Desmond Lockey

Desmond Lockey
Member of the National Assembly
In office
May 1994 – April 2004
ConstituencyNorth West
Member of the House of Representatives
In office
1984–1994
Personal details
Born (1961-12-15) 15 December 1961 (age 63)
CitizenshipSouth Africa
Political partyAfrican National Congress
Other political
affiliations		Labour Party
RelationsAllan Hendrickse (father-in-law)

Desmond Lockey (born 15 December 1961) is a South African businessman and former politician. He represented the Labour Party in the apartheid-era House of Representatives from 1984 to 1994 and then represented the African National Congress (ANC) in the National Assembly from 1994 to 2004. He retired from active politics in 2004 in order to pursue his business career and founded Arch Equity, a billion-rand investment company known for its involvement in black economic empowerment deals.

Legislative career

House of Assembly: 1984–1994

Born on 15 December 1961,[1] Lockey joined the Tricameral Parliament in the 1984 general election at age 22. He served in the House of Representatives, the newly established chamber for Coloureds.[2] Because he was the son-in-law of Labour Party leader Allan Hendrickse, his nomination to Parliament – which coincided with the nomination of Hendrickse's other son, Peter – was criticised as a possible incident of nepotism.[2] He served continuously in his seat until the House of Representatives was abolished upon the end of apartheid.[2]

National Assembly: 1994–2004

In South Africa's first post-apartheid elections in 1994, Lockey was elected to represent the ANC in the new National Assembly.[3] He served two terms, gaining re-election in 1999, and represented the North West constituency.[1] He chaired the Portfolio Committee on Home Affairs during the first democratic Parliament.[4] In early 2004, Lockey announced his intention to retire from politics and become a full-time businessman after the April 2004 general election.[5][6]

Career in business

In early February 2004, the Stellenbosch-based PSG Group, the owner of life-insurance firm Channel Life, announced a R120-million BEE transaction that would install Lockey as controlling shareholder and non-executive director at Channel Life.[5] Later the same month, Lockey announced that his investment interests, including the newly acquired interest in Channel Life, would be consolidated in his company, Arch Equity, where he was controlling shareholder and chief executive; at the same time, Arch Equity acquired 3.7 per cent of PSG Group in a further BEE transaction.[6][7] PSG said that Lockey, still a sitting MP, would serve on its board and that the transaction was a first step to enabling Arch Equity to hold at least 10 per cent of the company.[6]

By October 2004, Arch Equity owned 17 per cent of PSG Group, 14 per cent of Capitec Bank, and 75 per cent of comPress Publications Management, among other interests. Lockey said that the company's acquisitions would continue as it raised its stake in PSG Group, Capitec, and Unitrans, and that it intended to list on the JSE Securities Exchange before the end of the year.[8] By 2006, Arch Equity was a R1.2-billion public company with 600 shareholders.[9]

In August 2006, a court approved a proposed takeover of Arch Equity by PSG Group and, the following day, Lockey unexpectedly resigned as Arch Equity chief executive and as PSG director.[10][9] He sold his stake in what remained of Arch Equity, saying, "I did not feel like leaving as the chief executive of a listed company and run a company that's worth maybe R100 million. I can use my experience and my time a lot better".[9]

As of 2016, Lockey was chairperson of Hlumisa, another BEE group.[11]

References

  1. ^ a b "General Notice: Notice 1319 of 1999 – Electoral Commission: Representatives Elected to the Various Legislatures" (PDF). Government Gazette of South Africa. Vol. 408, no. 20203. Pretoria, South Africa: Government of South Africa. 11 June 1999. Retrieved 26 March 2021.
  2. ^ a b c "Het die Hendrickse-familie die politieke en kerk-arena nou vaarwel geroep?". LitNet (in Afrikaans). 25 June 2009. Retrieved 20 May 2023.
  3. ^ South Africa: Campaign and Election Report April 26–29, 1994. International Republican Institute. 1994. Retrieved 13 April 2023 – via Yumpu.
  4. ^ "ANC group tries to turn back censorship clock". The Mail & Guardian. 16 August 1996. Retrieved 20 May 2023.
  5. ^ a b "PSG moves on BEE". FA News. 10 February 2004. Retrieved 20 May 2023.
  6. ^ a b c "PSG powers up with Arch Equity". IOL. 26 February 2004. Retrieved 20 May 2023.
  7. ^ "PSG Group finds new BEE partner". The Mail & Guardian. 26 February 2004. Retrieved 20 May 2023.
  8. ^ "Arch Equity builds up BEE profile". The Mail & Guardian. 12 October 2004. Retrieved 20 May 2023.
  9. ^ a b c "Arch Equity chief opts for quieter life after approval of PSG merger". IOL. 22 August 2006. Retrieved 20 May 2023.
  10. ^ Hasenfuss, Marc (8 August 2006). "Under Lockey's key". News24. Retrieved 20 May 2023.
  11. ^ "African Bank: Old guard under fire". The Mail & Guardian. 20 May 2016. Retrieved 20 May 2023.