Andile Ramaphosa finally spills details on his R2 million BOSASA deal

Andile Ramaphosa finally spills details on his R2 million BOSASA deal

- Andile Ramaphosa, President Cyril Ramaphosa's son, has admitted that BOSASA paid him R2 million

- Andile says that he 'sincerely regrets' the deal with the company, who has been implicated in corruption among other crimes

- Blue Crane Capital, Andile's company, was contracted from February 2017 to December 2018 to provide advisory services to BOSASA

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Andile Ramaphosa has finally come clean about the BOSASA deal that has been the cause of so much controversy.

President Cyril Ramaphosa's son confirmed the details of a R2 million business deal which he says he completely regrets.

Blue Crane Capital, Andile's company, signed an 'advisory mandate' with the infamous company in December 2017.

Originally, he would receive a monthly retainer of R150 000 but this was later increased to R230 000.

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READ ALSO: Cyril Ramaphosa refuses to give details regarding son's Bosasa payment

Andile's company would provide advisory work on a series of contracts in Uganda and Kenya, which according to News24, would potentially be worth billions of rands.

Andile Ramaphosa says that hindsight has made him regret the move, despite how lucrative it was for himself and his company:

"It is clear now with the benefit of hindsight that our due diligence was insufficient in retrospect of my father's role going into the Presidency."

The infamous BOSASA donation to President Cyril Ramaphosa's presidential campaign presided his son's deal with the company, but only by a month.

Andile had been brought on board in December 2017, receiving the first payment from BOSASA in February 2018 and terminating the deal in December of the same year. reported earlier that the opposition parties including the Democratic Alliance and the Economic Freedom Fighters had demanded answers from both Cyril and Andile after confusion over a R500 000 donation.

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