Broad-based crony capitalism, ka-ching!

In this article Companies and organisations: Eskom | African National Congress THIS damn election business must be costing the ANC a pretty penny if Chancellor House’s sale of its 25% of Hitachi’s African arm is anything to go by. Chancellor House is the ruling party’s front company set up stealthily years ago under an opaque trust deed. Before being exposed as a front company, it scored a number of “empowerment deals”, as in the Hitachi case. Now, fingers crossed, the ANC may yet be able to shake R30m or so out of this sale — not a bad return considering this stems from a massive contract given to the African arm of Japanese power giant Hitachi by (state-owned)...