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It is old new now that Hitachi agreed to pay $19 million to settle charges in South Africa relating to the building of two power stations. Before bidding for a contract, Hitachi sold 25% of one of its divisions to Chancellor House, an ANC investment arm.
Shortly thereafter, the company obtained certain lucrative contracts to build power stations. The US Securities and Exchange Commission charged that not only did Chancellor House received handsome dividends, but also a $1 million “success fee”. They say this was weakly disguised as a consulting fee when in fact really it was bribery. Hitachi claimed that it had no idea, despite the fact that it has often been reported in the media, that Chancellor House was an ANC front company, but nevertheless Hitachi agreed to pay a $19 million fine to settle what are essentially bribery allegations. It is really embarrassing for our government and it is astounding that there appears to be so little embarrassment about it, apart from the usual denials. The DA has laid charges against Chancellor House, but one wonders where those will go.
Posted by Michael de Broglio on Tuesday 13-Oct-15
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Comments
Cornelie said:
on Friday 16-Oct-15 12:04 PM
Corruption is the way to go it will never stop it is only going to get worse.
david said:
on Tuesday 13-Oct-15 07:24 AM
nothing surprising, it's the ANC.
speaking of which, google: jacob zuma spear down my throat.
a perfect synopsis of JZ and the ANC.
Johannesburg based attorney specializing in personal injury matters including Road Accident Fund claims and medical negligence matters. My interests include golf, reading and the internet and the way it is constantly developing. I have a passion for life and a desire for less stress!
