By Lehlohonolo Lehana.
In response to the recent Carte Blanche episode, the Nelson Mandela Foundation (NMF) has dismissed the misleading marketing claims surrounding the Mandela Medallions.
Carte Blanche is a South African investigative journalism television series that airs on M-net every Sunday at 19:00.
The series investigated a scheme involving collectable Mandela coins that targeted eager investors with promises of a secure investment.
The investigation revealed that these coins are significantly overpriced and essentially a gimmick, despite assurances of low fees and safe storage.
Consequently, numerous customers are now seeking to recover their investments, having discovered that their gold coins are not the secure assets they were led to believe.
“The partnership between the Nelson Mandela Foundation and the Mint of Norway began in 1997/98, with the medallions being part of the Nobel Laureate programme that sought to honour Nobel Peace Prize winners with individually issued medallions. The Foundation has received approximately R15 million in royalties accumulatively, over 24 years, with the last royalties received in 2022.”
The royalties supported the Foundation’s work and that of the Norwegian Nobel Institute. A new contract was signed in 2017 for a further 10 years. However, the Mint has stopped producing the medallions, and we are currently reviewing the arrangement, read the statement.”
“It has come to our attention that some entities have been falsely marketing these medallions as investment pieces, suggesting they hold significant financial value or can yield high returns over time.”
“The Mandela Medallions were created to celebrate the life and legacy of Nelson Mandela. They are meant to be cherished as collector’s items and memorabilia, symbolising Mandela’s contributions to the world. We want to make it clear that these medallions are not financial investments. The Foundation received royalties as per the agreed terms with the Mint of Norway. Importantly, royalties were based on the number of medallions produced by the Mint of Norway, not on sales proceeds from third parties licensed by the Mint in various regions. We hope that anyone who was misled to believe otherwise gets justice.” – said Dr Mbongiseni Buthelezi, Chief Executive Officer, Nelson Mandela Foundation.
The foundation does not endorse or support the notion that Mandela Medallions should be treated as financial assets. Our primary goal is to preserve and promote Nelson Mandela’s legacy, protecting his legacy and ensuring that his life’s work continues to inspire future generations, added Dr Buthelezi.