The Black Business Council (BBC) has distanced itself from the controversial qualifications fraudster Langalezwe Madonko, who faked his way right up to the pinnacle of the world of business and was exposed this week for misrepresentation of his qualifications.
This comes hot on the heels of another misrepresentation qualification scandal in which economist Thabi Leoka claimed a PhD qualification she did not have – a claim denied by the London School of Economics.
Zimbabwean-born businessman Madonko is the co-founder of a private equity company Summit Africa who claimed to have top qualifications from the respected London School of Economics and the University of Pretoria.
Before his fake qualifications scandal broke, Madonko was a representative of the BBC at the National Economic Development and Labour Council (Nedlac).
Madonko, who was also deputy president of the Association of Black Securities and Investment Professionals (Absip), found himself in the middle of a qualification misrepresentation storm. It turned out he faked his qualifications, despite operating at the helm of Summit Africa, an entity which manages R1.6-billion of various municipal pension funds, including Alex Forbes and Telkom.
However, BBC CEO Kganki Matabane distanced his organisation from the shenanigans of Madonko and stated that the businessman who once worked for McKinsey and JP Morgan has never represented a lobby group for black businesspeople.
“The BBC is a confederation and does not have individuals as direct members. Individuals get nominated by their associations such as Absip, Black Management Forum, and Advancement of Black Accountants of Southern Africa to serve on BBC committees and the vetting should be done at the association level.
“Madonko has resigned from Absip and is not a representative of Absip at any BBC-related committee or structure. He is not representing the BBC at Nedlac.”
When asked if BBC vets its board, executives, and committee members, Matabane said the organisation has a mandate to verify and examine credentials of its members. “We will encourage our member organisations and affiliates to vet individuals before they nominate them as their representatives to serve on BBC structures. The BBC would like to encourage all professionals to always be truthful. Professionals should be ethical.
“Companies and organisations should be more vigilant and must vet and verify all qualifications,” he said.
