BBC concerned by DA's attack on Kalagadi over PIC investment

BBC concerned by DA's attack on Kalagadi over PIC investment
Pumza Sobalisa
February 2014

Council says black industrialists shouldn't be frightened by threats from anti-transformation agents

BBC concerned about unfounded claims against Kalagadi

Johannesburg, 19 February 2014 - Black Business Council (BBC) has noted with great concern factual inaccuracies and allegations levelled against Kalagadi by the DA without facts to back their claims that the business was flourishing due to political favours. According to the report the party has invited the Public Protector, Thuli Madonsela, to investigate what it terms worrisome investments by the Public Investment Corporation (PIC) for the politically connected.

"We as the BBC believe that the misinformation levelled against Kalagadi by the DA is unfounded and based on speculative newspaper reporting. Such misreporting of facts including false information fuels a culture where black industrialists are vilified for doing business in the country, especially when they are targeting big projects on their own," says Xolani Qubeka, BBC's CEO.

BBC is a non-racial organization that is committed to the growth of black industrialists in the country and takes pride in successful companies that are committed to transforming our economy. That's why BBC is behind the Kalagadi project and believes it will deepen the important process of Broad Based Black Economic Empowerment (BBBEE) and social justice.

"We as the BBC are proud of the achievements of Kalagadi and its founder Mrs. Daphne Mashile-Nkosi, and are encouraged by her strong will to contribute to growing our economy and to create wealth," says Qubeka.

BBC was taken aback by the DA's allegation that the country's pension fund Public Investment Corporation (PIC) has funded Kalagadi Manganese projects and that the party has invited the Public Protector, Thuli Madonsela, to investigate political favours.

"For the DA to allege that Kalagadi business is growing because of political favours without facts to back their claim is to score cheap political points and also undermines the integrity of the PIC executive management as well as its board. Black industrialists shouldn't be frightened by threats from anti-transformation agents in the form of politicians that wish to protect apartheid legacy of exclusion in an attempt to stop them from flourishing," he says.

"Finally, BBC is of the view that the response to Kalagadi's multibillion investment project highlights the urgent need to interrogate the debate on how to grow and make black industrialists flourish in our country. We will continue to stand behind Mrs. Mashile-Nkosi and other savvy black industrialists, who are playing a bigger role in transforming our economy by building world class and innovative mining operations," concludes Qubeka.

Statement issued by Pumza Sobalisa, Black Business Council, February 19 2014