Multichoice MNET Racist share schemes

[Syndyre]

You'll are a depressing lot.
You would not have wanted shares in multichoice before and you probably couldn't have cared for them. Now all of a sudden because you're told you can't have them it's a problem.

Just because people don't want them doesn't mean they don't want the opportunity to have them. As tibby said, it was wrong that under apartheid certain groups of people couldn't own shares, just as this is wrong now.

Black people are more than 70% of the population yet they own less than 5% of the economy. That isn't fair and there's no easy way to fix it.
Call it racism, cal it what you want, but something must be done about it. It is not to be left to the kindness of those who have economic power to settle the matter because it would take too long or just wouldn't happen at all.

No there isn't an easy way to fix it, which is why "easy" options like this won't work.

Not banking with Nedbank is not going to harm anyone but you and you are not going to prove a point.

It may be racist, but so what? That you can't buy shares from multichoice is not gong to stop you from going to work, it won't stop you from waking up in the morning, in fact it has nothing to do with you. Chances are you were never going to want shares there anyway.

Clearly principles mean nothing to you. And as you yourself said white people still control a significant portion of the cash and assets in this country so if a lot of them stopped banking with Nedbank I can promise you it would harm them. Ever heard of a slippery slope?

 

[Milano]

It may be racist, but so what?

So what? So what? Umm...you may want to take a look at South African history. You would be surprised...racism has been quite an issue but I guess it all depends which race is benefiting, right?

 

[ShockG]

But the thing is they won't. Believe me nobody feels that strongly about this to inconvenience themselves financially, and those that do well, sure take your R50 and leave it's not going to cause Nedbank to collapse.
I think we're taking this way too seriously...

 

[Freshy-ZN]

Bee/racism its all the same. One party goes out of its way to justify it and the other tries to show how its wrong! He with the most votes gets to decide what the end result is.

As a South African of European descent I am more than willing to contribute to a non-racial South Africa and indeed World. However I currently find I am living under the same hell that was apartheid and that is that some people are getting the short end of the stick based on a (supposedly defunct) system of race classification. Enjoy.

 

[TivoZA]

<theory> It has nothing to do with "empowering" .... Multichoice have applied for new licenses to ICASA recently and having a "monopoly" status the shares scam is just a high-profile way of BUYING the government and ICASA... playing the 'we are there for the community' card is very powerfull <.theory>

You're not far off the mark. Multichoice is not in financial trouble, their only reason (marketing aside) for the BBBEE offering is because they are forced to comply with the ICASA regulations in order to retain their broadcast license post July 2007 (see below).

The BEE deal involves media group Naspers selling a lucrative 15% stake in MultiChoice SA for R2.25-billion to black investors, in line with licensing conditions for the pay-TV market. MultiChoice, which runs Africa’s only pay-TV network, DStv, with 1.5 million subscribers, needs to have 30% of its business in black hands to secure a licence when the sector opens to competition in July next year.

If Multichoice had a choice it's unlikely (as has been the case up till now) that they would have made such an offering. Multichoice is one of the most profitable companies in this country with an annual revenue of R8.9 Billion, R2.7 Billion of which is profit (see page 20). The reason the shares aren't on offer to non BBBEE persons is because Multichoice doesn't want to share with anybody they don't have too.

Multichoice's share offering is in no way based on rectifying ill's of the past but rather ensuring that they get to retain their broadcast license and can continue to keep 70% of the profits for themselves.

If you guys really want to get upset about Multichoice, instead of worrying about the race issue which is more about compliance then anything else, have a look at their allegiance to South Africa. MIH Limited (the overall holding company) is registered in the British Virgin Islands. Of MIH's 110 subsidiary companies, 27 are registered in the British Virgin Islands with only 8 registered in South Africa.

 

[-toady-]

*But you are all are just a bunch of ****ing whinging hypocrites when a missed opportunity is now given to other South Africans that missed out in the past due to their skin colour.*

Whether you like it or not, the tibster stands up and says what he thinks. Courageous and admirable in spite of the inevitable flaming which generally ensues. Many may regard this as trolling/stirring... I totally disagree...

toady

 

[RichardP]

The goverment is forcing Multichoice to sell to 'Blacks' only.... You really think Naspers wants to sell anything! get real... its politics, not economics.

 

[Angelo]

If Multichoice had a choice it's unlikely (as has been the case up till now) that they would have made such an offering.

Exactly why Economic Transformation needs enforced legislation otherwise nothing will change!

 

[telkomsuig]

Interesting that in 12 years there are very few self made black companies. Maybe it is too easy to sit back relax let other people do the work while the benefits flow to you purely because the color of your skin.

If the same policies were enforced during the upliftment of the afrikaner in the 1940's I very much doubt Anton Rupert would have had too much incentive to build his company to where it is today. Just my opinion empowerment should not be about freeBEE's but rather skill transfer and access to capital.

 

[Syndyre]

If you guys really want to get upset about Multichoice, instead of worrying about the race issue which is more about compliance then anything else, have a look at their allegiance to South Africa. MIH Limited (the overall holding company) is registered in the British Virgin Islands. Of MIH's 110 subsidiary companies, 27 are registered in the British Virgin Islands with only 8 registered in South Africa.

I'm sure that's just for tax reasons, companies all over the world do it, can't really blame them.

 

[Syndyre]

So if the shares are available to everyone how will nothing change? Then whoever wants to can feel free to buy them.

 

[fivelza]

What about Asians by the way - the wording says blacks - and they define this as blacks, coloureds or indians? Lets continue, how about if you are from the middle east, and have olive toned skin,? and so on and so on.

Do NOT confuse BEE with racism - that is what Multichoice and Media24 have done. There is nothing wrong with the concept of BEE, the way they have gone about doing it is, so please, if this bothers you, do the minimum and call them, 0860116226 0112893576.

Why do you not bother to read the prospectus, Black People = Africans, Coloureds and Indians....

Once again the end result is the same, the shares are going to end up in Black People's hands, pretty much like any BEE deal......

 

[Syndyre]

Maybe he means Asians that aren't Indian, e.g. Chinese.

 

[fivelza]

Maybe he means Asians that aren't Indian, e.g. Chinese.

True, busy removing left foot from mouth

 

[furnic]

Why do you not bother to read the prospectus, Black People = Africans, Coloureds and Indians

I read it very well..and I still don't see Asians, If you are not sure what that means then I'll break it down for you: Chinese, Taiwanese, Japanese just to name a few.
How about Hispanic - where do they fall? Lets Go On, There are about 40 different Race classes.
Look at the Level Nasper (Multichocie & Media24) are bringing us back down to...just plain stupid

 

[telkomsuig]

think they should have kept the racial clasifications on ID books. Race is just as important in the new SA than in the old. They could have kept the pencil test when you apply for a ID too.

 

[fivelza]

I read it very well..and I still don't see Asians, If you are not sure what that means then I'll break it down for you: Chinese, Taiwanese, Japanese just to name a few.
How about Hispanic - where do they fall? Lets Go On, There are about 40 different Race classes.
Look at the Level Nasper (Multichocie & Media24) are bringing us back down to...just plain stupid

I agree, apologies, I didn't read your post correctly..note my foot in mouth comment

We are getting hooked around the race issue, I rest my case, the end result is the same

 

[jontyB]

@kilo: examples of what? the descrimination written into the constitution?

in the Preamble of our Consitution it says: "Heal the divisions of the past and establish a society based on democratic values, social justice and fundamental human rights;"

Chapter 2 (Bill of Rights), Section 9, Paragraph 3 of the Constitution of SA states:

The state may not unfairly discriminate directly or indirectly against anyone on one or more grounds, including race, gender, sex, pregnancy, marital status, ethnic or social origin, colour, sexual orientation, age, disability, religion, conscience, belief, culture, language and birth.

The word "unfairly" (my emphasis) effectively nullifies the entire paragraph. What is "unfair" discrimination? The opposite of "fair" discrimination? Basically the word "unfair" should be completely removed from the Paragraph to make it enforceable. So, by definition by using the word "unfair" the constitution is allowing and protecting discrimination that the state can deem fair - and this protection is stated in black and white in Pargraph 5 of the same section and chapter of the constitution:

Discrimination on one or more of the grounds listed in subsection (3) is unfair unless it is established that the discrimination is fair.

WTF?

 

[telkomsuig]

it was put in there to ensure EE laws would be constitutional...so basically descrimination against whites are seen as fair by the constitution.... guess who are second class citizens now

 

[simple_simon]

Old Mutual did it Nedbank did it and maybe the simpsons will do it

i'm a white male and i was given shares associated with the Nedbank BEE transaction, its all about how you implement it.

Nedbank is a bright shinny example of how to do it properly or atleast a starting point in the correct direction