ANC hold majority stake in Thebe Investment

Thebe has repeatedly denied links with the party, but the paper claims to have established that Thebe was set up as an ANC investment company as far back as 1992, when, it says, a trust, the Batho Batho Trust, was established 'to receive dividends' for the party. Documents detailing the ANC's involvement with Thebe form part of a massive collection of forgotten letters and confidential reports recently salvaged from a neglected storeroom at Fort Hare University in the Eastern Cape. Documents in the university's Liberation Archive, which the Sunday Times says it obtained before it was placed off limits by the ANC, detail how the party created Thebe, through a trust, 'for the sole purpose of receiving dividends' from the investment company. One of these documents, The Income Generating Sector of our Movement, was drafted by the party's leadership in 1992. To date, one of Thebe's biggest transactions was securing a 0.84% shareholding in Vodacom, which is worth over R1bn. Vodacom spokesperson Richard Boorman told the paper: 'According to the assessment conducted on Thebe, as part of the selection process, it was not established that Thebe was an investment company for the ANC.' The ANC did not comment. Full Sunday Times report