CAPE TOWN Morning clouds. Mild.

7 day
  • Tuesday 15-22°c Sunny. Mild. Sunny. Mild.
    Wednesday 16-23°c Sunny. Mild. Sunny. Mild.
    Thursday 16-22°c Sunny. Mild. Sunny. Mild.
    Friday 16-24°c Sunny. Mild. Sunny. Mild.
    Saturday 16-25°c Sunny. Warm. Sunny. Warm.
    Sunday 17-26°c More sun than clouds. Warm. More sun than clouds. Warm.
More News

Bank stops political party funding

2014-02-24 16:56
(Photo: IEC website)

Johannesburg - Absa has stopped all political donations, the bank said on Monday.

"Absa confirms that it will discontinue all political donations and that it made its final donations to political parties in December 2013," it said in a statement.

"Absa had previously supported all political parties who had three seats or more in the National Assembly."

The bank did not give further details.

Democratic Alliance national spokesperson Mmusi Maimane said the party received a donation from Absa last year and that the bank informed them that it would not be getting any money this year.

"Political parties and opposition parties depend on private funding on that level and it's a tough decision," he said.

Maimane said in the interests of democracy the issue needed to be addressed.

IFP treasurer general Narend Singh said his party received its last donation from Absa in 2013.

"We are engaging with Absa at the moment and we [are] waiting for terms of new ways [in which] assistance will be provided to communities," he said.

Singh said the discontinuation of the donation would have an impact on smaller political parties.

United Democratic Movement leader Bantu Holomisa said the bank had informed the party it would now be dealing with NGOs in communities and not political parties.

"Absa told us in a meeting that they would not be funding political parties at all. We accept their decision," he said.

The Freedom Front Plus has called on Absa to review its donation policy.

"Due to the unfair favouritism of the ANC from state funds and because private companies are increasingly withdrawing their support from politics, elections are becoming financially unfair and one-sided," FF Plus leader Pieter Mulder said.

"The private sector is increasingly playing into the hands of the ANC by stopping their donations to political parties."

Read more on: absa  |  pieter mulder  |  mmusi maimane  |  bantu holomisa  |  elections 2014

More In This Category
IEC announces by-election date

The IEC has announced a date for municipal ward by-elections.

ANC Limpopo urges party to rebuild, dismisses early conference talk

The ANC in Limpopo has vowed to reform itself and has urged branches to focus on rebuilding instead of holding an early special conference or consultative conference.

3 more arrests for slain DA councillor, partner

Three more people have appeared in court in connection with the murders of DA councillor Johannes Baatjies and his business partner, the Northern Cape Hawks have said.

ANC 'colluding' MEC in hung councils hits back at IFP

KwaZulu-Natal Co-operative Governance and Traditional Affairs MEC Nomusa Dube-Ncube has hit back at the Inkatha Freedom Party which has accused her of working with the ANC to stall processes in hung municipalities.

Read News24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.
News24 |   OLX  |  PROPERTY24  |  CAREERS24  |  SPREE  |