Fin24 reports that 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 investment industry body.

Madonko, the co-founder and investment principal at 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, has confirmed that he does not have the range of qualifications claimed on his CV, including from the prestigious London School of Economics (LSE). According to Madonko, false qualifications in Summit marketing material were due to "an administrative error". 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). ABSIP said in a statement on Monday morning that Madonko, who served as deputy president since 2020, had resigned. In an interview with News24, Madonko admitted his highest qualification was an A Level school-leaving certificate he obtained in Zimbabwe. His profile also boasted of employment history with JP Morgan and McKinsey & Co. The profile has since been removed.

• Read the full original of the report in the above regard at Fin24

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