ANC owns 25% of Hitachi SA - the company doing major construction work for ESKOM

antowan

antowan

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ANC owns 25% of Hitachi SA - the company doing major construction work for ESKOM

They will be making money off of the power price hikes...
 
We are ANC. We have the moral high ground, coming in after the Nats, therefore we can slaughter the country and still look like angels. If you fail to agree you are rascist and counter revolutionary.
 
Dang I'm so tired of reading about all the ANC-****ups.
 
A two-line unlinked post, containing generic baiting controversy, by a mod, in CA? Not cool.

Chancellor House should be of particular interest to those who understand the concept of a conflict of interests.

en.wikipedia.org/wiki/Chancellor_House_(company)

That obviously does not include bleeding heart retards or liberal cutesies with too much free time who love the ANC.
 
very interesting! :twisted:

this should not be legal, speak about the public being ripped off.

when you are a stock trader for someone, you ARE NOT ALLOWED to trade on that same market.
 
Anti-competitive? Nepotist? How many other synonyms are there for corrupt-as-sin?!?!?
 
I don't think people get the implication of this. It means he ANC will get billions in revenue directly from power provisioning in this country! They are weaving a terrible web of corruption that will be impossible to undo. I don't have counter arguments for folks who want to leave SA anymore.
 
To get a bit technical for the (as usual) uninitiated knee jerk reactors, the ANC owns a stake in Chancellor House which in turn has a stake in Hitachi Africa. A little convoluted, but what it means is the ANC would have no direct dealing in the acquisition of the Hitachi stake.
 
The ANC is one of SA's biggest investors just btw. As a private org goes they've come full circle in the last what.. 8yrs?(when they started doing so) and make a lot of money through their investments.
 
seems to pretty standard anc logic.

I wonder how many cp and cosatu members are also anc members, or cp members are cosatu members. Why not simply have an anc with sub groups?

Complexity creates confusion and someone always finds a way to profit from confusion.
 
antowan said:
I don't think people get the implication of this. It means he ANC will get billions in revenue directly from power provisioning in this country! They are weaving a terrible web of corruption that will be impossible to undo. I don't have counter arguments for folks who want to leave SA anymore.
Click to expand...

After running Eskom to the ground, forcing ridiculous price hikes to salvage it - and a negative impact on FDI confidence to boot. The price hikes then effectively amount to additional tax, not to the government, but to the ANC party.

R13... said:
To get a bit technical for the (as usual) uninitiated knee jerk reactors, the ANC owns a stake in Chancellor House which in turn has a stake in Hitachi Africa. A little convoluted, but what it means is the ANC would have no direct dealing in the acquisition of the Hitachi stake.
Click to expand...

That's not technical at all. ;) Are you so naive as to think that "no direct" dealing firstly exonerates the ANC form this saga and secondly, that the ANC does not have the power to directly influence the appointment of HitachiSA? They do regards the old parastatals as their personal fiefdom.
 
davemc said:
Side question: Would you be happier if an Australian company owned the 25%?
Click to expand...

Good question. Yes, the money must be spent. (it is of course entirely possible that the ANC will increase the tender amounts to increase their profit share, but that's irrelevant to the question).

What bothers me is the moral and ethical issues involved. Under effectively direct stewardship form the ANC, Eskom has been reduced to just short of a disastrous power utility. This will be rectified by massive increases that will impact on GDP, inflation etc. etc. It effectively amounts to an additional tax, due to incompetence. Whether the price hikes will be sufficient to solve the issue is debatable - money doesn't fix fundamental management and strategy flaws.

In the context of above, for the ANC to rake in billions from Eskom is abhorrent. The larger issue is that, as usual, there is no accountability. We are a one-party state - even if there is a huge outcry, shoulders will be shrugged and life will go on. But the ANC is abusing its position as the de facto government to entrench and enrich itself further - at the expense of the tax payer and the economy.
 
I wouldn't even mind if the ANC owned all 100% of Eskom directly, as long as they were ensuring that it functioned properly. But merrily enriching themselves whilst basic services are suffering, needs to be stopped somehow
 
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