The title of the book, The Stellenbosch Mafia: Inside the Billionaire’s Club, was met with mixed feelings by audience members during an event at the Toyota US Woordfees on 10 March.
The book, written by News24 assistant editor, Pieter du Toit, explores the complex relationships and dealings within the so-called “Stellenbosch Mafia”.
The word “Mafia” was chosen as a way to describe the informal network of influential, wealthy businessmen who originated from Stellenbosch and have since returned to make it their business-centre, said Du Toit during a Woordfees discussion with Ryk van Niekerk, Moneyweb editor.
Despite clarifying why the word “mafia” was placed in the title, four members of the audience challenged Du Toit on his choice during the Q&A session.
Each of the four audience members who addressed Du Toit, echoed the same sentiment. The general feeling was that the title was misleading and that it was unfair of Du Toit to associate the group of businessmen with the word “mafia”.
“For the record, it wasn’t right and it wasn’t necessary,” one audience member said.
In response to each speaker, Du Toit defended his choice by reminding the audience where the title originated.
“The term was first used by financial journalists in the early 2000s to describe the new super rich class in Stellenbosch. It didn’t initially have any negative connotations. Only between 2016 and 2017 did it take on a more sinister tone during the height of the state capture when it was used to draw attention away from state capture and instead, shed light on white monopoly capital,” Du Toit said.
Pieter du Toit and Ryk van Niekerk discussing The Stellenbosch Mafia, inside the billionaire’s club at Woordfees on 10 March. PHOTO: Annina van Niekerk.