POLITICS LIVE: Banks, babies and the Gupta bathwater
If you are a conspiracy theorist, you might ask if this is just another leg in the battle between the Guptas and the banks
News that the Competition Commission has decided that 16 South African banks are to be prosecuted over forex collusion has turned the spotlight on corporate abuse. The fine could be as high as 10% of turnover. Somebody do the math - 10% of the turnover of SA's top 16 banks must be an awful lot of money - enough to start a state bank, perhaps? Because if you are a conspiracy theorist - and who isn't these days? - you might ask if this is just another leg in the battle between the Guptas and the banks which was ignited when their accounts were closed because of unexplained funds. Add to that the fact that hardly had the laser-jet ink dried on the commission's announcement when the ANC Youth League, which appears to act for the Guptas, announced that this was evidence that the banks needed to be shut down and replaced by a state bank of some sort. In this world view, Finance Minister Pravin Gordhan and the banks are on one side, defending and funding 'white monopoly capital', while the...
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