Freedom Front Plus
Freedom Front Plus

Ideology gambles with South Africa’s future

The department of trade and industry is of cardinal importance for the country’s welfare as it manages the country’s domestic and foreign affairs and for this reason the country cannot allow the implementation of poor policies, says adv. Anton Alberts, FF Plus parliamentary spokesperson for trade and industry.

Today, with the department of trade and industry’s budget vote debate, adv. Alberts said that the country cannot afford to gamble with its people’s welfare for the sake of ideological convictions.

“We need to implement whatever works. Today, I want to focus on one specific policy that is doing great damage to the country, namely Black Economic Empowerment (BEE). The fixation with BEE and the creation of a handful of black industrialists is putting off foreign investors. During the downgrade, the credit rating agencies declared that one of the reasons for the downgrade is BEE, especially seen in the light of radical economic transformation.

“The reality is that BEE is not working because it does not have a broad basis of empowerment. It enriches a few, while criminalising white people.

“One example is the Public Protector (PP) investigating the legality of the empowerment deal that relates to a black consortium’s acquisition and sale of Capitec shares to the Public Investment Corporation (PIC) and the Government Employee Pension Fund (GEPF).

“No illegalities were found in the transaction. However, if you read the PP’s report, you get the clear impression that BEE is a travesty.

“What happened here is that a few black companies and trusts made large amounts of money simply by being black, without having any skills and without adding any value to the transaction. The consortium was able to acquire the Capitec shares because the said shares were earmarked for BEE; they were able to finance the transaction, without having to use a cent of their own money, because they are politically significant individuals who persuaded the Industrial Development Corporation (IDC) to fund the acquisition. In the same way, they were also able to persuade the IDC to buy the shares at a higher price at a later stage. This is no different from speculation and has nothing to do with empowerment. And yet it is not illegal!

“What makes this transaction an even greater travesty is that a few related individuals got very rich. The highest stake of 31,85% is held by Kaebetso Holdings and it has only two shareholders, namely T. Mahoele and T. Nzama. The value of their joint share in the consortium is R150 million each! All this while black and white children are starving.

“If a white person had done this transaction without involving enough black people, he or she could have landed in jail. However, when a small group of black opportunists cooperate in this way, they are honoured for being great, empowered businessmen. If this is not institutionalised racism, what is?

“Regarding state capture, it is worth mentioning that the Gupta-related company, Regiments Capital, holds a large share of 15% of the consortium. The ANC-related Batho-Batho Trust holds a 20% share of the consortium with Valli Moosa being one of the trustees. Very beneficial for the ANC.

“We must be aware that there are numerous such senseless empowerment transactions. Let’s be honest. This is just a racist system of cadre-enrichment that has nothing to do with uplifting the poor and it is a grotesque infringement on the human rights of the poor people in our country as well as all white people, who are entitled to economic freedom. In this game, nobody wins, except for the cadres. It’s a shame.

“Will the minister do something about this immoral form of self-enrichment?” asked adv. Alberts.


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