President Jacob Zuma said there is “white monopoly capital” in South Africa because of the country’s segregated past.
The president was speaking to news channel ANN7 on Monday.
There is monopoly capital and in SA it is white
He said the majority of people in the country were deprived as a direct consequence of Apartheid. He said there was a cluster of companies operating in the country that held a monopoly on the industries they worked in.
“The minority dominates land. That’s why we are saying there is a monopoly. It is not insult,” said Zuma.
According to Zuma, these companies were predominantly white and therefore held an unfair disadvantage over the economy. Having fought for freedom, Zuma said his mandate was to ensure that the country was economically emancipated.
“It is a fact, it’s not manufactured. We are telling the truth. We fought, they took everything, political power which we now have. They took economical power and land. Let us take the mines, companies who dominate in mines, few are benefiting. You will find the same companies in charge. That means they are dominating. They are monopolising, they are not black.
“You have companies that are white, they start from big commodities to the broom, they are monopolies, they should be called by what they practice. There is monopoly capital and in SA it is white. Because of our history it does have a colour and it is white,” Zuma said.