the South African Chamber of Business.

Kevin Wakeford, the chamber's chief executive, resigned unexpectedly - with immediate effect - on Tuesday for "personal reasons", days before the organisation's annual conference.

Many observers believe, however, that had come under pressure to quit.

"I'm only surprised it wasn't earlier," one analyst told BBC News Online.

Mr Wakeford will be spending a few weeks "lying low" with his family in the wake of the "amicable" separation, Sacob spokesman Marius Louw said.

His departure could allow a closer relationship between the myriad organisations representing black, white and Afrikaner businesspeople.

Rubbing the wrong way

Mr Wakeford is best known for instigating the government inquiry into the 40% slump in the value of the rand last year, after he accused Deutsche Bank, state oil company Sasol and speculators of illegal foreign exchange dealings.

Reserve Bank of South Africa governor Tito Mboweni
Mboweni: said to be 'fuming' over rand inquiry
The furore that surrounded the Myburgh Commission into the rand - which decided against action against either Sasol or Deutsche Bank - led Sasol to withdraw from Sacob.

Deutsche Bank has since agreed to restore 800m rand to the government's reserves, although the inquiry found it had done nothing illegal.

Sources within South Africa's investment community told BBC News Online that Sasol was not alone in finding Mr Wakeford troublesome.

Tito Mboweni, Reserve Bank governor, is said to have been "fuming" about the implication that the bank was not doing its job properly in defending the rand.

Break up

Meanwhile, Sacob's bipartite membership is fracturing.

The group started life as a union between the small-business focused regional chambers of commerce and major industrial corporations.

And, besides the problems surrounding relations with Sasol and other corporations, regional chambers are also beginning to secede.

The Chamber of Commerce in Johannesburg is looking to ally with that of Cape Town, bypassing Sacob.

Durban's chamber is also considering a "reassessment" of its relationship with Sacob.

Realignment

Efforts to realign South Africa's fragmented landscape of business organisations - divided along ethnic and sector lines - have also run into difficulties.

Sacob is trying to broker a union with the National Federation of Chambers of Commerce (Nafcoc), which represents black businesspeople.

The plan has run into a welter of legal difficulties amid factional arguments within Nafcoc.

But Mr Wakeford's exit could help break the deadlock, officials from large corporations and analysts say.

His departure could see the creation of an over-arching body similar to the UK's Confederation of British Industry, to which all interests could belong.

See also:

06 May 02 | Business
02 Apr 02 | Business
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