IDC beneficiaries’ list reveals network of politically connected black executives
Industrial Development Corporation has loaned R8.5bn to 128 black industrialists since April 2017
Several of the beneficiary companies that received funds from the Industrial Development Corporation (IDC) last year involve former and present executives of a range of state-owned entities. This is an indication both of the small pool of executives in the country but also of the network that exists within the state sector. Those involved as IDC beneficiaries include former executives of the Development Bank of Southern Africa, the Land Bank, the Public Investment Corporation (PIC), the IDC itself and state-owned entities. The IDC has listed the beneficiaries of its funds from April 1 2017 to early April 2018 on its website, which also includes the names of prominent persons associated with the investments. It has loaned R8.5bn to 128 black industrialists since April 1 2017. The prominent persons listed by the IDC on its list of beneficiaries include the names of prominent politicians such as former deputy finance minister Sfiso Buthelezi who is involved with Eskom chairman Jabu Mab...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.