Old Mutual chair and former finance minister Trevor Manuel says that foreign investors have disinvested more than R1 trillion over the past ten years, directing the funding into competing markets.
“Foreign investors disinvested more than a trillion rand from South African equities and bonds over the past decade… being redirected to competing markets that appear to be on a more sound governance and regulatory footing,” This is coupled with the long-lasting effects of state capture and the continued impact of corruption in the country, which has led to both institutional weakening and subsequent distrust in the system.
The company said this increase was largely due to a shift from a major offshore investor, leading to R7.8 billion outflows.
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