ACDP says ICASA’s sudden about-turn is damaging South Africa as rand depreciates and further jobs are lost.

ACDP MP and Whip, Cheryllyn Dudley says:

The ACDP welcomes last night’s judgment in the South Gauteng High Court that dismissed the urgent application by ICASA and COSATU to prevent this morning’s listing of Vodacom on the Stock Exchange.

Both government and ICASA gave the listing the go-ahead a long time ago; this sudden about-turn has caused huge damage to South Africa in the eyes of foreign investors. These investors are watching South Africa very closely following the installation of the new administration under President Jacob Zuma.

We already have a global economic crisis and cannot afford these knee-jerk reactions as international markets will impact drastically on us.

Foreign investors require consistency and predictability from governments and regulators. We immediately saw a 3% drop of the Rand against the US Dollar following the High Court application. This we cannot afford as it will cause a further loss of jobs deepening poverty levels.

While ACDP recognizes the value of public input, this could have been done a long time ago. The ACDP will call on ICASA to account for this about-turn which smacks of political interference.

The ACDP will forward questions to the Minister of Communications and call for ICASA to account to Parliament’s Portfolio Committee on the issue.

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For further information contact:
Cheryllyn Dudley, MP and Whip, ACDP Parliament, 082 890 6520

Libby Norton, Media Attaché, ACDP, Parliament.
Tel: 021 851 9554 Cell: 07 25 70 6361
lnorton@parliament.gov.za

The ACDP stands for leadership by Christian principles, freedom of religion, a free market economy with a social conscience, family values, community empowerment and human rights in a federal system. Read the ACDP Manifesto at www.acdp.org.za