Absa stops all political donations

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James

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Absa has stopped all political donations, the bank said on Monday.

"Absa confirms that it will discontinue all political donations and that it made its final donations to political parties in December 2013," it said in a statement.

"Absa had previously supported all political parties who had three seats or more in the National Assembly."

The bank did not give further details.

...read more here: Absa stops all political donations
 
Good I guess. The less money they get from various sources the less they have to waste on things like Nkandla...
 
Ike_009 said:
Nkandla was Tax funds and not from party funds, I really couldn't care about private funds
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Although it seems private funds are being taken from the public funds, and people are using their power to line their pockets.
 
addam said:
Although it seems private funds are being taken from the public funds, and people are using their power to line their pockets.
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That's called corruption, I seriously doubt ABSA is getting funds from the treasury which is then given to political parties.
 
A dangerous trend...I must now wonder how lower tier parties intend to obtain money foe their operations. It may actually lead to MORE corruption as a result
 
z1oc said:
guess they will find a other way to get money now. Tax ??
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No political party has any right to levy tax, not even the ANC. If you guys read the article you would see donations are now being given to NGOs (essentially social responsibility donations), there was nothing sinister or corrupt about these donations.

Not everything regarding politics and money is evil.
 
I don't understand why ABSA was blindly donating to parties with over 3 seats in Parliament in the first place. Why exclude the smaller parties? I'm sure this money will be better used by NGO's.
 
Lydon said:
I don't understand why ABSA was blindly donating to parties with over 3 seats in Parliament in the first place. Why exclude the smaller parties? I'm sure this money will be better used by NGO's.
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Basically they don't want to give money to small parties like KISS who don't do anything until election week, it's just a waste.

However I like the independent financing in that it limits parties reliance on side businesses to fund it's operations which could lead to corruption (IE you fund those you have faith in), but with all the issues lately I don't think there is faith in our political parties which may be why ABSA is pulling out.
 
Ike_009 said:
Basically they don't want to give money to small parties like KISS who don't do anything until election week, it's just a waste.

However I like the independent financing in that it limits parties reliance on side businesses to fund it's operations which could lead to corruption (IE you fund those you have faith in), but with all the issues lately I don't think there is faith in our political parties which may be why ABSA is pulling out.
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Yeah, as far as I'm concerned parties should have to continually convince donors as to why they're worthy of their funds in the same way they've got to convince voters at the polls. "Automatically" receiving donations from the likes of banks is a big no-no for me. I'm glad ABSA have seen the light.
 
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