AfriForum CEO Slams News24 Over Reports of R3M Investment Linked to ANC-Aligned Firm

AfriForum CEO Kallie Kriel has launched a fierce counter-attack against News24, accusing the media outlet of acting as “anti-AfriForum activists masquerading as journalists.”

The backlash follows a News24 report revealing that the fiercely anti-ANC, anti-BEE civil rights organization had indirect financial ties to a stockbroking firm historically linked to ANC funding.

The Investment in Question

According to the report, AfriForum allocated R3 million in 2013 to an independent investment manager. This manager utilized the trading platform of Thebe Stockbroking—now TSB Securities—to trade JSE-listed stocks. Over a decade, that investment reportedly matured to R4.8 million by 2023.

The controversy stems from Thebe Stockbroking’s lineage. Founded in 1992 as a pioneering Black-owned company, it was originally owned by the Batho Batho Trust—a community trust deeply intertwined with the ANC, whose founding trustees included Nelson Mandela, Walter Sisulu, and Reverend Beyers Naudé.

Given AfriForum’s vocal opposition to Black Economic Empowerment (BEE) and the ruling party, the optics of the investment have placed Kriel and his organization under intense scrutiny.

Kriel Defends AfriForum’s Financial Track Record

Responding to the fallout, Kriel clarified that AfriForum never directly invested in Thebe Stockbroking. He explained that third-party fund managers independently choose which platforms to use when trading on the Johannesburg Stock Exchange (JSE).

Furthermore, Kriel argued that navigating South Africa’s financial markets without encountering BEE-compliant entities is an impossible task.

“These platforms are compelled by the race-obsessed ANC-led government to implement BEE policies,” Kriel stated. “It is virtually impossible to invest in shares on the JSE without some exposure to BEE-compliant entities.”

Kriel maintained that AfriForum was entirely unaware that Thebe would channel donations to the ANC, noting that they would have avoided the platform had they known. He added that AfriForum had already decided to cut ties with the platform in March 2023 as part of a broader consolidation of the organization’s investment portfolio.

AfriForum Fires Back at Naspers

Turning the tables on the publication, Kriel accused News24 of hypocrisy, highlighting that its parent company, Naspers, allegedly donated R8 million to the ANC between 2021 and 2025.

According to Kriel, News24 completely ignored AfriForum’s inquiries regarding these donations, which he believes directly impacts the outlet’s journalistic integrity.

“How can we trust the objectivity of a media outlet when its parent company is financially supporting one of the major political players?” Kriel questioned, pointing out the irony of being targeted for a passive investment platform while the media house’s owners directly fund a party heavily implicated in corruption.

“This isn’t just a potential conflict of interest,” Kriel concluded. “It’s a direct challenge to the integrity of the media as a neutral entity.”

At the time of publication, News24 had not publicly responded to Kriel’s counter-accusations.