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Feb 10 2012 18:19
The rand tumbled against the dollar in late afternoon trade as the local currency tracked a jittery euro.
Feb 10 2012 17:28
President Jacob Zuma will make an announcement "of national importance" on Saturday, says a central bank statement.
Feb 10 2012 14:37
A weak euro has dragged down the rand, causing it to extend losses against the dollar as the eurozone debt crisis affected investor sentiment.
Johannesburg - Democratic Alliance leader Tony Leon will ask the Public Protector on Monday to investigate an R800m loan from the state-owned Land Bank to a company in which two senior ANC members own shares.
The bank lent Pamodzi Investment Holdings R800m for a non-agricultural endeavour, the Sunday Times reported.
The Land Bank, whose slogan is "We stand by you", is a public entity responsible for rural development.
Private piggy bank
Leon said: "The ANC believes the state is a private piggy bank upon which it can draw at will to fund its political campaigns, its front companies and (use for) the personal enrichment of its leaders - all at the expense of ordinary people."
African National Congress secretary-general Kgalema Motlanthe and presidential adviser Manne Dipico have been linked to Pamodzi.
The report said that the loan was not intended for any agricultural purpose, but for Pamodzi's buy-out of Foodcorp, one of Africa's largest food companies.
Public harmed
Leon said the public had been harmed in that the loan represented over 40% of the Land Bank's reserves, and exposed it to unreasonable risk.
Also the lack of available reserves made it impossible for the bank to serve farmers and community farming groups who were desperate for funds to buy essential agricultural supplies and equipment.
Referring to the "Oilgate" affair, Leon said: "This is the second time in recent times that Motlanthe and other senior ANC officials have been allegedly abusing state funds and state programmes such as black economic empowerment (BEE) to enrich themselves and their party.
"From Jacob Zuma and the arms deal, to Smuts Ngonyama and the Telkom empowerment deal, to Mzi Khumalo's take-over of Simane and the shares it bought in Harmony Gold with Public Investment Commission funds, the list of ANC abuses of public funds and the public interest for its own narrow, private gain keeps growing.
Corrupt behaviour
"It is time for South Africans to stand up and put a stop to the ANC's corrupt behaviour."
Pamodzi had repaid the loan after the red flag had been raised by the bank's auditors, Ernst&Young the Sunday Times reported.
The company also denied that Motlanthe and Dipico were actively involved in the business and had any knowledge of the loan.
No official comment was immediately available from the ANC and the Land Bank on Sunday.