Editorial: State capture could not have existed without banks

When faced with the choice between protecting the interests of people and making a profit, even the most benign corporations will choose the latter.

2022-01-20 06:11:00 PM

Editorial: State capture could not have existed without banks - When faced with the choice between protecting the interests of people and making a profit, even the most benign corporations will choose the latter.

When faced with the choice between protecting the interests of people and making a profit, even the most benign corporations will choose the latter.

When reading the first of the Zondo commission’s state capture reports, one cannot help but think of the British historian Lord Acton’s famous observation, in 1887, that “absolute power corrupts absolutely”. And there are perhaps no more powerful institutions than our banks, which — tasked with keeping our money safe — reach across oceans to protect the source of that power.

One of South Africa’s so-called “big four” banks now faces a serious allegation of wrongdoing arising from Zondo’sreport. But that allegation is likely the very tip of the iceberg, considering the depth of the seedy network of illicit financial flows.

Read more: Mail & Guardian »

Why are the banks not punished for the role they played or Lesetxa is sleeping on duty like Minister of Labour 🤔 We were told criminals use crypto…. Apparently, not so much…. State capture could not have existed without people. State capture could not have existed without money etc. The root cause of StateCapture is CadreDeployment

Typical of all banks and telecom companies in the region Very few will want the banks investigated on this issue but they must be investigated at every bend - they made serous profits in every loot in this country, yet people are silent about them. We must pressure NPA to investigate the banks or we do private investigation.

Coronavirus command council looking at dropping state of disaster: RamaphosaSA is reconsidering the national state of disaster as the rate of Covid-19 infections dip, President Cyril Ramaphosa said on Wednesday. After 1 week trade I recently checked my wallet and it's just like a dream to me, $5.450 earn 📊 I am forever grateful for this opportunity, Thank you 🙏 MichaelWeldon_ And it will happen just before EFFSouthAfrica march. White people have spoken to the boy

Expel companies complicit in state capture, says BMFThe Black Management Forum has called for companies complicit in state capture to be prohibited from doing business in SA, also lambasting the role played by the ANC’s cadre deployment system in corruption that is undermining the transformation agenda. Thabelo_Ngwenya Do you the Judges and ANC politicians will expell companies who bribe them.

State legal funding denied for ex-crime intelligence boss Richard MdluliMdluli, Barnard and Lazarus face charges of corruption, fraud and theft relating to the alleged looting of a Crime Intelligence slush fund. Absolutely shocked 😮 😂😂 Was used by Zuma is reaping his fruits now.

State ready for businesswomen murder trialThe state has lined up more than 30 witnesses for what it calls a water-tight case against five men, including the husband of one of the two businesswomen killed execution-style in Polokwane, Limpopo, two years ago.

Zuma versus Zondo: former president tries to challenge appointment as chair of state capture commissionAfter earlier seeking Zondo’s recusal, Zuma now says his position was based on illegalities You mean his own appointment/endorsement right? And a friend to boot Zuma has no standing whatsoever to do that... On what authority does he want to do that? Sick old pensioner..?

Government deciding on how to lift South Africa’s state of disaster: RamaphosaPresident Cyril Ramaphosa says the National Coronavirus Command Council (NCCC) is considering whether or not the country will continue with the National State of Disaster legislation currently in place. Make like Nike. Just Do It✔ Just lift it bru, its very easy… just sign a document and ta daaa Tell ndz to go to old age home there done

0 When reading the first of the Zondo commission’s state capture reports, one cannot help but think of the British historian Lord Acton’s famous observation, in 1887, that “absolute power corrupts absolutely”. And there are perhaps no more powerful institutions than our banks, which — tasked with keeping our money safe — reach across oceans to protect the source of that power. One of South Africa’s so-called “big four” banks now faces a serious allegation of wrongdoing arising from Zondo’s report . But that allegation is likely the very tip of the iceberg, considering the depth of the seedy network of illicit financial flows. It may very well be true that the scale of state capture-corruption we know now would not exist without the banks.  Without them, corrupt public officials and the private actors who colluded with them would not have got their hands on their ill-gotten gains.  That money had to be put into the global financial system in a way that obscured its illicit origin and make it appear legitimate. The banks, which are meant to flag suspicious payments, instead make themselves available to be used to facilitate those transactions. The financial sector’s ongoing flirtation with corruption is not news.  For this very reason, South Africa has a robust anti-money laundering framework aimed at identifying illicit profits before they are washed clean and land in dirty hands. Banks are required by law to report these transactions, but history tells us that they often don’t.  And why would they, when large sums of money, a healthy portion of which will end up in the pockets of bankers, are on the line? When the banks faced the Zondo commission more than three years ago, they gave the impression that they had done their duty: they clocked that the Gupta brothers were panning out to be the main characters of the state-capture saga and responded by closing their business accounts.  But they only did so when the weight of the reputational damage proved far heavier than the stacks of money they stood to earn from Gupta Inc.  They were far too late. Last week, one of the key figures of organised business in South Africa, Business Leadership South Africa’s chief executive Busisiwe Mavuso, stated her belief that the architecture and system of business is not inherently corrupt. This might very well be true.  But what the story of state capture should finally drill into us is that — when faced with the choice between protecting the interests of people and making a profit — even the most benign corporations will choose the latter. Keep the powerful accountable