Ranga Madonko attended the 2023 ABSIP Financial Services Awards Ceremony.
Langareswe Madonko, the man at the center of the fake qualifications controversy at private equity firm Summit Africa, has resigned from a senior position at the black industry body.
Mr Madonko, co-founder and investment principal at Summit Africa, which manages R1.6 billion in assets from Telkom, some local pension funds, Alexforbes and UK government investors, told News24 that he He admitted that he lacked various qualifications. His CV also claimed to include an alumnus from the prestigious London School of Economics (LSE).
Mr. Madonko was re-elected last year to serve an additional three-year term as vice president of the Association of Black Securities and Investment Professionals (ABSIP). He represents his ABSIP on the Financial Sector Transformation Council. He also heads the Black Business Council, a lobbying group for black businessmen, on the National Economic Development and Labor Council (Nedlac).
Read | Prominent figures in SA investment industry investigated for fabricating qualifications
ABSIP announced in a statement Monday morning that Madonko, who has served as vice president since 2020, has resigned. This was before the News24 exposé was published.
“Mr. Madonko's resignation was accepted by the ABSIP National Executive Committee on February 25, 2024,” the statement said.
“ABSIP would like to express our gratitude to Mr. Madonko for his contributions to the organization and wish him well in his future endeavors.”
Many versions of Sumit's biography say that Madonko holds a Bachelor's degree with honors in International Relations and Trade from the LSE and a Bachelor of Commerce in Finance from the University of Pretoria. His career also included an honors degree in trade finance. He is said to have completed Level 1 of the Chartered Financial Analyst, Chartered Alternative Investment Analyst and Financial Risk Manager courses.
Madonko said the false certifications included in Summit's marketing materials were due to an “administrative error.”
In an interview with News24, he admitted that his highest qualification was his A-level school leaving certificate obtained in Zimbabwe. His profile also touted Mr. Madonko's work experience at JPMorgan and McKinsey & Company.
The profile was deleted after inquiries from News24.
Summit Africa's clients include British International Investment, the UK government's development finance company, financial services group Alexforbes, 27four Black Business Growth Fund II Partnership, Telkom Retirement Fund, Motor Industry Pensions and Provident Fund, Auto Workers Provident Fund and Tshwane Municipal Fund. It is included. Provident Fund etc.
