LETTER: ANC looting laid bare

I refer to Alexander Parker’s most recent column (“The futility of the upstream petroleum resources bill,” April 29).

The 30% ownership level for BEE has long been the ideological and criminal intent of the ANC, as a means of grabbing a share of the mineral wealth.

If the ANC really had the interests of SA at heart it would ensure a fair and sustainable tax return on these undeveloped assets — such as royalties and company tax — which would go into the fiscus. But that would prevent personal gain by the cadres, who want the shareholder option that can realise huge financial gains. 

It’s daylight robbery and, as seen by the complete lack of international mining investors, has been an abject failure.

There is no such thing as “money for nothing”. The game is up regarding ANC looting. Everybody is aware of it, especially investors, who know a scam when they see one.

Ian Ferguson
Via BusinessLIVE

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