ECONOMY
Pravin Gordhan warns recovery may take a decade
The former finance minister warns of systematic approach of state capture and the stealing of state resources
It would take five to 10 years for SA to recover from the disaster brought about by corruption and state capture, former finance minister Pravin Gordhan said on Wednesday. Leaked Gupta e-mails have in the past month revealed a pattern of state capture and corruption in strategic state-owned entities and departments. Addressing a seminar on state capture, white monopoly capital and radical economic transformation at the University of Johannesburg, Gordhan said there was a picture that could be drawn about the systematic approach of state capture and the stealing of state resources. He said state-owned enterprises (SOEs) changed their boards and put in the right people, changed the CEO and put in the right person but still excused aspects of state capture. "We saw them the other day trying to defend themselves at Eskom." He said there needed to be inquiries in the next big tenders with procurement becoming the main avenue for capture. "You take an asset and you reduce its value ... no...
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