LETTER: Bank charters not licences to plunder
SA banks happily poured billions of rand into dysfunctional state-owned enterprise captured by crooks
Is John Catsicas unaware of bankers’ discretion (in fact obligation) to decline loans for patently irrational, corrupt and fraudulent propositions or, alternatively, the fundamental principle of “know your customer?” (“Banks cannot be blamed for countries’ financial ruin (https://www.businesslive.co.za/bd/opinion/letters/2020-02-11-letter-banks-cannot-be-blamed-for-countries-financial-ruin/)”, February 11).
Black economic empowerment (BEE) and loans to dysfunctional and bankrupt state-owned enterprises into which SA banks happily poured hundreds of billions of rand are prime examples of how our banks — for short-term greed and profit — colluded with the ANC’s economic lunacies. They awoke only belatedly to the criminality of the Gupta brothers...
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