It is with great sadness that Kagiso Trust Investments announces that its founder and Executive Chairman, Eric Molobi, passed away early this morning.

"We are feeling a great sense of loss today. Eric was our chairman, mentor and friend," says Johnson "JJ" Njeke, MD and co-founder of Kagiso Trust Investments.

Born on 5 June 1947, Molobi joined Kagiso Trust, a charitable organisation, as its Chief Executive Officer in 1990. As CEO, he was responsible for raising funds from foreign government agencies to channel into educational and community development projects in South Africa. In 1994, Molobi initiated the formation of Kagiso Trust Investments (KTI), as an investment arm to support the work Kagiso Trust was doing.

KTI initially invested in a range of assets to create an investment holding company, but later repositioned itself to pursue its objective of becoming the pre-eminent empowerment media and investment-banking services group in South Africa, actively managing the operations of the various business units within the group. Kagiso Trust remains the controlling shareholder and KTI's investments have assured that the Trust continues to make a significant contribution to community-based organisations in the development field, as well as offer thousands of bursaries to tertiary education students.

"Eric was adamant that KTI would only invest in assets that were not harmful to humankind, and ones that would grow and contribute to our new democracy. He instilled a philosophy at KTI that saw the company become actively involved in our investments," comments Njeke.

Molobi remained a trustee on Kagiso Trust's Board, and held directorships in a number of companies, including the following: Kagiso Media Limited (chair), Imperial Bank Limited, Imperial Holdings Limited, Metropolitan Holdings Limited, Mvelaphanda Resources Limited, National Housing Finance Corporation, Rembrandt Group Limited, N M Rothschild and Sons (South Africa) (Proprietary) Limited, Compass Group and Steffen, Robertson and Kirsten (South Africa) (Proprietary) Limited. He was a member of the South African Council of Churches, the President's Advisory Council and the Council of the University of Stellenbosch.

Molobi obtained a Bachelor of Arts from the University of South Africa while he was serving an 8-year sentence as a political prisoner on Robben Island. His role at the forefront of the struggle for democracy in South Africa is recognized, notably in the United Democratic Front (UDF) and the National Educational Crisis Committee (NECC). Following Molobi's release from Robben Island in 1980 he worked for the Munich Re Insurance Company of South Africa as an insurance underwriter and was subsequently recruited by the South African Council of Churches to set up a community development programme aimed at the disadvantaged youth of South Africa.

"Eric has left us with a legacy of integrity and honesty. We will miss him," concludes Njeke.

Molobi is survived by his wife Martha, daughters, Tiisetso and Naomi Seipati and two grandchildren. Funeral arrangements are currently being finalised.

Issued by KTI: For further information, please contact Sally Jacques on 083 564 6038.