Chancellor House Holdings, the investment arm of the ANC, has admitted that the ruling party is a beneficiary of a trust that owns the company outright - after years controversy over Chancellor’s valuable stakes in government linked deals.
This includes Hitachi Power Africa, now Mitsubishi Hitachi Power Africa, that was awarded a R20 billion deal in 2007 to build all six boilers at Eskom’s Kusile and Medupi power stations.
The projects are years late and billions of rands over budget. Chancellor House had a 25% stake in Hitachi Power Africa which said at the time it had conducted a due diligence on Chancellor House Trust, which owns Chancellor House Holdings, and found the beneficiaries of the trust included “black ‘natural’ persons, classified into groups such as youth, women, rural citizens and the disabled”, Engineering News reported in 2010.
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