Business tycoon Zunaid Moti, the founder of the Moti Group, has stepped away from the business as its new CEO, the former director-general of the National Treasury, Dondo Mogajane, steers the company to greater growth.
In a statement yesterday, the Moti Group said Mogajane, who was appointed as CEO in June last year, and Zunaid Moti’s son, executive chairman Mikaeel Moti, would lead the firm as the group seeks to grow to become a major player on the African and international stage.
The Moti Group is a multibillion-rand private family-owned investment group of companies, with wide interests in a wide range of industries such as property development, car financing, aviation, mining and beneficiation.
The group is also a black-owned business, which employs more than 1000 people across its various operations.
Mogajane joined the Moti Group in June 2022 and performed an extensive due diligence on the group and operations.
“Given his expertise in compliance, financial management and his abilities as a macro-level thinker, I am pleased that he is comfortable to embrace being at the group’s helm to guide it into a new era,” said Moti.
The Moti Group said Mogajane had already begun the process of transforming the group’s operations, introducing more formal corporate structures such as an independent board, strengthening its corporate governance controls, and restructuring the business.
“Together with Mikaeel Moti, Mogajane has further driven its progress in establishing a new lithium mining project in Zimbabwe, and assisted in the roll-out of its African HERO project, which recycles and renovates shipping containers for new lives as primary healthcare clinics and schools for under-served communities,” it said.
Zunaid Moti, who spent the past 18 years building the group into a multibillion-rand empire through strategic mergers, high-quality acquisitions and identifying untapped opportunities for new business ventures, said his time steering the Moti Group had come to an end.
“My time steering the Moti Group has come to an end, and I have completely handed over the reins to Dondo Mogajane, a highly reputable and respected financial leader who will be guiding the business forward as I start a new chapter and spend more time on my passion projects,” he said.
Part of Moti’s decision to step down was for a new management team to shore up the firm’s reputation
Moti said his reputation in his business career came under fire.
Moti said: “Unfortunately, the damage that has been done to my reputation over the years by various criminal allegations has meant that the value I am able to add to the management and growth of the company has become limited.
“While I have a clear criminal record as I have never been found guilty of any of the ludicrous accusations made against me, as a business leader, I am big enough to say that the assertions have impacted my family, the businesses and, to a large extent, my life,” he said.
Looking ahead, Moti said he had exciting plans for African Chrome Fields, one of Zimbabwe’s biggest chrome miners, including finalising the construction of a hi-tech aluminothermic factory.
Moti was incarcerated in Germany based on false charges emanating from Russia, instituted by an aggrieved former Russain (but Dubai based) business partner who created fictitious charges against him and his father.
He used proxies to institute the charges so his name didn't appear anywhere however this later came to light in our own investigations.
It was alleged that Moti and his father sold an apartment in Dubai to these proxies, took money in cash as a deposit in Russia, fled Russia and never gave the "purchasers" transfer of the Dubai apartment and never returned the money.
This fictitious charge of fraud and theft against Moti and his father led to them being the subject of a Diffusion Notice to Interpol by the Russian authorities, which at the time of his arrest he wasn't aware of.
Ultimately, both Moti and his father were exonerated, the charges withdrawn and Interpol cleared them of any wrongdoing.
It was at this time that Interpol issued them with clearance certificates, and assured us that should any complaints be lodged against Moti in future, that he would be given an opportunity to respond to this, as they acknowledged that his arrest was based on a complete abuse of their processes.
He also wants to focus on his personal philanthropic ventures in southern Africa.
“Uplifting young entrepreneurs is part of my drive to give them an opportunity to find innovative ways to solve traditional business problems.
“They will help me in my new projects and create sustainable businesses that can help economies grow to give the people of this continent workable solutions that will benefit them too,” said Moti.
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