NATASHA MARRIAN: Cabinet trifles with SA’s financial stability
The Gupta’s machinations could see South Africa excluded from international agreements, writes Natasha Marrian
The Cabinet overstepped its mark on the Gupta banking issue. Its decision in April to set up a task team to look into the closure of the Gupta family banking accounts was undoubtedly flawed, and is a worrying indictment of how the country’s top leadership sidesteps good governance to benefit an individual company. Finance Minister Pravin Gordhan’s affidavit requesting the court to provide him with a declaratory order indicating that as a Cabinet minister he cannot interfere in a relationship between the banks and their clients was accompanied by a legal opinion by senior counsel. This clearly stated that no member of Cabinet was lawfully allowed to do so. Yet, on April 13, the Cabinet took a decision to appoint an interministerial committee including Gordhan, Mineral Resources Minister Mosebenzi Zwane and Labour Minister Mildred Oliphant to take a look into the matter. The rationale for doing so has morphed from the contention that the banks project a negative image of SA’s banking ...
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