Langalezwe Madonko had admitted to faking academic qualifications and employment history on his CV. File image.
Investment firm, Summit Africa who was caught up in a qualifications scandal this past week has announced that Langalezwe Madonko who is the company's co-founder and investment principal tendered his resignation.
Madonko had admitted to faking academic qualifications and employment history on his CV.
In a statement sent to Business Report, Summit Africa, said, “We wish to confirm that upon the allegations of misrepresentation by Madonko concerning his qualifications and experience being brought to our attention, the company immediately conducted an internal investigation into the matter. The company views the allegations as serious and after the conclusion of the internal investigation, resolved to initiate a formal disciplinary enquiry chaired by Advocate Nazeer Cassim, SC, a senior advocate from the Johannesburg Bar, as the independent chairperson.”
The investment firm manages assets worth about R1.6 billion from clients such as Telkom, Alexforbes and municipal pension funds to name a few.
It was also reported that Madonkoi had also claimed to be affiliated with the London School of Economics (LSE) and other firms such as McKinsey & Co and JP Morgan.
Summit Africa further told Business Report, “The disciplinary enquiry was scheduled to be heard on Monday, 26 February. Prior to the disciplinary hearing, Madonko tendered his resignation. The company would like to clarify that Madonko's day-to-day role within Summit Africa was confined to investor relations. He did not serve in any executive positions within Summit Africa.”
The company went on to state that he was not involved in any investment analysis, investment decisions, operational, governance, or compliance processes, nor did he serve as a director of any portfolio investment company.
“We are engaging with all clients directly to share the details of the enquiry and provide confirmation and evidence of Madonko’s (now previous) role within Summit Africa,” it further said.
This scandal comes just after last month, popular economist, Thabi Leoka came under fire after her qualifications was called into question.
Leoka was accused of faking her PhD degree which she purportedly attained from the London School of Economics (LSE). Leoka, who served as economic advisor to President Cyril Ramaphosa, is said to have only a Master’s degree.
The discovery about Summit Africa’s Madonkoi was discovered after an internal review was conducted.
The review was regarding discrepancies noted in versions of Madonko's biography.
BUSINESS REPORT