Alec Hogg: Following Warren Buffett’s credo on reputation does Lebashe proud

Immediately before every Berkshire Hathaway AGM, the 40 000 pilgrims to Omaha cheer and chuckle while treated to a delightfully cheesy in-house movie. Although content changes annually, all these movies run a short clip from chairman Warren Buffett's 1991 testimony to US Congress over the Salomon Brothers bond trading scandal. Buffett, who bought into Salomon in 1987, acquired responsibility for handling the scandal by taking over as interim chairman.

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The critical part of the testimony, where Buffett explains the ethos he was introducing to the firm, reads: 'I want (Salomon) employees to ask themselves whether they are willing to have any contemplated act appear the next day on the front page of their local paper, to be read by their spouses, children and friends, with the reporting done by an informed and critical reporter. If they follow this test they need not fear my other message to them: Lose money for the firm and I will be understanding. Lose a shred of reputation for the firm and I will be ruthless.'

Lebashe's Tshepo Mahloele (above), founder of billion dollar Africa infrastructure fund Harith and chairman of media group Arena, followed Buffett's advice to the word after being defamed in mid-2018 by high profile politician Bantu Holomisa. Instead of shrugging off Holomisa's assertion that he was the kingpin of an 'iceberg of corruption' that plundered the PIC, Mahloele is ruthless in the defence of his reputation. Now, 28 months after the defamation, justice is now starting to be served.

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