Absa announces end of political party funding

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. 

Impact
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 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," said FF Plus leader Pieter Mulder.

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

Subscribe to the M&G

These are unprecedented times, and the role of media to tell and record the story of South Africa as it develops is more important than ever.

The Mail & Guardian is a proud news publisher with roots stretching back 35 years, and we’ve survived right from day one thanks to the support of readers who value fiercely independent journalism that is beholden to no-one. To help us continue for another 35 future years with the same proud values, please consider taking out a subscription.

Sapa
Guest Author

Related stories

Eusebius McKaiser: Reject the dichotomy of political horrors

Senekal shows us that we must make a stand against the loud voice of the populist EFF and racist rightwingers

Under Mbali Ntuli the DA would offer South Africans a new political home

The KwaZulu-Natal MPL, who is running against John Steenhuisen for the post as party leader, embodies the hopes and dreams of the majority of citizens

Justice department hit by a costly cyberattack

The theft of R10-million from the Guardian’s Fund account prompts the justice department to freeze all accounts until an audit can determine the extent of the damage

Calling South African conservatives…

We’ve tried leftism for long enough and what we have to show for it is corruption and mismanagement, when what we need is jobs and education. Is it time to try out a Mashaba-esque version of right-wing politics?

ANC’s ‘moral crisis’ will foil W Cape hope

Former premier Ebrahim Rasool says voters will abandon the party until corruption is arrested

Eusebius McKaiser: The DA’s next leader should have a diverse political toolkit

But in the battle of John and Mbali, the way things are going, the party will crucify the better option
Advertising

Subscribers only

SAA bailout raises more questions

As the government continues to grapple with the troubles facing the airline, it would do well to keep on eye on the impending Denel implosion

ANC’s rogue deployees revealed

Despite 6 300 ANC cadres working in government, the party’s integrity committee has done little to deal with its accused members

More top stories

Finance probe into the Ingonyama Trust Board goes ahead

The threat of legal action from ITB chairperson Jerome Ngwenya fails to halt forensic audit ordered by the land reform minister

Ailing Far East Rand hospital purchases ‘vanity’ furniture

Dr Zacharia Mathaba, who purchased the furniture, is a suspected overtime fraudster and was appointed as Gauteng hospital chief executive despite facing serious disciplinary charges

Eusebius McKaiser: Reject the dichotomy of political horrors

Senekal shows us that we must make a stand against the loud voice of the populist EFF and racist rightwingers

Seals abort pups in mass die-off

There are a number of factors — a pollutant, virus or bacteria or malnutrition — may have caused the 12 000 deaths on Namibia’s coast
Advertising

press releases

Loading latest Press Releases…

The best local and international journalism

handpicked and in your inbox every weekday