GA/AP/923, 7 December 1978
Following is the text of a statement issued today by the Chairman of the Special Committee against Apartheid, Leslie O. Harriman (Nigeria):
My attention has been drawn to an announcement by the Minister of Finance of the South African racist regime, Senator Owen Horwood, that South Africa had raised a $250 million loan with leading European banks. He said that it was the first time in two years that South Africa has had access to the international capital market.
In this connection, I would recall that the General Assembly had, by overwhelming majorities in 1976 and 1977, urged the Security Council to take action to stop all new investment in South Africa. But the Security Council has failed to act on the proposal of non-aligned States last January for such action.
I have repeatedly warned, on behalf of the Special Committee against Apartheid, that the hesitation of transnational corporations and financial institutions since the Soweto massacre of 1976 to invest in South Africa should not lead to complacence. I recalled that there had been a flight of capital from South Africa after the Sharpeville massacre, but investments were resumed as soon as the apartheid regime was able to "stabilize" the situation by brutal repression. I stressed the need for effective action by the Security Council and legislation by all States concerned.
The insensitivity of the financial institutions in some European countries to the plight of the oppressed people of South Africa, and the inaction of the Governments concerned, are shocking, especially at a time when the apartheid regime is openly defying the world in Namibia. The recent loan is also an affront to the millions of trade unionists and students, as well as churches, in Western countries who have demanded an end to the financing of apartheid.
I hope that the General Assembly and the Security Council will urgently take measures to stop all further investments in, and loans to, South Africa.
Every dollar invested in South Africa is an expression of confidence in apartheid and an encouragement to the apartheid regime.