Goldman Sachs boss: CEOs support for Gordhan not about one person

Cape Town – The effort by business, government and labour towards creating new opportunities for economic growth was being undermined by an “unwanted distraction” that was causing “unnecessary noise”, according to a member of the CEO Initiative.

The platform of 81 CEOs was formed after the rand and equities reacted negatively on news that Nhlanhla Nene had been axed as Finance minister in December 2015. Since then, they have been working with Finance Minister Pravin Gordhan, other members of government and labour union leaders to build better conditions for growth and economic stability.

The CEO Initiative this weekend placed adverts in major Sunday newspapers pledging their support for Gordhan, who they believe has been unfairly targeted on fraud charges.

READ: Named: The 81 CEOs who pledged support for Gordhan

“We stand as one for the rule of law and against the decision to prosecute the Minister of Finance on charges that are, according to the preponderance of expert legal opinion, without factual or legal foundation and not in the public interest,” the CEOs said.

The minister, who is set to deliver his mini budget address in Parliament on Wednesday, will appear on charges relating to the retirement package of a Sars official on November 2.

A member of the CEO Initiative, Goldman Sachs MD Colin Coleman told Fin24 on Monday that the group was setting out the parameters under which the private sector was standing its ground.

It was drawing the “line in the sand” on issues of governance, the Constitution, economic growth, social justice and employment, he explained.

“We are speaking out against any signs of injustice or corruption and actions that inhibit job creation and economic growth,” he said.

Not about one person

While the CEOs showed support for Gordhan, he said “this is not about one person”, adding that “it’s about the integrity and functioning of our economic institutions and democracy”.

Coleman said events around Gordhan’s charges are creating “unnecessary noise when the temperature should be lowered to provide actual stability to get on with the work of accelerating economic growth and job creation”.

“The charges against the minister are an unwanted distraction when the country should be focused on structural economic reforms,” he said.

“We are reacting to events as they develop. We want to see political stability and the proper functioning of our democratic institutions. Business, government and labour are busy with the economic reform process and that’s where our attention should be.”