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

Advertising

Subscribers only

Covid-overflow hospital in ruins as SIU investigates

A high-level probe has begun into hundreds of millions of rand spent by the Gauteng health department to refurbish a hospital that is now seven months behind schedule – and lying empty

Q&A Sessions: ‘I should have fought harder for SA vaccine’...

Professor Salim Abdool Karim talks to Nicolene de Wee about his responsibility as head of the ministerial advisory committee tasked with guiding the government’s response to the Covid-19 pandemic.

More top stories

Children may benefit when parents share their digital gaming...

Digital games can provide forums for diverse groups of people to come together, which is especially important while our physical activities are restricted

‘No one took us seriously’: Black cops warned about racist...

Allegations of racism against the Capitol Police are nothing new: Over 250 Black cops have sued the department since 2001. Some of those former officers now say it’s no surprise white nationalists were able to storm the building

Pay-TV inquiry probes the Multichoice monopoly

Africa’s largest subscription television operator says it is under threat amid the emerging popularity of global platforms like Netflix and Amazon Prime

​No apology or comfort as another Marikana mother dies without...

Nomawethu Ma’Bhengu Sompeta, whose funeral will be held this weekend, was unequivocal in calling out the government for its response to the Marikana massacre
Advertising

press releases

Loading latest Press Releases…