Today, the Competition Commission has filed with the Competition Tribunal, a settlement agreement reached with Citibank N.A. for being part of the forex trading cartel.
The Commission found that from at least 2007, Citibank N.A. and its competitors had a general agreement to collude on prices for bids, offers and bid-offer spreads for the spot trades in relation to currency trading involving US Dollar/Rand currency pair. Further, the Commission found that Citibank N.A. and its competitors manipulated the price of bids and offers through agreements to refrain from trading and creating fictitious bids and offers at particular times.
Citibank N.A. will pay an administrative penalty of R69 500 860 (Sixty Nine Million Five Hundred Thousand Eight Hundred and Sixty Rands). This figure does not exceed 10% of Citibank N.A.’s annual turnover in the Republic of South Africa. Citibank N.A. undertook to cooperate with the Commission and avail witnesses to assist the prosecution of the other banks that colluded in this matter.
On 15 February 2017, the Competition Commission referred a collusion case to the Competition Tribunal for prosecution against Bank of America Merrill Lynch International Limited, BNP Paribas, JP Morgan Chase & Co, JP Morgan Chase Bank N.A, Investec Ltd, Standard New York Securities Inc., HSBC Bank Plc, Standard Chartered Bank, Credit Suisse Group; Standard Bank of South Africa Ltd, Commerzbank AG; Australia and New Zealand Banking Group Limited, Nomura International Plc., Macquarie Bank Limited, Citibank N.A., ABSA Bank Limited (ABSA), Barclays Capital Inc, Barclays Bank plc (Respondents).
“This settlement was done to encourage speedy settlement and full disclosure to strengthen the evidence for prosecution of the other banks,” said the Commissioner, Tembinkosi Bonakele.
Ends.
For more information or for media enquiries, please contact:
Sipho Ngwema, Head of Communications
012 394 3493/ 078 048 1213/ SiphoN@compcom.co.za
Public Protector’s preliminary report found that ABSA illegally benefited from apartheid cash injections from the South African Reserve Bank.
JOHANNESBURG, South Africa, February 19, 2017 – On Friday, the Black First Land First (BLF) movement marched to the South African Reserve Bank (SARB) (APO.af/JsJaEi) to demand that the institution act on the Public Protector’s preliminary report which found that ABSA illegally benefited from apartheid cash injections from the SARB.
BLF joined the ANC Youth League (ANCYL) recently in a march to ABSA headquarters (APO.af/Y21xVq) to demand that #ABSAmustPay. The Public Protector, Adv Busisiwe Mkhwebane, found that ABSA should pay R3.2 billion.
BLF said they wanted the SARB to take seriously and act on findings of the CIEX report, which investigated money stolen during the late stages of institutionalised apartheid. The report found that R26 billion could be immediately recoverable.
The aim of the march was to also implore the SARB to punish corrupt banks, ABSA, Standard Bank and Investec, which the Competition Commission found (APO.af/VsZ1A9) had manipulated and fixed the rand/dollar price.
In the nation under President Jacob Zuma and African National Congress (ANC) there been done some shady dealings between government and private industry, this has been happening over years. Now the Financial Market and Banks have internally been agreeing on values and exchange rates on the South African Rands (ZAR), this is a luxury where the banks have set fixed prices and values. That in the end has given profits and sold the Rand on the open market. This in mind with the fixing and securing more profits for the banks as they we’re trading the currency on the open market. Also, to foreign investors and currency traders that try to make a profit on exchange and selling currency back again at a later date.
So this sort of financial manipulation has made sure for the 17 banks that have made agreements between the banks and communication that most likely paid more for the rand or more used more dollars for getting the South African currency. As proven with the statements of the Competition Commission and the South African Reserve Bank, however, the trial and the review will continue to shed light on the possible internal-trade in the financial business of the Republic.
The opening of review of Forex exchange of the Rand:
“The Competition Commission has today referred a collusion case to the Tribunal for prosecution against Bank of America Merrill Lynch International Limited, BNP Paribas, JP Morgan Chase & Co, JP Morgan Chase Bank N.A, Investec Ltd, Standard New York Securities Inc., HSBC Bank Plc, Standard Chartered Bank, Credit Suisse Group; Standard Bank of South Africa Ltd, Commerzbank AG; Australia and New Zealand Banking Group Limited, Nomura International Plc., Macquarie Bank Limited, ABSA Bank Limited (ABSA), Barclays Capital Inc, Barclays Bank plc (Respondents). The Commission has been investigating a case of price fixing and market allocation in the trading of foreign currency pairs involving the Rand since April 2015. It has now referred the case to the Tribunal for prosecution. The Commission found that from at least 2007, the respondents had a general agreement to collude on prices for bids, offers and bid-offer spreads for the spot trades in relation to currency trading involving US Dollar / Rand currency pair. Further, the Commission found that the respondents manipulated the price of bids and offers through agreements to refrain from trading and creating fictitious bids and offers at particular times. Traders of the respondents primarily used trading platforms such as the Reuters currency trading platform to carry out their collusive activities. They also used Bloomberg instant messaging system (chatroom), telephone conversation and had meetings to coordinate their bilateral and multilateral collusive trading activities. They assisted each other to reach the desired prices by coordinating trading times. They reached agreements to refrain from trading, taking turns in transacting and by either pulling or holding trading activities on the Reuters currency trading platform. They also created fictitious bids and offers, distorting demand and supply in order to achieve their profit motives” (CompCom, 2017).
South African Reserve Bank statement:
“The South African Reserve Bank (SARB) has noted today’s announcement by the Competition Commission South Africa (Competition Commission) that it has completed its investigation initiated in April 2015 and has referred to the Competition Tribunal for prosecution a case of price fixing and market allocation in the trading of foreign currency pairs involving the South African Rand (ZAR)” (…) “The rand is a globally traded currency. Some 30.0% of daily turnover in the ZAR takes place in South Africa, and turnover with non-residents accounts for 57.5% of domestic turnover. Figures published by the Bank for International Settlements indicate that for the month of April 2016, the daily average worldwide turnover in the foreign exchange market involving the ZAR was approximately USD49.0 billion. This represented 1% of total turnover in the international foreign exchange markets” (…) “The SARB sees the allegations in a serious light. The SARB will allow the legal processes now initiated to run their course, and will continue to monitor developments closely to inform any action that we may need to embark upon in accordance with our mandate and jurisdiction” (SARB, 2017).
So we can now wait and see what the efforts and effects. If this can hit the currency and its value, if this has been a fix to juice it up or even put in a bubble where the banks has earned profits on illegitimate transactions as the communications between the banks has set standards of the prices and expenses, so the costumers and businesses has overpaid for the currency in trading. This proves that the greed and coins goes together. The banks of South Africa ceased an opportunity and grasped it.
We have to see when the Competition Commission of South Africa releases their report and their conclusions as the review and the findings of colluding will be put in court. However, the world gets to see the internal trading and agreements between the banks to fix the prices of currency, especially the value of the South African Rand (ZAR). Therefore the release of information on how they fixed it and how they speculated on it, will show how banks did this. Trust this, the report and the papers on this financial transactions and agreements will be juicy and show the inner-works of the banks. That is knowledge that the Republic of South Africa deserves, as these people and professionals are the ones making sure the monies are used and taken care off. Peace.
The Competition Commission South Africa (CompCom) – ‘Breaking News: Competition Commission prosecutes banks (currency traders) for collusion’ (15.02.2017)
Now that a few days have gone by and mind is put to the rest, the State of the Nation Address 2017 #SONA2017 of South Africa been held in the National Assembly and the dust have settled. We can still wonder if this was the outcome and the wished legacy that the African National Congress (ANC) wanted to leave behind. The speech of President Jacob Zuma will not be the important matter after the national tragedy; even the Greek legends couldn’t have created a masterpiece of this proportion.
Economic Freedom Fighters (EFF) under Julius Malema or the Democratic Alliance (DA) under Mmusi Maimane couldn’t have wished for better audience to show the neglect and lost space under President Zuma. President Zuma has forgotten his heritage and what he carries with his position. Zuma is living on laurels of others, but not honouring it, instead he and his allies are eating of it. They are eating so heavy that all meat is scratched off the bone and digested.
Even The Congress of the People (Cope) leader Mosiuoa Lekota wouldn’t have thought this would go this far, even the so the South African Communist Party (SACP) Blade Nzimande must think that the freedom fighting days of ANC and wish for a equal distribution of goods and wealth is long dead in the ruling party. If it was so the ANC would not enrichen their elite and new-wealthy men and woman who loyally are eating of the government plate; instead of building progressive and clear-cut initiative to create work for a broader base of the citizens. Those days are long gone and forgotten after the term of Thabo Mbeki.
Zuma had to bring the National Army into the chambers where the speech of the president was about to happen, as much as the Police Officers presences on the streets was like a lock-down from the get-go. Like Zuma was preparing for a show of brutal force and not a honouring the Parliament and its constitution. Not like he has respected before, he has only had eager for power and not for running it for a common good. That MP Mapisa Nqakula needed to gazette legality on the 9th February to make sure the public of legality of having the army in the Parliament between 5th to 10th February. Zuma has many loyal servants that honour him instead of the constitution. Nevertheless, that is just a floosy disgusting paper right, aye?
No matter if an ANC MP created a fuzz with words and the ANC Parliamentary Speaker Baleka Mbete would have been Nobel in his approach. Instead of dialogue or even giving space, he expected to be a loyal servant only to Zuma and not to the rule of law. There are not many who doubt where the loyalty of Mbete lays, not with the codes of the sacred chambers of Parliament, but instead with the man who is the executive of the Republic. ANC has certainly forgotten their roots and their mission, the quests and their direction as a political movement.
What even more insulting after the violence of removing EFF and the DA walking out of the Parliament as a result of the misbehaving ANC MPs, the ones left behind started to sleep when President Zuma was addressing them. Well, there wasn’t anything serious left other than empty tin-box lies and deceit from the man-in-charge. Who has no scruples and no mercy for his opposition!
Zuma will now not tango with his enemy or even try to shadow play with the opposition, as the local election we’re insulting to the ANC and their ruling regime, that they lost important towns and places they have never seen others having mayors and local governments post-apartheid. That is the estate and the cracking into the party organization and the strain the chaos of corruption has left behind under Zuma. Something that not a puzzle of magic wand or public display can change, the heartbeat and the pulse is out of whack.
Zuma and his cronyism aren’t benefiting anyone nearly except his men and woman. The rest are left behind and on unknown terms as the leadership of ANC skates by with no concern of their reputation or their legislation. The procedures and their neglect of the value of institutions or government companies are proven with the delayed 2015 report on Eskom, that we’re released the day after Sona17, because ANC wanted another scandal than this one in the news.
Zuma wanted to be released from fatigue and disgusted with the sleeping MPs and the attacking opposition. He wanted to be claimed to be corrupt and neglect of his role as executive of holding the report behind locked doors. Just like he wanted to silence the Capture of the State report, but that one became a hot-potato he couldn’t keep in the archives until it was meaningless.
Now the SONA17 have put a new giant stain on the ANC, the Zuma administration and the National Assembly that prefers defending the Executive or defending the rule of law. As some say the constitution and the laws that built the Republic of South Africa. They doesn’t matter for Zuma or his cronies, but it means something to ones living in KwaZulu-Natal, the Orange State or anywhere else in the republic. Peace.
A long-time delayed report have been released this week, as the South African ruling party African National Congress (ANC) and their ministers has tried to subdue the private analysis of the government energy company ESKOM. However, this report will assess needed information that should have been delivered before the other leaks of questionable transactions and contracts that Eskom has done in the recent years under President Jacob Zuma. President Zuma has used his presidency to earn monies for his family members and even some of his family work in corporations that have gotten state contracts through Eskom. Therefore this report is telling of how the sufficient business-model and energy production has been handled by Eskom. This will be about the years before 2015 and to that date. What Eskom has done since has either been revealed through the contracts or through the scrutiny of Public Protector or Finance Minister who has questioned the company themselves. Just take a look at what I find as key things from this report!
“Prior to 1997, Eskom plant operated at relatively low energy utilisation factors (EUF). However, from the onset of Eskom 90:7:3 operational strategy in the mid-90s, the Eskom plant operated at higher EUFs. After 2012, the plant operational at very high EUFs with the median being in excess of 90%” (Dentons, P: 19, 2015).
About the lacking investment in older plants:
“The Generation Sustainability Strategy document cited information that Eskom has reduced planned maintenance (reflected in the Planned Capability Loss Factor (PCLF)) in order to maintain “Keeping Lights On (KLO)” strategy. It could be noted that the historical 90:7:3 strategy applied by Eskom should also be factored in the assessment of the fleet performance as international practice typically targets values in the order of 85:10:5” (…) “The historically low PCLF coupled with the KLO strategy and factors such as coal quality and high utilisation factors have led to a sharp increase in Unplanned Capabilities Loss Factors (UCLF)” (Dentons, P: 19, 2015). “The Generation Sustainability Strategy document indicates that the Eskom generation fleet has experienced 15 years of under-investment in capital expenditure (capex) which is largely the result of cost cutting due to financial and capacity constraints” (Dentons, P: 20, 2015). “The analysis of this information indicates that there was significant under-investment refurbishment capex versus best practice for an extended period of time (from the mid 1990s). The under-investment at plant mid-life age is also critical and significantly contributes to the current poor plant performance” (Dentons, P: 22, 2015).
2010 Football World Cup:
“To uphold the KLO Strategy, short term decisions were made by Eskom that negatively impacted on the long-term sustainability of the generation plant. Historically, this would include the impacts of maximising plant availability during the critical period in 2010 prior to and including the FIFA 2010 World Cup. The knock-on effects of deferring maintenance may not be immediately materialised and often manifest themselves later in the generation planning/production cycle. As an example, the available documentation indicates that in January 2013, five previous maintenance outages were not executed as scheduled as sufficient generation capacity was not available on the grid. The lack of generation reserves has also resulted in units operating outside limits of good practice. As an example, in June 2014, 46 out of the 79 coal units were operating outside of good practice” (Dentons, P:27, 2015).
Load Shedding:
“Load Shedding is the reduction of demand to achieve a balance between available generation and demand. If demand significantly exceeds available generation and reduction in demand is not achieved, the system will frequently drop, which may ultimately result in a system black-out” (…) “The problem Eskom faces is a steady decline in the performance and availability of its coal fleet. The further leads to a lack of ‘space’ to execute the maintenance required to restore the condition of the coal-fired power stations so as to achieve acceptable operating performance. This has been compounded by the delays in bringing on new capacity such as Mepudi, Kusile and Ingula” (Dentos, P: 30, 2015).
Skills to execute new build projects:
“When the decision to proceed with the new build projects was made, Eskom had limited skills to conduct such a project. Eskom has not developed coal power plants for decades. Experienced power plant staff (mostly operational staff) were moved to new build programme which left substantial skills gaps at the operating power stations” (Dentons, P: 38, 2015).
Delayed Projects:
“One of the measures taken by Eskom to bolster knowledge and experience was to recruit experienced resources internationally to increase the skills base. Eskom recently announced revised timelines for the Medupi and Kusile indicating that these projects will be further delayed and are now only planned completion by 2020 for Medupi and 2022 for Kusile. These appear to be more realistic time frames given the current status, but there remains general scepticism as to whether Eskom will be able to achieve this given its past track record on contract management for these projects” (Dentons, P: 42, 2015).
Debt made by Eskom:
“New debt of R49.5bn was taken on in the year to fund the continued capex programme. However, Eskom was downgraded to sub-investment grade status by both Moody’s and S&P and thus the funding was provided at much higher finance cost. Liquidity concerns were heightened as the net cash flow from operating activities of R23.3bn was not sufficient to cover the total of debt due for repayment of R17.1bn as well as the net financing interest payable of R15.3bn resulting in a shortfall of R11bn. In essence borrowings were starting to be used for ongoing operations” (Dentons, P: 89, 2015). “Eskom Treasury recently highlighted the key risks that Eskom faces to execute the borrowing programme, and in turn therefore complete the new builds: realisation of BPP cost savings; cost overturns on Medpudi and Kusile; RCA cost recovery in MYPD3 future years; Declining future ratios; threat of future ratios; threat of further credit rating downgrades; inadequate liquidity buffer; Lack of market appetite for Eskom debt; and inability to execute borrowing programme. In FY2015, all of these risk materialised” (Dentons, P: 94, 2015). “Recent history does not place these risks in a good light. Eskom is currently sacrificing its future to survive. If sales and arrears continue to plague Eskom, there is a shortfall in lending, a failure to meet meaningful cost savings, and a continued EAF below 80% prevail (in other words a continuation of the trend of the past 2 years), Eskom’s bail-out funds will evaporate” (Dentons, P: 95, 2015).
That this report is damaging to the reputation of Eskom. This shows the malpractice and lacking of guidance that the company has had. The monopoly and grand control over the market as the state corporation has given it kickbacks and security of funds, even as they haven’t done things properly or planned. Therefore the enlightenment and the clear indication of lose planning and less of experts on the field of building new power-plants is proof of the misguided and maladministration that’s been inside the Eskom company.
The African National Congress that has been the ruling regime and the ruling party, that has been in-charge of the resources and the selection of hiring and changing leaders of the company. Can be put to blame for lenient and lacking acts of putting in place enough expertise and enough clear procedures on how the changing leadership should go about. So the Eskom could be sure of having men and woman who we’re qualified and had experience to handle an organization and business like this.
The report highlights major facts and breaches in also ordinary buying procedures and lacking of that and other issues that I couldn’t fit. There are many lose ends that Eskom has and needs to address, that ANC has to take responsibility for and also answer for. Because the Company has dwindled and lost its edge during the reign of ANC and President Zuma, who rather spoils the company instead of investing in it! Peace.
The African National Congress (ANC) are about to hold their 105 year celebration on the 8th January, the ruling regime and party, that has hold government since 1990s after the end of Apartheid. Which all is splendid thing, they are on their third President or third Executive if you may. First one was the pivotal leader and executive Nelson Mandela (Madiba), than their there we’re the quiet storm Thabo Mbeki and the one that ousted Mbeki, the all-powerful hand of the President Mbeki, Jacob G. Zuma who is now still commander-in-chief in South Africa.
His reign is not without controversy, as his ruthless behaviour and his acts to control the ANC, has left other behind, the ones that we’re hardliners under the Apartheid feels left behind. The elite and the corrupt are the ones that are close to the regime. The ones that are paying and eating of government contracts are the one loyal to Zuma. The others who we’re loyal to the party in the past has become disenfranchised like workers unions and even parts of ANC Youth League that we’re under the wings of Julius Malema has created a movement out of the ANC.
The EFF is an direct reaction not only to the ruthless leadership of the presidency under Zuma, but also to the under achievements done under the decades under ANC rule. The ANC has had the opportunities; instead they have enriched themselves and their donors. This wasn’t the intention during the struggle to get to power.
“Motshega (2010: p95) states that: ‘One of the original purposes of the ANC was to bring together a wide variety of different ethnic groups and tribes, to bring about unity and cooperation between people of colour’. In the period from the ANC’s establishment in 1912 through to the 1950s, ANC ideology was dominated by African nationalism. The ANC sought to further black interests, while white participation in the black African struggle was limited. ANC membership was exclusively black throughout this period. The formation of the Congress Alliance in the 1950s, which facilitated political cooperation amongst black, coloured and Indian activists saw a more integrated approach to the ANC’s liberation effort” (Twala, 2014).
O.R Tambo, 16 Dec 1971.
By all means the forging of ANC happen in a different and within history where the context of the South African experience is not similar with today. Still, the value of unity and cooperation is still as important today as it we’re in the early 1900s. It became more on ‘Black Struggle’ as the xenophobia and draconian rule of the white minority extended into ridiculous measures where the torture and separation where beneath all we as outsiders to that time can comprehend. Where a tiny minority took total control and forced fellow brothers and sisters to small-payments and squatting while minority lived in wealth. Therefore the ANC turned the way it did, because they needed a fair voice and justice for their kind and salvage society where the separation was creating two-societies within one republic. Therefore the politics of healing and forgiving within ANC after apartheid shows the stature of majority peaceful transition we all can hope other nations can do in the future.
As the transition was happening and people worried about the momentum of the release of Mandela, Mandela himself said this, which proves his commitment and belief:
“There is no such plot,” Mandela told a news conference after a two-day closed session of the ANC’s national executive committee. He added that the ANC is “unanimous about working with the government to bring about a democratic transformation. And the method we have chosen is that of peaceful negotiations.” (Kraft, 1990).
This shows the powerful history of the ANC and their rise to power from suppression and horror. We can see that the current ANC NEC and Leadership seem to forget in their riches and their hold of power. Zuma seem to be more entangled with wealth creation of his family and use the connection into the corporate contracts of the state, than actually create welfare and job security for the average South African, the South African that we’re important reasons for the existence of the ANC.
#WeAreANC is a missed opportunity, a missed staged event of something that could be profound and meaningful for a party that started a fantastic journey in the midst turmoil turned into possibilities. That even at one point got it to be the most progressive and economic prosperous within the sub-Saharan nations. They got even parts of the growing economic nations of BRICS. So the rise of ANC brought with economic progress and positive legislative changes that we’re only bringing hope. That even put the light dimmer on the freedom fighter from Zimbabwe, President Robert Mugabe who had years in the sun since his Lancaster House agreement and freed his Rhodesia from minority regime under Ian Smith. So President Mandela made him inferior and also like an ugly step-child in the international community. That has been kept like that since the knowledge of the Gukahundi massacre.
So with this in mind, this should also be remembered:
“The ANC as an organisation in fact never voted in favour of armed struggle. Mandela was given the task of persuading the sceptical ANC president, Albert Luthuli, to accept the policy retrospectively. Luthuli refused, but he conceded that he could tolerate the military organisation Umkhonto weSizwe if it was entirely separate from the ANC” (…) “As the ANC’s grip on historical memory loosens, rethinking the past becomes a politically explosive activity. I have lost count of the times that radical, angry young black South Africans have asked me why the transition from apartheid left so much of the country’s wealth in the hands of whites. Many Afrikaners wonder how, from a position of strength and in control of a proudly undefeated defence force, the National Party managed to give so much away in such a short time” (Ellis, 2014).
This is still vital today as the elites under the ANC is a small figment of the context in South Africa, the townships and the low-payed underclass is still as big as before, as much as the Republic has also a big population of immigrants from Zimbabwe and around Africa who seeking work in the nation who is famous for the progress and being an open-society. Therefore the reaction between today’s ANC and the foreign interference is also important to understand the party, which it is today:
“In recent times, the ability of ANC-led governments to pursue a coherent foreign policy that reflects the historical ideals of the party has further been undermined by the ever-widening divisions within the party. The frictions within the ANC that came to the fore during its 52nd National Congress in Polokwane in 2007 have been accompanied by a fragmentation in policy orientation within the party, a phenomenon that has also affected foreign policy. As different voices champion and defend positions within the ANC, foreign policy has increasingly become incoherent and has in practice drifted away from the founding values and principles of the party, which are eloquently articulated in official government documents. The extent of this deviation is such that the same ANC that so vigorously championed the cause of African unity during its days as a liberation movement has today become a divisive force on the continent, as illustrated by South Africa’s move to head the Commission of the African Union at any cost” (Nganje, 2012).
But just as the PR Team of ANC isn’t coherent with the feelings in the communities, even after the important loses of local elections in major cities and townships to the DA and other opposition parties; the time for a new breed and a change of policies within the government and ruling party comes more vital for its future. The neglect of the common core and the creation of the party are now open cracks as potholes on the streets. The tarmac is tired and the funds are diverted.
That is why the reaction to the meme’s and the scandals of late comes with the #WeAreANC, as the Gupta and Eskom cases are now the spotlight of the ruling party, not their rich history or their tales of liberation. So the ANC are now blaming the Democratic Alliance and Economic Freedom Fighters for the retorts and smug attitude to the campaign. Like they needed to plan for the opportunity to bluntly address the cronyism and corrupt maladministration; that has lingered in the National Assembly and in Government during the recent decade under President Zuma.
Even if Zuma has survived the explosive Capture of State report of November, the fall of the Public Protector Thuli Madonsela and the other impeachment of the Executive have failed during the 2016. Together with other acts of malice and ill-intent to misuse funds and state to gain riches. It was time for the ANC to eat after the fall of the peaceful transition government under Mandela. The ANC lost their soul while waving the flag of intolerant measures under the Anglo Leasing deal:
“If Mr Zuma becomes the ANC leader he is almost certain to be the country’s next president after the 2009 general election. But he too is dogged by allegations of corruption and is facing indictment by the same special police unit, the Scorpions, that pursued Mr Selebi” (…) “The Scorpions are investigating Mr Zuma after his former financial advisor was convicted two years ago of fraud for bribing him over a multi-billion dollar arms deal by South Africa” (…) “Mr Mbeki sacked Mr Zuma as deputy president, a move that divided the ANC, but criminal charges were thrown out of court last year before a full trial. The Scorpions appear ready to press new charges that could derail Mr Zuma’s bid for the presidency” (McGreal, 2007).
So the Arms deal that brought massive amount of counts on the current President and brought down Mbeki. That one is still hunting in the shadows as all of the alleged crimes that have been done by Zuma. Zuma has more allegations and litigations that any President on the planet, well, only less than soon sworn-in Trump in the United States. There are certainly a picture that world would have erased, that Zuma is the most alleged-corrupt President.
The promises of a grand party, for the citizens and for progress have gone astray. Certainly, Zuma and his team could have thought better after a scandalous year of 2016 to unleash on the world #WeAreANC. That is just giving fuel to the fire. The burning flame on the allegations and the current affairs of the ANC gives way for discussions of their missteps and maladministration that hard to salvage. Save a party like this should be possible, but the rotten core has to be up-rooted. That cost and will take time to rebuild. But if they want to live on the heritage and not wealth than the ANC has to do so! Peace.
Nganje, Fritz – ‘The influence of the ANC on South Africa’s foreign policy’ (02.11.2012) – Proceedings report of a roundtable organised by the Institute for Global Dialogue
Twala, Chitja – ‘The African National Congress (ANC) and Its Ideological Shifts Over Time: Attempts to Define or Re-Define Its Ideological Identity?’ (September 2014).