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Eric Molobi's hard work gets recognised

By unknown | Nov 06, 2006 | COMMENTS [ 0 ]

Karin Johansson

Karin Johansson

Late black empowerment stalwart Eric Molobi was honoured by the Association of Black Securities and Investment Professionals (Absip) through a special award named after him at the association's yearly financial services awards at the weekend.

Molobi died at the age of 58 in June after a short battle with cancer.

The association this year introduced the "Eric Molobi Most Progressive Company Award" in recognition of his lifelong commitment and contribution to community development and economic empowerment.

"Essentially, the award aims to recognise and acknowledge a company that has played a prominent and significant role in the advancement of holistic transformation in the financial sector and the country at large," said Absip president Sello Moloko.

Asset manager Futuregrowth Asset Management became the first winner of the award for its commitment to socially responsible investment.

Former president Nelson Mandela said: "I trust that this award will act as a strong motivation for senior management of companies in the financial sector to strive for greater levels of transformation in their companies.

"The naming of the award after Eric symbolises the respect accorded to his legacy, and has my full support and respect."

Molobi spent much of his youth as a political prisoner on Robben Island, where he obtained his Bachelor of Arts degree through the University of South Africa.

After his release he was recruited by the South African Council of Churches to start a community development programme aimed at the disadvantaged and the youth. He later went on to found one of the country's most successful investment companies, Kagiso Trust Investments, in 1993. The company does not invest in casinos or any organisation that harms people or nature, and only deals with companies that employ and promote a substantial number of black people.

Co-founder of Kagiso Trust, JJ Njeke, said: "He symbolised the development of business with a social conscience. When we founded Kagiso Trust Investments, Eric was always championing that business must also support underdeveloped communities and create wealth to finance development."


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