NCC Terminates Job Creation Agreement Due to Funder’s Support for Israel

The National Coloured Congress (NCC) has retracted a multi-billion rand investment agreement that was expected to create over 100,000 jobs after learning that businessman Gary Itzikowitz is a supporter of Israel.

The party announced that it will not honor the 10-year deal previously signed by Deputy President Larry Varrie and Itzikowitz.

Varrie indicated that the party reconsidered its initial announcement following concerns raised by members and new information about Itzikowitz’s support for Israel.

The NCC stated that Itzikowitz did not reveal his stance when the agreement was executed.

Itzikowitz had posted on LinkedIn a year ago affirming his support for the State of Israel.

He is a South African entrepreneur and former corporate executive, recognized as the past chief executive of Quantum Property Group (QPG), a property development firm listed on AltX.

QPG was responsible for the development of the 15 on Orange hotel and leisure complex in Cape Town. He resigned in June 2010 to focus on personal business ventures.

In his statement, Varrie affirmed that the party’s stance remained consistent: it supports the people of Palestine and will refrain from entering business or investment arrangements with anyone who backs Israel.

“Our stance is directed towards the State of Israel and its actions. It is not an indictment of any faith or group of people. No investment, no matter how substantial, is more valuable than the trust of our constituents,” Varrie stated.

He emphasized that both Muslim and Christian members align with the party’s support for Palestine.

The agreement was projected to span from 2027 to 2037, injecting billions of rand into coloured, Khoi, and San communities throughout South Africa.

Varrie noted that it would generate over 100,000 jobs and opportunities for small, medium, and micro enterprises (SMMEs), encompassing affordable housing, private education, business development hubs, and resources for fishermen and farmers.

The NCC asserted that the investment would not cost taxpayers anything and that the party would not receive any funds from it.

DA social media figure Cedric Laguma, a candidate for ward 11 in Cape Town, raised questions about the specifics of the agreement, including the duration of the contract.

“A multi-billion rand deal over ten years and it’s less than five pages long? Are you suggesting that you would sign a multi-million rand contract stretching over a decade, and that’s the extent of the document?”

“You must think we’re gullible. I signed more paper when buying a fridge at Game. Please don’t underestimate our intelligence, NCC,” Laguma added.

Varrie stated that the party will seek investment and job opportunities with partners who share its values.

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