Shareholders in MTN Zakhele have certainly been made to work for their money. The ham-fisted way in which MTN's second black economic empowerment (BEE) deal was unwound has all the makings of an excellent case study into how to destroy billions of rand of goodwill. The months since the announcement in September, outlining the details of the unwinding process have been a period of nervous uncertainty for the shareholders. At the time, the MTN share was trading at R133, which meant MTN Zakhele shareholders were looking at a possible exit price of about R76 a share. A few months later, when it came to the actual exit, MTN was trading at just R112. This was less than half the level it reached at the end of 2014 before things began to go badly wrong for the company. The BEE shareholders still made a nice profit on the R20 they handed over back in 2010, it just wasn't quite as nice as they had been hoping for. Adding administrative insult to this financial injury was the way in which the ...