Factions, finance and fraud
BRUCE'S LIST: Another ANC faction fight heads for the courts
Zuma has sent the FIC Amendment Bill back to parliament. The move smacks of politicking — and it puts SA’s banks under pressure
Bruce’s List: A guide to informed reads.There doesn’t seem to be a single corner of our national life untouched by the faction fighting in the ruling party. Yesterday it was on full view in televised hearings into an effort by the Jacob Zuma camp to stall or even overturn legislation passed by parliament to combat financial fraud and terrorist financing.It takes a particularly twisted administration to argue that legislation that would guarantee the continued presence of SA banks in the wider global banking community — and thus be of use one day to the black industrialists Zuma so often says he wants to create — is a block to “radical transformation” (whatever that is). It takes a particularly twisted mind to argue that a few black companies that donate money to the ANC are the target of the legislation. Unless, of course, they’re getting government contracts and then kicking back a share of the money back to the party. I think Marianne Thamm is very good here on yesterday’s finance...
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