House Chair, to the Minister, several of the beneficiary companies that received funds from the IDC last year involve former ANC politicians and former and present executives of state-owned entities.
Granted that the IDC has taken measures to promote transparency around funding to so-called "politically exposed persons", but what additional measures can be taken to ensure that the IDC and the Black Industrialists Programme in particular, do not become a cash card for an elite with political connections to the ruling party?
Hon Cardo, I am
really pleased that you have accepted that the IDC has put in place very significant steps. It became the first institution to say that it will publish, on its website, the names of all the beneficiaries of new investment and support by the IDC. It also took very strong action wherever there was any allegation of improper behaviour.
In the discussion that we have had with the portfolio committee we noted that politically exposed persons are