Word: anc
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Dates: during 2000-2009
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Thabo Mbeki called time on his presidency on Saturday, after South Africa's ruling African National Congress (ANC) called on him to resign - opening the way for his rival and successor as party leader, Jacob Zuma, to be voted in as President despite allegations of corruption against him. ANC party leaders argued through Friday night over Mbeki's fate, announcing early on Saturday afternoon their unanimous decision to remove him from office following allegations that he had used the country's law-enforcement system to undermine Zuma's chances of succeeding him. ANC Secretary General Gwede Mantashe said...
...caretaker government until elections can be held next year. Some suggested that Zuma, who is not a member of parliament, would not serve in a transitional administration and would most likely assume power only after the elections. Although Mbeki has been a lame duck ever since Zuma wrested the ANC leadership from him at last December's party leadership conference, Saturday's move to accelerate Mbeki's ouster has raised fears of growing instability in Africa's largest economy, with bitter divisions within the ANC likely to grow more rancorous. While Zuma's supporters have long claimed that their leader...
...international sanctions began to bite in the 1970s, Sasol became integral to the survival of an isolated South Africa--and a frequent target of Nelson Mandela's African National Congress (ANC) guerrillas. In 1980 the ANC's military wing, the Umkhonto we Sizwe, blew up parts of Sasol's plants in Sasolburg and Secunda, both south of Johannesburg. In 1983, '84 and '85, the rebels returned to launch rocket attacks on the plants. (The rockets missed, but the attacks are commemorated to this day in an ANC song whose chorus goes, "Whoosh! Whoosh...
White supremacists using Nazi technology is a Venn diagram of bad p.r. Yet Sasol survived the end of apartheid. Why? Because it's an energy company. Precisely those qualities--size, profits, energy security--that made it a target of the ANC as a rebel group made it vital for the ANC as a government. Today Sasol has a market cap of $32 billion and is South Africa's biggest private-sector employer, with a workforce of 33,000, earnings that account for 4.4% of GDP and a production output that satisfies 38% of South Africa's fuel needs...
...also one of the primary instruments that the postapartheid government uses to dilute white domination of the economy. The government now owns 24% of Sasol, which has a black majority on its board--Davies is the company's only white executive. Former ANC guerrilla leader Max Sisulu once served as group general manager. In March, Sasol announced it was releasing more than $3 billion in shares--or 10% of the company's total value--to Sasol employees, black South Africans and other previously disadvantaged groups. A finance deal will allow buyers to own shares by putting down a small deposit...