Chancellor House deal: ‘Investing is not a crime’

2014-04-27 11:30

The ANC’s investment company has defended the party’s R170?million purchase of a major Eskom supplier, despite the ruling party’s official position that it will no longer invest in companies doing business with the state.

Yesterday, the Weekend Witness in KwaZulu-Natal broke news of the deal, which saw Chancellor House invest R34?million in a transaction that gives it immediate control of 49% of Pfisterer, the Swiss-owned manufacturer of components for electrification.

Chancellor House’s Mamatho Netsianda initially denied knowing about the deal, or even of Pfisterer’s existence.

But yesterday, he defended it, saying Chancellor House had a right to invest where it wanted.

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