Oh dear! Sounds like a bit of the 'shenanigans' on the side of the ANC! Sounds like, what we used to call "unjust enrichment" in the banking arena! Sounds like perhaps the DP (and all the other opposition parties) should be looking into this - smacks of all kinds of questions that should be asked? Wonder who will be doing the asking, or in fact if any asking is going to be taking place at all!
Regards
Nikki
November 10 2006 at 12:39PM
The African National Congress has set up a new business front to seek profit on its behalf, the Mail & Guardian reported on Friday.I t said the Johannesburg-based Chancellor House group of companies had acquired "empowerment" stakes in a wide range of businesses. More often than not, these opportunities had depended on the government's discretion - the award of state tenders, mineral rights and the like. The M&G said the activities of Chancellor House raised the spectre of government actions being shaped by party interests rather than the public interest.
Civil society groups had argued that there was an urgent need for the regulation of private party funding. South Africa was one of the few democracies with no such law.
Chancellor House had focused strongly on the minerals and energy sector. The government had awarded rights to strategically important manganese reserves to a consortium that included both Chancellor House and a Russian oligarch, Viktor Vekselberg. Evidence that Chancellor House was set up as a business front for the ruling party, answerable to its treasurer general, Mendi Msimang, was compelling, said the newspaper.
A well-placed official, who wants to remain anonymous, said Msimang approached representatives of the department of minerals and energy as early as 2002 seeking opportunities. The official added: "You can speak to any senior ANC leader. There is no question, Chancellor is regarded as an ANC company - it is officially supposed to be an entity for ANC funding."
Approached for comment, Chancellor House Trust founder Magubane said: "Your assumption that it's a front for the ANC is a bit far-fetched." He then put the phone down. - Sapa
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