There are sound reasons why the notion of (yet another) state-owned bank might strike anxiety and fear in the hearts of many taxpayers based on the bizarre episode involving the Industrial Development Corporation (IDC) and an investment company, NMT Capital, in which Peter Moyo is a substantial shareholder.
The matter resurfaced last week when we reported that the IDC has made zero progress in pursuing its claim against NMT Capital. The state-owned industrial financier confirmed that no settlement negotiations had been conducted with NMT, nor had any court action been instituted to recover the R157m it says it is owed by the investment company...
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