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Langalezwe Madonko, the central figure in a fake qualification controversy at private equity company Summit Africa, has resigned from his senior position at a black industry body.
Madonko, the co-founder and investment principal Summit Africa, which manages R1.6 billion in assets from Telkom and some municipal pension funds, as well as Alexforbes and a UK government financier, confirmed to News24 that he does not have the range of qualifications claimed on his CV, including from the prestigious London School of Economics (LSE).
Madonko was last year re-elected for another three-year term as deputy president of the Association of Black Securities and Investment Professionals (ABSIP). He represents ABSIP in the Financial Sector Transformation Council. He also represents the Black Business Council, a group lobbying for black businesspeople, at the National Economic Development and Labour Council (Nedlac).
READ | Prominent figure in SA investment industry probed over made-up qualifications
ABSIP said in a statement on Monday morning that Madonko, who served as deputy president since 2020, had resigned. This was prior to the publication of News24's expose.
"Mr Madonko’s resignation was accepted on 25 February 2024 by the national executive committee of ABSIP," it said.
"ABSIP expresses its gratitude to Mr Madonko for his services to the organisation and wishes him well in his future endeavours."
In numerous versions of Summit biographies, Madonko is said to hold a bachelor of arts in international relations and trade, with honours, from the LSE, as well as bachelor of commerce in finance degree from the University of Pretoria. His bio also included an honours degree in trade finance. He is said to have completed Level 1 of each of Chartered Financial Analyst, Chartered Alternative Investment Analyst and Financial Risk Manager courses.
Madonko said the false qualifications in Summit marketing material were due to "an administrative error".
In an interview with News24, he admitted his highest qualification is an A Level school-leaving certificate he obtained in Zimbabwe. The profile also boasted of Madonko's employment history with JP Morgan and McKinsey & Co.
The profile was removed after News24's enquiry.
Summit Africa's clients include the UK government's development financier British International Investment, financial services group Alexforbes, the 27four Black Business Growth Fund II Partnership, the Telkom Retirement Fund, the Motor Industry Pension and Provident fund, the Auto Workers Provident Fund, and the Tshwane Municipal Provident Fund, among others.
