‘Bankers, auditors also need to be account for their role in state capture’

It’s not only Jacob Zuma who needs to account for his alleged role in state capture, but also the bankers and auditors who made the shenanigans possible.

10.2.2020

It’s not only Jacob Zuma who needs to account for his alleged role in state capture, but also the bankers and auditors who made the shenanigans possible.

It’s not only Jacob Zuma who needs to account for his alleged role in state capture, but also the bankers and auditors who made the shenanigans possible.

This is according to Andre Feinstein and Hennie van Vuuren, whose organisations Open Secrets and Shadow World Investigation last week released a comprehensive research report about the “enablers” of state capture. A copy of the report was handed to Deputy Chief Justice Raymond Zondo, the chairperson of the state capture inquiry. It reads like an international political thriller, and asks tough questions about various prominent companies including HSBC, Europe’s largest bank, Nedbank, Standard Bank, the Bank of Baroda and First National Bank (FNB), as well as consulting group McKinsey and auditing firm KPMG. “If the Zondo commission of inquiry’s court application for the extension of its deadline is successful, our investigation should become an urgent priority for the commission. It’s about how corporates in South Africa should be held accountable,” said Van Vuuren. Deputy Chief Justice Raymond Zondo is chairing the commission of inquiry into state capture. Picture: Felix Dlangamandla/Netwek24/ Gallo Images Feinstein, a former ANC member of Parliament who resigned from the ANC in 2001 after the party refused to allow a proper investigation into arms deal corruption, said it was right to be obsessed with Jacob Zuma’s appearance in his fraud and corruption case, but what does it mean for big corporations like French weapons manufacturer Thales that have to appear on the same charges? “While we focus on the Guptas and Gupta networks involved in state capture, it’s just as important to focus on the role that private facilitators played in state capture.” Open Secrets said Zondo should urgently exercise his powers under the Commissions Act and subpoena private entities that may have played a role in state capture. Talking about the high controversial Estina dairy farm project, Feinstein claimed the theft of a fortune, which was meant to benefit poor dairy farmers, would not have been possible without the role the Bank of Boroda allegedly played. “They provided Estina with a series of banking services, including cheque accounts, loan accounts and a fixed deposit account. This was used to conceal money that the Free State government paid for Estina. Feinstein said Standard Chartered, a British bank, had cancelled its account with the Guptas as early as 2014. “They should be praised. The question is why other banks didn’t follow suit.” The report relates how Ace Magashule, then still the Free State premier and now the ANC’s secretary-general, announced the Estina project in February 2013. It was meant to deliver 100kl of milk a day. Two months later, the Guptas held a luxurious wedding at Sun City. Shadow World Investigations claims that the largest portion of the R280.2 million for the project was eventually transferred to accounts owner or controlled by the Guptas. The Sun City money was used to conceal the transactions. Feinstein said he hoped that the Zondo Commission would subpoena Magashule. “He shouts from the sidelines, but he has a lot to answer for before a judge. The scandal raised questions about how the auditing profession does business and how it is regulated,” he said. Get in touch Read more: City Press

Without doubt!🙏 The anc needs to come clean accountability CoruscaKhaya Where is the evidence against pres Zuma? Even PM Gordhan came to the commission with nothing but the dots! Anisiyeke nina ngale propaganda yenu ebhedayo!🙄 CoruscaKhaya 🙄🙄🙄🙄🙄 but what is he doing about it. Gullible this CoruscaKhaya Including Pravin and the President of the Republic

I totally agree BUT will anybody be held accountable ........ EVER It all started with BRICS Brazil came with agricultural revolution Russians came with Scientific revolution Indians came with Radical transformation Chinese came with industrial revolution South Africans came with nationalism 😂😂😂 What is state capture in investors terms?

Okay, akenimbuze lomfoka fanstayena ukuthi uthini ngo Markus Jooste? And the lawyers

Public-service unions vow to fight proposals to freeze increasesThe state spends about R600bn on public-sector wages, but unions say they will not be the fall-guys for government’s shortfalls and state capture Tell them to enter the realm of hard work - at this moment most public service officials are suffering from the contagion of “protected employment” in SA ! OK, retrenchments then, and retrenchees then open SMME’s that provide services directly to the public after negotiating tax deductibility wrt to payment for services rendered. Don’t understand the logic behind the existence of a union for civil servants. They are a pure cost to the state and their work should always be as efficient and cost-effective as possible. They do not need a union because they can never be in an adversarial position.

WATCH LIVE | State capture: expect to hear about more shenanigans at SAAThe commission of inquiry into state capture will hear SAA-related evidence from the former head of department: procurement at South African Airways Technical (SAAT), Nontsasa Memela, on Monday

Council officials must explain wastage or pay up - The Mail & GuardianAuditor General (AG) Kimi Makwetu’s extended powers will soon be used to hold municipal managers and chief financial officers of local councils personally liable for irregular expenditure that cannot be explained away. Makwetu told the Mail & Guardian in an interview on the sidelines of the Public Sector Forum held in Johannesburg this week that … That wont happen only in a zoo LuloCafe But this professinals are influenced by the politicians...... Parliament will never approve laws or powers that hold themselves and others as Politicians accountable.... Hence u just targeting the small fish.... Deal It’s really about time. As taxpayers we are bleeding at the wastage and ineptitude

Just how much do you need to join the illustrious ‘top 1%’?Well, it depends, largely on where you live, what you owe and what you spend 'Illustrious' - well known, respected, and admired for past achievements. Not sure all '1% ters' deserve this accolade.

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