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SA investment professional in fake qualifications storm quits senior role in industry body | Business

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Langa Madonko at the 2023 ABSIP Financial Services Sector Awards ceremony.


Langalezwe Madonko, the central figure in a fake qualification controversy at private equity company Summit Africa, has resigned from his senior position at a black industry body.

Madonko, the co-founder and investment principal Summit Africa, which manages R1.6 billion in assets from Telkom and some municipal pension funds, as well as Alexforbes and a UK government financier, confirmed to News24 that he does not have the range of qualifications claimed on his CV, including from the prestigious London School of Economics (LSE).

Madonko was last year re-elected for another three-year term as deputy president of the Association of Black Securities and Investment Professionals (ABSIP). He represents ABSIP in the Financial Sector Transformation Council. He also represents the Black Business Council, a group lobbying for black businesspeople, at the National Economic Development and Labour Council (Nedlac).

ABSIP said in a statement on Monday morning that Madonko, who served as deputy president since 2020, had resigned. This was prior to the publication of News24’s expose.

“Mr Madonko’s resignation was accepted on 25 February 2024 by the national executive committee of ABSIP,” it said.

“ABSIP expresses its gratitude to Mr Madonko for his services to the organisation and wishes him well in his future endeavours.”

In numerous versions of Summit biographies, Madonko is said to hold a bachelor of arts in international relations and trade, with honours, from the LSE, as well as bachelor of commerce in finance degree from the University of Pretoria. His bio also included an honours degree in trade finance. He is said to have completed Level 1 of each of Chartered Financial Analyst, Chartered Alternative Investment Analyst and Financial Risk Manager courses.

Madonko said the false qualifications in Summit marketing material were due to “an administrative error”.

In an interview with News24, he admitted his highest qualification is an A Level school-leaving certificate he obtained in Zimbabwe. The profile also boasted of Madonko’s employment history with JP Morgan and McKinsey & Co.

The profile was removed after News24’s enquiry.

Summit Africa’s clients include the UK government’s development financier British International Investment, financial services group Alexforbes, the 27four Black Business Growth Fund II Partnership, the Telkom Retirement Fund, the Motor Industry Pension and Provident fund, the Auto Workers Provident Fund, and the Tshwane Municipal Provident Fund, among others.

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Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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