{"id":172189,"date":"2017-04-25T09:49:29","date_gmt":"2017-04-25T07:49:29","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=172189"},"modified":"2017-04-25T09:49:29","modified_gmt":"2017-04-25T07:49:29","slug":"black-entrepreneurs-and-professionals-are-nobodys-puppets-telkom-chairman","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/trending\/172189\/black-entrepreneurs-and-professionals-are-nobodys-puppets-telkom-chairman\/","title":{"rendered":"‘Black entrepreneurs and professionals are nobody\u2019s puppets’ – Telkom chairman"},"content":{"rendered":"

Telkom chairman Jabu Mabuza\u00a0has warned<\/strong><\/a> that the expropriation of \u201cwhite monopoly capitalist establishments\u201d, land, and banks will lead to economic disaster.<\/p>\n

This was in response to Professor Chris Malikane\u2019s article Our chance to complete the revolution<\/strong><\/a>,\u00a0which advocates drastic ultra-left and communist actions.<\/p>\n

Malikane\u2019s suggestions include establishing a \u201cbroad anti-white monopoly capitalist united front\u201d, and the \u201cexpropriation of white monopoly capitalist establishments, such as banks, insurance companies, and mines\u201d.<\/p>\n

He also proposed the expropriation of all land without compensation, the establishment of a state bank, and the nationalisation of the South African Reserve Bank.<\/p>\n

Mabuza said Malikane\u2019s column is \u201can insult to our intelligence, disrespects our achievements, and threatens our plans for the future\u201d.<\/p>\n

\u201cIn a way typical of extremists, Malikane imagines that all our country\u2019s social and economic problems are the fault of a conspiracy made up of white monopoly capital and its black puppets,\u201d said Mabuza.<\/p>\n

\u201cWhat an offensive concept \u2013 South Africa\u2019s black entrepreneurs and professionals are nobody\u2019s puppets.\u201d<\/p>\n

The Telkom chairperson said there is overwhelming evidence which shows that nationalisation and large-scale land expropriation leads to economic disaster.<\/p>\n

\u201cNo one wants to spend money on something that can be taken away from them,\u201d said Mabuza.<\/p>\n

\u201cThreats of nationalisation prevent domestic and foreign investment, and raise the cost of borrowing \u2013 for individuals, for businesses, and for the government.\u201d<\/p>\n

Mabuza\u2019s column followed similar comments<\/strong><\/a> from Altron CEO Mteto Nyati, who warned that radical economic transformation will destroy South Africa\u2019s economy.<\/p>\n

Nyati said \u201cradical economic transformation\u201d discussions have morphed into an \u201cus and them\u201d situation.<\/p>\n

\u201cYou have people talking about white monopoly capital, clearly painting large companies as entities which are not required, or that should be attacked or destroyed,\u201d he said.<\/p>\n

He said the \u201cus and them\u201d situation is taking the country in the wrong direction, where we will end up \u201creally destroying our economy\u201d.<\/p>\n

\u201cThe current businesses are an important asset for this country and we need to protect that.\u201d<\/p>\n

He said there is a need to create new opportunities, but warned that this process should not mess with what is working.<\/p>\n

\n

Read: Telkom gets revised credit rating<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Telkom chairman Jabu Mabuza has warned that the expropriation of \u201cwhite monopoly capitalist establishments\u201d, land, and banks will lead to economic disaster.<\/p>\n","protected":false},"author":31,"featured_media":44042,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[25,65],"class_list":["post-172189","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trending","tag-active","tag-telkom"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/172189","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/31"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=172189"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/172189\/revisions"}],"predecessor-version":[{"id":172191,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/172189\/revisions\/172191"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/44042"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=172189"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=172189"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=172189"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}