The ANC and its partners in asset destruction are hijacking a century of accumulated sovereign wealth and hocking it for dosh to splurge on Blue Label and sushi.
South Africa is not being governed to benefit its people. It’s being dismantled and sold off to provide oodles of cash to a small political elite.
Unfortunately, asset strippers sense juicy pickings like scavengers sense carrion. The strippers grab managerial control, often through the ploy of promising the greedy grasshoppers – um, shareholders – that they will “unlock value”. Meaning, let’s binge on the granary. These alliance grasshoppers have financially eviscerated Eskom and SAA. At PetroSA, they sold off the entire crude oil reserve of 10 million barrels at $28 a barrel when the international price was around $40 – straight into the pockets of some offshore investors.
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