Wow – The Industrial Development Corporation and the Public Investment Corporation seem to have been flush with money. In any event, they staked shares in Capitec Bank for a few well connected ANC cohorts, why not for others as well? Let’s all go queue up.
This is a classic example of the politically well connected working the BEE system for their own personal gain, and risking public money (your money, my money) to boot. What would have happened if the Capitec investment had gone South? Well, it didn’t and boy did they score or did they score. I wonder how many unconnected poor and destitute black folk have benefited from this selfless activity? Not too many, I’ll warrant.
All that profit should have been for account of the PIC, who fund government pension funds, for example, and the IDC, who are supposed to fund industrial development in South Africa.
This is disgusting.
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