EXCLUSIVE: While South Africa’s economy BURNS, JSE-listed “tech giant” iOCO is ENGAGING in a SHOCKING SCHEME to funnel MILLIONS away from workers, wages, and growth to make its elite shareholders even richer.
In a move that SCREAMS corporate greed, the company—formerly the scandal-ridden EOH—has just BLAZED another R9.6 MILLION on buying back its own stock. This is NOT investment. This is FINANCIAL ENGINEERING on a massive scale, a desperate ploy to artificially inflate share prices while offering NOTHING to the public.
Since August, iOCO has SIPHONED OFF a staggering R26.4 million in a quiet wealth transfer to its wealthiest investors. They claim it’s “in the best interests of the company,” but who is the company for? Not for the average South African struggling with load-shedding and unemployment, that’s for sure. This is a DARK manipulation of the market, hoarding shares as “treasury stock” while the nation begs for real innovation and job creation.
Even more OUTRAGEOUS? Their board has authorized a BUYBACK SPREE of up to 19.3% of the company. They have crafted a “formal programme” to allow this pillaging to continue EVEN DURING sensitive “closed periods” before financial results. It’s a rigged game, LEGALIZED THEFT from the future of the business.
This is the dire truth of modern capitalism: corporations are no longer engines of progress, but vacuum pumps for wealth, sucking capital out of the real economy to enrich a select few. It’s a devastating reminder that the market is not just broken—it’s been weaponized against you.
Author: Kayitsi.com
