The trouble with trying to brazen out deceit is that when the truth finally comes out, the consequences are much worse. The South African kingpins behind the Belvedere Ponzi scheme and their attack dogs at Werksmans are discovering this to their cost as the official reports mount outlining the extent of the theft. South Africa’s ruling political party is heading along the same road. First came blanket denials the ANC Government had channelled the claimed $10m of taxpayer money to bribe FIFA executives into awarding SA the 2010 World Cup. That saga is now unraveling fast with FIFA this week kicking out both its long-time ruler Sepp Blatter and deputy Michel Platini. That’s the last barricade before a flood of reality on a sick governing body and those who were played its crooked game. True to form, the ruling party shrugged off as “lies” the US Securities Exchange Commission’s finding that Hitachi bribed the ANC to land a major part of the Medupi power station contract. The risk of that approach just moved up a few notches after a World Bank announcement that it will now launch its own investigation. It’s one thing to shrug off Hitachi paying a $18m fine to the SEC without a formal admission of guilt. Another thing entirely when a multilateral body starts raking over the finer details. Forget the official agenda. This is the real issue under discussion for 4 000 ANC delegates gathered in Midrand for today’s policy conference. Nobody likes to be associated with proven felons. Especially the self-righteous. – Alec HoggÂ
By Lizeka Tandwa, News24
Johannesburg – The World Bank has confirmed that they will investigate any misuse of possible loans surrounding the controversial Hitachi contract for the Medupi power plant.
This comes after DA leader Mmusi Maimane wrote a loaded letter to the Integrity Vice President of The World Bank, Leornard McCarthy, requesting a full investigation into the involvement of Chancellor House –Â the ANC’s investment arm – in the Hitachi contract.
The World Bank senior spokesperson in Southern Africa, Zandile Ratshitanga told News24 that The World Bank did not finance the Hitachi contract for the Medupi power plant because financing had already been available from other lenders.
Read also: Hitachi bribery: Public Protector asked to probe Eskom’s Medupi tenders
“For projects financed by the World Bank Group we have an Integrity Vice Presidency that investigates allegations of fraud and corruption but that would apply only to project components that we have financed. The World Bank takes all allegations of fraud and corruption very seriously. Although the Hitachi contract was not financed by the World Bank, our Integrity Vice Presidency is assessing the matter to see whether any World Bank funds were put at risk,” she said.
While addressing more than 200 DA members outside the gates of Chancellor House on Thursday, Maimane said he was pleased with the decision by The World Bank. He said he had written to Public Protector Thuli Madonsela also in relation to Chancellor House.
Read also:Â Hitachi bribery included Eskom; ANC must come clean or face Brazilian fate
In September, the US Securities and Exchange Commission announced that Hitachi had “inaccurately recorded improper payments” to the ANC in connection with contracts to build two multi-billion dollar power plants.
News24 previously reported that Hitachi was aware that Chancellor House was a funding vehicle for the ANC. The Commission’s complaint was filed in the US District Court for the District of Columbia. Hitachi was charged with violating the Foreign Corrupt Practices Act.
At the time, ANC treasurer general Zweli Mkhize said: “The ANC categorically states that the organisation was not involved, implicated nor approached to answer on anything relating to the charges brought against Hitachi.”
Source:Â http://www.news24.com/SouthAfrica/News/World-Bank-looking-into-Hitachi-contract-20151008
