Shoprite forced to pay Whitey Basson R1.8 billlion

The boss is retiring like a boss! Financial planner Barry O'Mahony has some advice for Basson on how to spend (or invest) it.

Former Shoprite CEO James Wellwood Whitey Basson. Picture: Shopriteholdings.co.za

Shoprite must buy shares to the value of R1.8 billion from former CEO Whitey Basson.

This is in terms a 2003 employment contract that obliges the company to repurchase shares from Basson.

The Money Show’s Bruce Whitfield interviewed Barry O'Mahony, Certified Financial Planner and Founder at Veritas Wealth Management.

O'Mahony has some advice for Basson on how to spend and invest it.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

He’s got to sit back and reflect…

Barry O'Mahony, Veritas Wealth Management

Nobody can argue with his business track record… what’s next?

Barry O'Mahony, Veritas Wealth Management

There’s a huge opportunity [to leave a positive legacy].

Barry O'Mahony, Veritas Wealth Management

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Article brought to us by Old Mutual.

This article first appeared on 702 : Shoprite forced to pay Whitey Basson R1.8 billlion