Morning Star.png Create State Bank, Say ANC Ministers James Tweedie, The Morning Star, London, 3 September 2016 A South African cabinet committee recommended on Thursday that a state bank be founded in response to a financial-sector boycott of government-friendly private firms. Mineral Resources Minister Mosebenzi Zwane, who chairs the committee, said it had probed allegations that "certain banks and other financial institutions acted unilaterally and allegedly in collusion" in April's unprecedented boycott of Oakbay Investments. The committee also recommended a judicial inquiry into the affair and the granting of licences to new firms to break the "oligopoly" of the big four clearing-house banks. Oakbay is the umbrella company of the Indian-South African Gupta family, who own The New Age, the country's only pro-ANC newspaper. The boycott followed media claims that the government had favoured Oakbay mining subsidiary Tegeta over other firms. COSATU and SACP Union federation COSATU condemned the boycott, which put some 7,500 jobs in jeopardy. New allegations against Tegeta were dismissed by national power company Eskom on Wednesday, but not before finance firm Futuregrowth had said it was suspending all loans to the six main state-owned enterprises. In October 2014, the South African Communist Party (SACP) called for establishment of a state bank, saying commercial banks did not support development and job creation but merely profited from high charges and interest rates. Incitement disrupted A press conference called by a group claiming to represent ANC members against the leadership was disrupted by local activists from the party's youth wing yesterday. Leaders of the ANC Youth League Tshwane region interrupted the event in Pretoria, saying the group had no right to use ANC symbols to promote itself. The group was trying to incite an occupation of the ANC headquarters in nearby Johannesburg to force the resignation of President Jacob Zuma and the party executive. [email protected] From: http://www.morningstaronline.co.uk/a-50ce-Create-state-bank,-say-ANC-ministe rs#.V8psUfl9600 __________ Information from ESET NOD32 Antivirus, version of virus signature database 14062 (20160902) __________ The message was checked by ESET NOD32 Antivirus. http://www.eset.com -- -- You are subscribed. This footer can help you. Please POST your comments to [email protected] or reply to this message. You can visit the group WEB SITE at http://groups.google.com/group/yclsa-eom-forum for different delivery options, pages, files and membership. To UNSUBSCRIBE, please email [email protected] . You don't have to put anything in the "Subject:" field. You don't have to put anything in the message part. All you have to do is to send an e-mail to this address (repeat): [email protected] . --- You received this message because you are subscribed to the Google Groups "YCLSA Discussion Forum" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To post to this group, send an email to [email protected]. Visit this group at https://groups.google.com/group/yclsa-eom-forum. To view this discussion on the web, visit https://groups.google.com/d/msgid/yclsa-eom-forum/001601d205ad%2436acc8a0%24a40659e0%24%40com. For more options, visit https://groups.google.com/d/optout.
