Hon Speaker, the ACDP believes that the regulatory debacle of the listing of Vodacom was stupid, to say the least. Whilst we accept the apologies of Chairman Mashile, Icasa conducted itself in an appalling manner totally unbecoming of an independent regulator. Apologies and contrition are clearly not enough.
Had the urgent application to stop the R88 billion listing succeeded, it would have done incalculable damage to South Africa as a destination for investors. The repatriation of the R20,6 billion invested would also have had dire consequences for our volatile currency.
The ACDP encourages the portfolio committee to continue its investigation into who succumbed to political pressure at Icasa. Those responsible must be held accountable at the very least for the estimated R5 million fruitless and wasteful expenditures on legal costs. The ACDP will, however, support this Budget Vote. Thank you. [Applause.]