The Robben Island Mandela SOS human rights concert was to be held on 2 February before a global television audience. The funds raised were to be used to fight HIV/Aids.
Thousands of celebrities were expected to attend performances by Elton John, Bono, Bob Dylan, Dave Stewart, Sting, Queen and Shaggy. The concert had the backing of Oprah Winfrey, Desmond Tutu, Richard Branson and Naomi Campbell.
The Mail&Guardian reports that the major sponsor to pull out was Deutsche Bank, who on Thursday withdrew promised funding of about $1-million. It has been suggested that the bank is bracing itself for an economic downturn in the event of a war in Iraq.
Zelda la Grange, Nelson Mandela's representative, commented: "We could have gone ahead with the concert but the image of Nelson Mandela is at stake. If you do something you must do it properly or not at all."
