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Shopsteward Volume 26 No. 2

COSATU Media Monitor COSATU Media Monitor COSATU Media Monitor

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Media Centre  |  COSATU Press Statements

COSATU'S RESPONSE TO AAC AND MINORCO ANOUNCEMENT

OCTOBER 15 1998

COSATU condemns in the strongest terms the decision of AAC and Minorco to have its primary listing in the London Stock Exchange. It is significant that Anglo is now openly deserting the country by combining its operation with Minorco, its offshore wing used to bust sanctions and disinvest during the peak of the apartheid years.

This demonstrates the lack of patriotism of some South African Companies. Those who thought that the AAC and others after four years of democracy, might have the moral integrity to commit themselves to reconstruction of our country will be terribly disappointed. The AAC, whose wealth more than any other has been built on the back of colonialism and apartheid, is only interested in making quick money, regardless of the consequences to our people. This is not only a slap in the face to South Africa, but to the entire region, which relies on South Africa as the hub for industrial development.

In the middle of our worst unemployment crisis, when we need intensified investment to save our country from the ravages of unemployment, poverty and inequality, Anglo's announcement, amounts to a vote of no confidence in the South African economy and its future. This flies in the face of the forthcoming Presidential Job Summit to address the current unemployment crisis. The move by the AAC raises serious question as to business commitment to developing our economy and shifting it towards a job-creating path.

The timing of this announcement is very problematic in light of the above. It will undoubtedly serve as encouragement to many companies to shift their resources abroad.

COSATU has consistently called on the government to retain and introduce adequate measures to ensure that the domestic assets are deployed in the national interest. We repeat this call again today.

Labour has proposed an "invest local" campaign in the Job Summit. We call on AAC to reconsider its decision, in the spirit of this and other proposals which have been tabled in the Summit. If they fail to do this, we will seriously consider launching a national campaign against Anglo and other Corporations who are not prepared to commit themselves to the future of our country.

Nowetu Mpati COSATU Head of Communications

Tel: + 27 + 11 + 339-4911 Fax: + 27 + 11 + 339-2281 E-mail: nowetu@cosatu.org.za

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