27 October 2018

South Africa: Ramaphosa Disses the Term 'White Monopoly Capital'

Photo: @PresidencyZA/Twitter
President Cyril Ramaphosa speaking at the Investment Conference.

President Cyril Ramaphosa has dissed the term "white monopoly capital" while addressing the inaugural SA Investment Summit dinner on Friday.

"One thing that I learnt is the three Es: Education, entrepreneurship and an efficient government," the president tells delegates.

Ramaphosa then says that "we should treat our entrepreneurs as heroes".

"We have become accustomed to... treating our entrepreneurs and businesspeople [badly] and called them all sorts of names. We've treated them like enemies and... white monopoly capital - that must end today," Ramaphosa says to huge applause.

In May, three prominent South African editors lodged a defamation claim against AIG Europe, the insurer for now defunct Bell Pottinger, over the fallen UK media relations giant's role in the so-called "white monopoly capital" media campaign.

Editors Ferial Haffajee, Adriaan Basson and Peter Bruce were targeted by the WMC campaign in a barrage of tweets published by Twitter "bots".

In September last year, Sunday Times reported that Bell Pottinger's account team working for the Gupta-owned Oakbay was primarily responsible for devising the campaign.

Source: News24

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