Businessman secures multibillion rand deal with major Chinese corporates

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Ayanda Mdluli

JOHANNESBURG – Controversial South African businessman and entrepreneur, Tuwani Matthews Mulaudzi has concluded a multibillion rand deal with his Asian partners that will see him exert influence over a wide range of industries domestically and abroad.

Speaking on the transaction earlier on Monday, Liu Hong Fu, the CEO of Chinese based company Ri-Xi revealed that he was pleased to announce that a multibillion deal was in place with Mulaudzi.

“The deal involves foreign direct investment by a consortium made of Ri-Xi Group and the Japanese controlled Technology Group.”

Hong Fu explained that the new venture would operate in a wide range of industries which include artificial intelligence, renewable energy, magneto-electrical vehicle projects as well as infrastructure and industrial projects

“In terms of the deal, Mulaudzi will be a 40% shareholder, while the majority shareholder will be retained by the Chinese-Japanese Consortium,” said Hong Fu.

Mulaudzi is the current executive chairman of Luvhomba Group, a large black owned corporate operating from Pretoria that is in the business  and has interests in mining, Information Technology, consulting, acquisition of businesses, ventures, service rendering, and retail.

The businessman has been involved in a series of legal battles with some major institutions across SA, from Old mutual, to Solidarity in recent years where he was acquitted of fraud allegations that were levelled against him.

The new venture, is set to be headquartered in  the City of Anshan in the Province of Shenyang, in the current and initial stages of the deal.

“The South African company will be fully operational once all regulatory processes are in place, which we anticipate will be in the second quarter of the year. The consortium is aware of the much-publicised ongoing battles between Mulaudzi and some multinationals and hereby lends its full support to Mulaudzi,” said Hong Fu.

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ayanda.mdluli@africanews24-7.co.za