SA Affimative Action

Patrick Bond pbond at sn.apc.org
Sat Jul 13 01:49:26 PDT 2002


----- Original Message ----- From: "pms" <laflame at aaahawk.com>
> Anyone know how any of these SA capitalists got their money? Yoohoo,
> Patrick?

Sorry, just back from a week in London.


> Khumalo seems to see a "solution" coming making ZA safe for exploitation.
> Anthrax? If nothing else this pr sends a message to shareholders nervous
> about SA mining stocks because of this supposed "nationalization" of
> minerals, which even after a serious pull-back are up a LOT. Perhaps
> having Mandela at the listing ceremony for Gold Fields (GFI) on the NYSE
> foreshadowed this spin.

Just a quick word on Mzi Khumalo. During the mid-1980s he borrowed lots of money to buy one of the largest firms, JCI, and tried to fire 23,000 workers. They resisted successfully. Then he moved lots of JCI money into one of his own family-held firms. Then JCI went bankrupt and had to be split up. His name was further muddied by accusations from a Malaysian investor in a bank, which the Malaysian alleged suffered a run so that Khumalo could buy it cheaply. It folded too, however.

Cluff's a funny one, because the old owner, Algie Cluff, was great buddies with Mugabe during the 1980s-90s. Don't know his situation now, or even if he's still alive.

They're all charlatans in the mining sector, white or black.



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