Another qualifications scandal: Investment exec 'admits' faking degrees and work record

In the latest qualifications scandal to hit South Africa, the co-founder of a prominent investment firm has admitted he doesn't have the degrees listed on his CV.

Langalezwe Madonko is the co-founder and investment principal of Summit Africa, which manages assets worth R1.6 billion from clients including municipal pension funds, Telkom and Alexforbes.

News24 reports that Madonko confirmed he does not actually hold the range of qualifications claimed on his CV, including from the London School of Economics.

Madonko also told News24 he has never worked for McKinsey & Co and JP Morgan 'despite these being listed in numerous versions of his biography'.

"Madonko has labelled the false qualifications in Summit marketing material 'an administrative error'."

"In an interview with News24, Madonko admitted his highest qualification is an A Level school-leaving certificate he obtained in Zimbabwe."

News24

The business figure had served as deputy president of the Association of Black Securities and Investment Professionals (ABSIP) since 2020.

ABSIP said in a statement on Monday that Madonko had resigned from the position. News24 notes that this was prior to the publication of its exposé.

Motheo Khoaripe (in for Bruce Whitfield) gets more detail from News24 Business journo Sikonathi Mantshantsha.

When he confronted the businessman, Madonko admitted that his whole profile is a fabrication, Mantshantsha says.

"He admitted that he doesn't have any of those degrees that he has listed... and of course he claimed that it was an 'administrative mistake' which curiously, of course, he has repeated in numerous videos and promotions he's done."

"He also admitted in a telephone call with me that, despite this being prominently listed in his own CV and on the company's website and other promotional material, he has never worked for JP Morgan and McKinsey & Co."

Sikonathi Mantshantsha, Journalist - News24 Business

When it comes to Summit Africa's response, Mantshantsha reports that the company put as much distance as it possibly could between itself and Madonko.

It downplayed Madonko's role by assigning him what could be seen as an administrative personal assistant role says Mantshantsha, by saying his job is 'just to call up clients and arrange meetings'.

"That was disputed by at least three of the organisations that I spoke to. Mr Madonko was actually the lead representative of Summit Africa in those meetings, and in many others."

"And of course the investigations that I did do, showed he was one of the founding directors of the company. He subsequently did resign as a director, but he remained an investment principal and, of course he claimed to be a major shareholder at about 24%."

Sikonathi Mantshantsha, Journalist - News24 Business

What can now be called a pandemic in tjhe country, is getting worse, remarks Andrew Woodburn, MD of executive search firm Amrop Woodburn Mann.

He does believe though, that corporate South Africa is taking heed.

"What happens is that corporate SA will lift its game to ensure that the vetting is improved... but of course founders and self-made men may have just the gift of the gab and not necessarily the qualifications they claim."

"I've had a number of chairmen call me... specifically after the unfortunate events around Thabi Leoka, saying 'as a matter of interest to both protect our company and each individual director on our board, we would like to undertake an exercise of validation for each individual'."

Andrew Woodburn, MD - Amrop Woodburn Mann

Woodburn does add the rider that, unfortunately, in most cases 'we're preaching to the choir'.