THIS correspondent may well be accused of banging on about the corrupt arrangement in which the African National Congress has been given a 25 percent stake in Hitachi Power Africa (HPA), the local subsidiary of the giant Japanese multinational, Hitachi Limited.
As is well known but which does not seem to ring alarm bells at Hitachi or the US Department of Justice (DOJ) or the Securities Exchange Commission (SEC) or the New York Stock Exchange (NYSE), the ANC will make billions of rands out of its free stake in Hitachi, held by its investment arm, Chancellor House Holdings.
But there is a lot more to this than money in the back pocket of our ruling party, money which will render it politically invulnerable, enabling it to bury any opposition with its vast and ill-gotten gains from Hitachi which will flow forever from State and private sector business here and in other parts of Africa.
Hitachi is, of course, the beneficiary of a R40bn Eskom contract awarded to it when Vali Moosa was Eskom chairman and simultaneously chairman of ANC finances and its principal fund raiser.
Moosa may have left behind a ruinous shambles at Eskom but he bequeathed his party a huge cash flow in Eskom business, particularly as he should, in the interests of corporate governance principles, have insisted that the ANC divest from any bidder for Eskom business.
As Hitachi pursues its business interests in South Africa surely it cannot be denied that its competitors will be at a serious disadvantage? What chance, they may well ask themselves, do we have in a State or quasi-State contract bidding against Hitachi given the ANC's interests in the outcome?