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Nedbank chair warns of rogue state

Aug 16 2012 11:23 Sapa

Company Data

NEDBANK GROUP LIMITED [JSE:NED]

Last traded 229.50
Change 0.01
% Change 0.00
Cumulative volume 456179
Market cap 114.58bn

Last Updated: 19/09/2014 at 04:26. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - South Africans should take note of warnings that the country could be on the path to becoming a rogue state, Nedbank Group [JSE:NED] chairperson Reuel Khoza said in an opinion article published on Politicsweb.

"We may not yet be a rogue state, but we could be on our way there," he wrote in the article published this week.

Khoza blamed rising corruption, ethically weak leadership, and the protection of state information bill for South Africa's plight.

"Not only is corruption rife at the top of society, but convicted criminals with the right connections can get a sympathetic hearing from the powers-that-be.

"Warnings to South Africans to wake up and resist the spread of institutional crime seem to fall on deaf ears as the pace of misgovernance by misdeeds hots up."

The protection of state information bill would be used by "state scoundrels" to protect themselves.

"The rogue state in South Africa will take great strides forward."

Political and business leaders reflected short-term and ethically weak transitional leadership styles, he said.

"To speak of a 'second transition' when the first is not even halfway accomplished is an admission of failing transitional leadership status."

In Nedbank's annual report earlier this year, Khoza wrote that South Africa's "strange breed" of leadership needed to adhere to the institutions that underpinned democracy.

The political climate was not a picture of an accountable democracy.

"Our political leadership's moral quotient is degenerating and we are fast losing the checks and balances that are necessary to prevent a recurrence of the past.

"We have a duty to build and develop this nation and to call to book the putative leaders who, due to sheer incapacity, cannot deal with the complexity of 21st century governance and leadership, cannot lead."

ANC secretary general Mantashe later lashed out at Khoza at a press briefing with the party's top six officials.

"I would be very worried if the business community begins to think that it has a monopoly of understanding of political leadership," he told reporters.

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nedbank group  |  reuel khoza  |  sa economy
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