Disinvestment? Out of the question. Managing German business subsidiaries in apartheid South Africa during the tenure of P.W. Botha, 1978-1989

This thesis re-evaluates the case for business disinvestment from South Africa during the tenure of P.W. Botha (1978-1989). Using neglected corporate archives as well as oral testimony by former directors, the thesis scrutinizes the decision-making processes employed by the outlier on disinvestment – German business. Through seven case studies, the thesis illustrates how Apartheid policies, rather than being the foundation for business success, were the originators of enduring financial and operational woes. By continuing operations, management faced enduring uncertainty whilst grappling with the fallout from Botha’s reform and security measures. This research highlights that not only was international business entangled to an unprecedented degree with Botha’s policy agenda, but also that established narratives presented by anti-apartheid stakeholders on disinvestment require more critical evaluation. Most importantly, it illustrates that the ‘last decade of apartheid’ deserves a wider interdisciplinary approach that includes an engagement with the voice of management. For, these foreign corporate responses go beyond the historic South African context by having spearheaded several institutions, processes and interlinkages that define today’s globalised world.