My head is spinning, as I’m sure are those of all Business Day readers. We have all known about the wholesale looting of the country’s resources for years, but I think we can all say that the scale of the theft is beyond comprehension.
However, I do not have the proof at my fingertips, as must many of the companies and institutions that have had first-hand dealings with those committing the crimes.
All of the big banks in SA must have loads of fraudulent documentation in their possession that allowed these illegal transactions to take place. The auditing firms must have working papers that show all sorts of anomalies in inter-company loans and borrowings, not to mention companies with no assets but millions of rand flowing through them. We all know a drill-down at the South African Revenue Service to tie tax declarations to lifestyle and profits would sink the Guptas in a minute. Alas, that avenue too has been captured.
Is it not time, therefore, for those with fiduciary responsibilities at these institutions to come forward and place the evidence in the public domain?
Hiding behind client confidentiality and privacy is going to look pretty lame when this whole saga plays out to its ugly conclusion.