Competition authorities reject Manyi’s complaint against Futuregrowth

Mzwanele ‘Jimmy’ Manyi’s Decolonisation Foundation’s complaint that Futuregrowth Asset Management was involved in collusion with fund managers to stop landing to some of the country’s State Owned Enterprises (SOEs) has been thrown out by the Competition Commission.

A statement released by competition authorities on Tuesday said the commission concluded that the conduct by the money manager did not raise any competition concerns, and the commission could not find any evidence to the contrary to refer the matter for prosecution.

“We could not find any evidence to support the collusive behaviour allegation made by the complainant. During our meeting, the complainant indicated that the only evidence for this collusive behaviour is the announcement made by the respondent in the media soon after it ceased lending to SOEs.

“In particular, the complainant submitted that the announcement in the media was an invitation to other fund managers to also cease their lending to SOEs,” the commission said.

Africa’s biggest private fixed-income money manager announced in August 2016 its decision to stop further funding to Eskom, Transnet, the South African National Roads Agency (Sanral), the Land Bank, the Industrial Development Corporation (IDC) and the Development Bank of Southern Africa (DBSA).

Futuregrowth has since revised its decision to halt loans to the major SOEs after a review of their mechanisms.

Manyi, a former government spokesperson, is a known staunch supporter of President Jacob Zuma and the controversial Gupta family accused of “state capture”.

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