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29 Sep 2015 10:18
Medupi power station during the initial phases of construction. (Madelene Cronje, MG)
On Monday, the US-based Securities and Exchange Commission charged Tokyo-based conglomerate Hitachi with violating the Foreign Corrupt Practices Act (FCPA) when it inaccurately recorded improper payments to the ANC in connection with contracts to build two multibillion-dollar power plants.Hitachi has agreed to pay $19-million to settle the SEC charges.
The SEC alleges that Hitachi sold a 25% stake in a South African subsidiary to a company serving as a front for the ANC.
The Mail & Guardian first reported about this in 2006 and in 2007, and carried a full investigation into the deal which was denied by the ANC and Hitachi.
Other Chancellor House investments
ANC front wins huge state tender
Moosa in R38-billion tender conflict
Zille says ANC stands to make R1bn from Medupi
‘Chancellor House not selling Hitachi stake’
Hitachi claims ignorance in ANC-Eskom deal
Hitachi pays $19m to settle ANC bribe charges - US SEC
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