Concern over ANC increasing stake in Shell SA - CNBC Africa

Concern over ANC increasing stake in Shell SA

Southern Africa

by Trust Matsilele 0

President Jacob Zuma's ruling ANC is under renewed attack over its interests in Shell SA. PHOTO: GCIS

According to reports, Thebe Investment Corporation recently increased its shareholding in Shell SA to 28 per cent, indicating that it is still committed to its partnership with Shell.

(READ MORE: Who said fracking was bad?)

A statement by AfriForum stated that, through Thebe, the Batho Batho Trust - an ANC investment vehicle - effectively has a 12 per cent stake in Shell SA Refining as of 2012, and a 14 per cent stake in Shell SA Marketing.

“The relationship between ANC and Shell is placing the ruling party in government in a space where it is both the referee and the player which is one of our concerns,” said Jonathan Deal, chief executive of Treasure Karoo Action Group.

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He added that, irrespective of the political party involved, if it has any relationship with one of the applicants with a mining licence, his organisation would have had the same concern.

Deal also stated that he has invested over 2.5 million rand of his personal money into fighting possible fracking in the Karoo.

“We have about 40,000 rand in our account and we have a strong alliance with AfriForum who will take this matter to court. AfriForum will pick millions of rands which will cost this case to go to the Constitutional Court,” he added.

(READ MORE: Fighting the good fight against fracking in S.Africa)

According to industry experts, fracking has transformed the global economy with a notable example being the decline in the oil price.

Deal however said that few people have benefited from fracking, adding that the Quebec province in Canada as well as New York City, among others, have banned fracking. 

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