ON THE MONEY
STUART THEOBALD: Hearings on banks’ transformation provide occasion for actual facts to be debated
'The financial sector is crucial in the effort to transform SA. It has to ensure its own institutions transform, as well as using its capabilities to drive change in broader society'
Next week, there is an opportunity to clear the air about the state of transformation of our financial institutions. Parliament’s standing committee on finance will be holding the first day of hearings on the matter. The facts can be put on the table, where they can be debated rationally. Rumour and innuendo, of which there has been much in circulation, can be put aside in favour of reality. The banks, particularly, have been subjected to focused political pressure. This seems to be driven primarily by politicians and other public figures who are aligned with the Gupta family. And their main motivation appears to be the shutting of the Guptas’ bank accounts. Who will forget Minister of Mineral Resources Mosebenzi Zwane falsely announcing a Cabinet decision to appoint a judicial inquiry into the banks over their closing of the Gupta accounts? Since his climb-down, any other mud that can be found is thrown at the banks, whether it is real or imagined. The Competition Commission’s pros...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.