The news of heavy fraud and corruption in two of South Africa’s biggest monopolies has thrown the big capitalists into turmoil. The scandals, which broke out almost simultaneously, involve two global behemoths, Naspers and Steinhof, and implicate some of the very biggest tycoons in the country, such as Christo Wiese, Markus Jooste and Koos Bekker.

The announcement on Wednesday of more than 3000 job cuts at Sibanye Gold represents a clear attack against the South African working-class. Sibanye announced 2,025 ‘retrenchments’ and 1,350 ‘voluntary redundancies’, i.e, 3,375 job cuts at its Cooke mines in Gauteng and Beatrix West operations in the Free State.

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