Africa’s luxury goods billionaire Johann Rupert has emerged victorious in a bitter battle for control of a major South African development project, ending months of corporate warfare that exposed a dramatic fallout between the country’s richest businessman and a former close friend.
Rupert, whose fortune is estimated at about $19.3 billion and the second-richest person in Africa according to the Bloomberg Billionaires Index, has secured control of The Bridge Stellenbosch, a large mixed-use development in South Africa’s Western Cape following a dispute with businessman Rurik Göbel over a R2.3 billion ($139 million) land transaction tied to the project, according to News24.
The victory gives Rupert’s camp the upper hand in a project that could become one of the most significant private-sector developments in the Cape Winelands, a region increasingly attracting investment as South Africa seeks new engines of economic growth.
The dispute was unusual not only because of the sums involved but also because it pitted Rupert against a businessman who had long been regarded as a friend and trusted associate.
What began as disagreements over a proposed land transaction evolved into a bigger struggle over governance, board control and the future direction of the development.
