South African Billionaire Gives $82 Million to His Foundation

South African Billionaire Gives $82 Million to His Foundation

According to a published by the Johannesburg Stock Exchange News Service, South African billionaire Jannie Mouton has donated PSG Group shares worth $82 million to the Jannie Mouton Foundation, reports.

Mouton, founder and chair of the South Africa-based financial services firm, donated 4,096,804 PSG shares — equal to his 39.9 percent stake in Dana Beleggings Proprietary Limited, which holds approximately 10.28 million PSG shares — to his eponymous foundation. The recently established foundation plans to spend more than $6 million a year on various charitable activities in South Africa.

Mouton started his career as a clerk at PwC while studying accounting, qualified as a chartered accountant in 1973, and later co-founded stockbroking firm Senekal, Mouton & Kitshoff. He was fired from his position as managing partner in 1995 and went on to found PSG Group. He told that he was inspired to start giving away his fortune by an interview with Warren Buffett on television and suggested he might consider signing the Giving Pledge.

"[T]hey asked him about his foundation and there was a smile on his face, and it's the first time that I actually saw him very happy and proud and it hit me on the head," said Mouton. "You know, my focus, just to do the right thing, get the right people, and invest properly it's tiring. Here is something great, and if you chat and discuss it with your children and they're positive about it, then it's an absolute go-go story....I'm sitting with his pledge in front of me."

Mfonobong Nsehe. "." Forbes 08/31/2017. Alec Hogg. "." Biznews 08/31/2017.