Bantu Investment Corporation
The Bantu Investment Corporation of South Africa Ltd., abbreviated to BIC (German for example: Bantu Investment Company of South Africa AG ) was a South African company for the control of economic investments in the Bantu reserve and later homelands , which was initiated by the apartheid government under the leadership of Prime Minister Hendrik Frensch Verwoerd was created. The company's headquarters were in Pretoria . The Bantu Investment Corporation Act ( Act No. 34/1959 ) formed the legal basis for the establishment and future area of activity of this state-owned company . The public limited company started its activity in July 1959.
Corporate purpose
The purpose of the Bantu Investment Corporation was to provide government support to existing companies primarily in the industrial, commercial and financial services sectors. Start-ups in these sectors received support if they complied with the national political framework. The tasks also included the provision of financial, technical and other resources as well as advisory services. To this end, the BIC pursued general goals to promote the principle of profitability and for capital formation measures. The BIC's activities focused exclusively on Bantu individuals or their companies in the homelands. The BIC was allowed to accept financial deposits from the assets of Africans for mutually agreed investments. BIC developed management and strategy plans for special government development companies in the homelands.
Structures
BIC was founded with a share capital of 500,000 South African pounds (later 1,000,000 rand ), which was transferred in common shares of 2 rand each to the South African Bantu Trust , which, however, received no dividends . Annual capital allocations by the trust increased the share capital continuously and reached a volume of 31.78 million Rand on March 31, 1972.
The Board of Directors was appointed by the Minister for Bantu Administration and Development ( Bantu Administration ). Only white persons were called to these functions.
The BIC had its own branches in the provinces of South Africa. In 1977 BIC was renamed Corporation for Economic Development Limited (CED). However, this company was phased out. The Development Bank of Southern Africa emerged from it in 1983 .
Legislative follow-up developments
- Bantu Homelands Development Corporations Act ( Act No. 86/1965 ). This law made it possible to set up regionally specific development societies in the homelands.
- Promotion of Economic Development of Homelands Act ( Act No. 46/1968 ). This law served the possible establishment of development companies, with whose support private capital "white" investors should be mobilized and black executives should be won over.
BIC periodicals
- Annual report - Bantu Investment Corporation of South Africa (since 1959/60), later continued under the title Corporation for Economic Development (South Africa). Annual report
- Jaarverslag - Bantoe voucher corporasy van Suid-Afrika (1962/63 to 1973/74)
literature
- Muriel Horrell : The African Homelands of South Africa . SAIRR , Johannesburg 1973, pp. 70-71
Individual evidence
- ^ Nelson Mandela Foundation : 1959. Bantu Investment Corporation Act . on www.nelsonmandela.org (English)
- ^ A b Ithala SOC Limited: Ithala Development Finance Corporation. History . on www.ithala.co.za (English)
- ↑ Horrell: Homelands , 1973, p. 70
- ^ SAIRR : Survey of Race Relations in South Africa 1983 . Johannesburg 1984, p. 369
- ^ Nelson Mandela Foundation: 1965. Bantu Homelands Development Corporations Act . on www.nelsonmandela.org (English)
- ↑ a b Entry in the online catalog of the National Library of Australia (English)
further reading
- J. Adendorff: The Bantu Investment Corporation of South Africa Limited: Review of activities . In: Revue de la Société d'Etudes et d'Expansion / Association Internationale à But Scientifique; Center de Coopération et de Documentation Economique, Culturelle et Sociale. Liège, Volume 70 (1971), pp. 525-529