Mineral Resources Minister Mosebenzi Zwane proceeded with the push for an inquiry into the country’s four major banks despite having received a legal opinion indicating it was illegal to do so. Zwane was part of an inter-ministerial team appointed by the Cabinet to look into reasons why the banks had closed the accounts of Oakbay Investments, owned by the Gupta family. He caused panic in banking circles when he erroneously announced that Cabinet had endorsed a judicial commission of inquiry into the banks as a result of the Oakbay matter. After the Presidency and the Cabinet distanced themselves from his statement, he remained adamant that the decisions had been taken in a Parliamentary reply in September. Zwane’s actions, despite senior counsel’s legal advice, raised the question of motive for pursuing the matter — especially with the issue of "state capture" dominating the national political agenda. He did not respond to calls and messages requesting comment on Sunday. An explosiv...
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