COSATU Condemns Listing of Anglo-American on London Exchange


Via NY Transfer News Collective * All the News that Doesn't Fit

May 24, 1999 by cospress@lists.sn.apc.org


COSATU CONDEMNS THE LISTING OF ANGLO AMERICAN ON LONDON STOCK EXCHANGE

COSATU condemns the primary listing of Anglo American 
Corporation on the London Stock Exchange.  Not only does this 
move constitute a major setback to the South African economy, 
but it is a stab in the back of those who have tirelessly worked to 
attract productive, foreign direct investment into South Africa.

COSATU has consistently called on South African big business to 
lift their "investment strike" and show more faith in the 
reconstruction of the economy and the creation of jobs by investing 
in the productive sectors of the economy.

This call is all the more imperative in view of an International Labour 
Organisation study ("Studies on the Social Dimensions of 
Globalisation" on South Africa) which reported that the level of 
investment by local companies has been on the decline for a 
number of years.  There is a strong connection between the 
worsening unemployment situation and the massive retrenchments 
we have seen in the recent years.  This gruesome spectacle 
notwithstanding, a growing number of South African companies 
have responded by way of a great trek to list abroad.

The tired denial by those in the queue to move billions of rands 
offshore is not convincing.  There is no evidence to show that they 
will use returns from such foreign listings to benefit the local 
economy.  In fact the opposite is happening.

We call on the Government to create mechanisms to regulate this 
great trek.  We therefore welcome the hint towards such regulation 
by the Minister of Finance. COSATU has placed the matter on the 
agenda of the Public Finance Chamber in NEDLAC.  We call for a 
decisive intervention by the government to stop this trend with 
immediate effect.
 
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