Desmond Lockey

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, 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. He served two terms, gaining re-election in 1999, and represented the North West constituency. He chaired the Portfolio Committee on Home Affairs during the first democratic Parliament. In early 2004, Lockey announced his intention to retire from politics and become a full-time businessman after the April 2004 general election.

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. 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. By 2006, Arch Equity was a R1.2-billion public company with 600 shareholders.

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.