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Former JSE chief tears into 'racist' Malema, ANCYL

Melissa Du Preez

Former JSE chief executive Russel Loubser has delivered a scathing attack on Julius Malema and the ANC Youth League, calling them racist and greedy.

Former JSE chief executive Russel Loubser has delivered a scathing attack on Julius Malema and the ANC Youth League, calling them racist, greedy and a disgrace. (Delwyn Verasamy, M&G)
  • Listen to the lecture here.

Loubser – also a former South African Airways board member – told a public lecture at Wits University on Wednesday the expelled youth league leader and the organisation were racist, greedy, a disgrace and an embarrassment for the country.

"They are racist. He is racist, supremely arrogant, greedy and has no real work ethic ... Today's ANC Youth League is not the youth league of Nelson Mandela ... and the like."

He argued that the organisation was doing nothing to contribute to economic empowerment, but rather making empty claims.

"The ANC Youth League is a consumer of value and destroyer of confidence. You won't hear one idea from the youth league on how to create wealth ... but you will hear consistently about redistributing wealth," he said.

"If you don't add value, you are consuming value ... this is basic economics," he added.

Loubser also took a swipe at the ANC, saying the party was unwilling to bring the youth league to task.

"Where's the leadership that says to them 'listen young man, if you can't speak sense then shut up'?"

Loubser also said the Marikana killings "should come as no surprise to anyone, and won't be the last either".

"This constant, emotional and brainless talk about the nationalisation of our mines by people of room temperature IQ – this destroys confidence, and the irresponsible actions of our labour unions are also destroying the economy and the jobs, if you've noticed."

"If I was asked to describe South Africa in a one-liner then it would be 'no guarantees but many opportunities'. No guarantees of anything, and for opportunities you could read 'gaps, holes, for the not so ethical'."

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