SA must unite to undo state capture crisis of confidence, says Nedbank’s Mike Brown
Governance failings in both the private and public sectors have broken trust, the CEO warns
State capture has broken trust between social partners and harmed SA’s ability to attract investment, says the head of the country’s third-largest bank by market capitalisation. Speaking at a Banking Association of SA (Basa) summit on Monday, Nedbank CEO Mike Brown said state capture and other governance failings "have broken the trust between social partners in SA and undermined our confidence in each other". "Now we must find a way to work together, because the challenges before us are too great for business, government, or labour to deal with on their own," he said in his capacity as chairman of Basa.
The Zondo commission of inquiry into state capture is investigating how certain government departments and state-owned enterprises were corrupted and used for personal benefit. Former president Jacob Zuma, his son Duduzane and the Gupta family are at the centre of the state-capture allegations. Brown is one of the banking executives who testified at the commission about how so...