ACL CEO

[Mr_Money]

So when do you guys think that the CEO of ACL is going to get the boot??? Any guesses out there?

[Werner_1]

I dont know, but failure to realise mining rights have expired is a very bad thing, even if they say the company is not in mining and could have been overlooked... this means management is not on top of their company...

[striker]

They were forewarned about the minig right license and did nothing. In a way ACL deserve this knock - Mittal stole this coy.from the Govt.(Read taxpayers money)and have over charged local steel consumers for years using smoke and mirrors in defending their pricing. While Mr. Mittal has made fortunes from S.A's generousity what has he contributed back to this country??

[Werner_1]

Striker, i agree, ACL messed up big and now will pay for that mistake. They should have provided cheaper steal to SA Economy, but no they wanted to make big bucks, that wasnt the goal of that cheap iron ore in any case, so i would think its good that KIO gets better deal then... but now it looks like that's not happening - i hope KIO goes to court and ends up with the mining rights of that disputed 21%, thats what i think should happen.

[Werner_1]

btw: i have no interests (shares) in either company, ACL or KIO... just like to follow the story...

[topgun]

Maybe ACL's "apparent" negligence to renew their mining rights was deliberate..part of a conspiracy perhaps, given the CEO's links to the ANC and the new Luthuli House beneficiaries. Imperial Crown like Chancellor House could also be a front for indirect ANC funding. The former's application also happened to coincide with that of Kumba - an indication of access to information within the DME. This could be part of a broader theme as has happened with the sabotage of Eskom. First you attack the electricity utility and then the steel industry - both key pillars of an industrial economy. In both cases, inflating costs across the whole economy and undermining the country's competitiveness. Or do we prefer to view this as another case of convenient incompetence?

[Werner_1]

topgun... i think that's a logical arguement! Then i love the way some guys tell me its not good to buy offshore investments to diversify... They think the USD will go down, but if this happens here much more the ZAR might go down faster.

[kwagga]

Is it a question of messing up, or a question of orchestrating a planned BEE grab of mineral rights? Who says the CEO of Mittal is not in on the deal? This whole issue reeks of ANC rot. Simply too many things fell in place. I'm sure the Department of Mineral rights didn't just issue prospecting rights to this BEE Company overnight. This was planned and carfully excecuted. Apparently if this new BEE Company charges cost + 5/6% on iron ore they will pocket R 3 billion a year, without the need to lift a finger. The fact is that if Kumba gets their way the consumer will bite the bullet for the additional costs incurred by charging market related pricing. If the ANC gets their way we will see little impact on the prices of steel, but they will litteraly steel cream off the deal, a.k.a "semi - nationalize" the Sishen mine, but instead of empowering the poor, they will once again follow the morally low road and enrich a few connected comrades. If I was a major Mittal shareholder, and I suspect any Mittal employees involved in this deal, I'd sue the ***** out of them for purposefully destroying shareholder value.

[Werner_1]

Guys, dont get me wrong, i really like SA, its an awesome place to live... just a bit sad at these issues which pop up now and then, i think it makes the world not trust us properly if it continues. We will make a excellent world cup, but that alone isnt enough to prove that SA is a good place to invest money... trust is more important and if such things happen big foreign money will not flow so easily anymore... Mr Mittal is possibly fuming as we speak... not so good seeing that he is a very high-profile businessman who is listened to around the world by millions...

[topgun]

Correct...another Trojan horse perhaps? Besides the SOE's, ANC caders are present on the boards of most listed companies now...part of the NDR - first allegiance is to the party (and their own pockets).

[TOPIX]

Acoording to Mail & Guardian, http://www.mg.co.za/article/2010-03-18-anclinked-company-gets-disputed-sishen-rights , ArcelorMittal paid R2,5-billion for its 21% share of the rights in 2001. The rights are not there to give away nilly willy. How much have this new entity paid and through what process was it done?

[Werner_1]

someone should investigate the relationship between the CEO/Execs and ANC... It would be interesting what comes up from that. Guys i think this is a subject we all are in agreement on... its actually very cool we all team up on the subject! excellent!

[striker]

The ANC is hijacking this country with their shameless greed. What about Chancellor House ( ANC's slush fund)holding a 25% stake in Hitachi's local operation ? Guess who gets awarded the deal to supply Eskom's new generators ,and particpate in the profits ? We are all,most especially the poor, are being impoverished by this bunch of rapists !

[Werner_1]

Whats the details on the story that ANC owns shares in Eskom, i think i heard something like that... If thats the case they should list Eskom on the JSE so the general population can also own it if they want!

[topgun]

Eskom 100% Govt-owned. The ANC is involved via Chancellor House in the construction of the Medupi boiler - A R3bn contact awarded to Hitachi (SA) - Chancellor is the very convenient 25% BEE partner in the latter...wonder what "expertise" they bing to the party?

[SimonPB]

why would the gov want to undermine the country ??

[Werner_1]

lol... thanks for explaining, i just saw a headline somewhere and didnt know what the trueth was...

[striker]

Correction Topgun,Eskom is funded and run with the Public's money, making it owned by the tax paying Public. It is not there for the ANC to profit from,and stick their grimy fingers into the till !! If ever there was a conflict of interests, this surely is it,and shockingly it is against the very people the were elected to serve !!

[topgun]

Eskom is indeed a state-owned entity controlled by the govt on behalf of SA's citizens and not owned by the ANC - although they treat all levers of state as their own private fiefdoms. You must also understand that the ANC is a revolutionary party at war with the country and its people (threatening its citizens if they refuse to pay their taxes for non-existent municipal services or dare to protest against lack of service delivery) much like our northerly neighbour with zero interest in the country's collective well-being or progress. (How do you forget to build power stations?) While they wilfully neglect to protect the country's borders, the democratically elected rulers spend R380m annually on VIP protection - scared of what seeing that crime is a mere perception? Their raison d'être is to plunder and loot..and I agree.