Bob van Dijk destroys value, says investment firm

19 Jun 2017

Albert Saporta, a director of Geneva-based investment advisory firm AIM&R, sent an open letter to Naspers CEO Bob van Dijk accusing him of destroying R334 billion ($26 billion U.S.) of shareholder value since his appointment about three years ago, and challenging him to unbundle Tencent. 

Saporta also criticized Van Dijk’s incentive plan, which is based on the performance of Naspers, which is completely driven by Tencent, a company whose performance Van Dijk has nothing to do with, Saporta alleged.

Albert Saporta, owner of Alternative Investment Management & Research (AIM&R) (photo from his LinkedIn page with thanks)

Naspers denied having received such a letter, and said it sees no reason to unbundle Tencent – the company which delivers the dough which Naspers needs to establish its young businesses around the world, including OLX and the recently launched auto and real estate verticals. It didn’t comment on the idea that Van Dijk is remunerated for Koos Bekker’s clever investment move about 18 years ago.

The best article on the Saporta letter was published by South Africa’s Moneyweb (here). We received permission to republish the article, but decided to rather point you to the article on Moneyweb.

At the bottom of the article, you’ll find a link to the letter which Saporta wrote to Van Dijk.

Saporta is into putting pressure on managers with public letters. In 2014, he sent a letter to Marissa Mayer and Masayoshi Son, chairman of Japan’s SoftBank Corp., proposing a merger between Yahoo and SoftBank (here). 


Christo Volschenk

Christo Volschenk is managing editor of the news on and our senior analyst covering Naspers. He brings more than 31 years of experience in business journalism to the team - the last 18 years focused on classifieds and e-commerce. Apart from working closely with the AIM Group, Christo is a freelance journalist, content manager, and copy editor. Before branching out on his own, he spent 15 years with Naspers in South Africa as journalist, economics editor and online project manager. He now spends most his day editing the news reported by 23 colleagues in 23 countries from his base in Stuttgart, Germany.