Share

Gigaba won't interfere with Treasury's on-going court battles

Johannesburg – New Finance Minister Malusi Gigaba says he won’t interfere with Treasury’s on-going court battles.

Gigaba was speaking at a briefing in Pretoria on Saturday. This follows his appointment as finance minister, replacing Pravin Gordhan in what has been described as President Jacob Zuma’s biggest Cabinet reshuffle since assuming office in 2009.

READ:  Zuma’s night of the long knives

The briefing was attended by Gigaba’s deputy, Sfiso Buthelezi, who replaced Mcebisi Jonas and Director-General Lungisa Fuzile. Gigaba highlighted the way forward for Treasury, saying that he was honoured to be appointed as finance minister and that he was equally shocked to find out that he was placed on the “hot seat”.

Responding to a question about whether he would withdraw his predecessor’s court application for a declaratory order, Gigaba said he would not withdraw the application.

“I have had one day on the job. I have not had all the briefing I need to be able to make fully informed opinions on a whole range of issues,” he said.

“I think the issues that are before courts, will remain before courts until they resolved at that level. I don’t think it’s my responsibility right now to take any decision either to withdraw cases or plead differently in cases that have been lodged against us,” he explained.

READ: High Court reserves judgment in Gupta-Gordhan bank case

Gordhan had sought legal protection from intervening in the bank closure of the Gupta's bank accounts. The case was heard over two days at the North Gauteng High Court last week. Judgement had been reserved.

One of the cases lodged against Treasury include the unsuccessful urgent application submitted by Gupta-linked Vardospan and the South African Reserve Bank (SARB) deputy governor Kuben Naidoo. Vardospan wanted Treasury and the SARB to grant them permission to acquire a controlling stake in Habib Bank by March 31.

The urgency of the application, which was submitted on Monday, March 27 was to comply with conditions of an agreement with Pitcairns Finance.

However Judge Ronel Tolmay threw out the application, saying that there was still room for Vardospan to negotiate an extension with Pitcairns. She concluded that the urgency was “self-created”.

ALSO READ: Gupta-linked Vardospan loses 11th-hour court bid to buy Habib Bank

On this particular case, Gigaba said that given that the application was dismissed, there was no point for him to take a decision on the matter. “The court has already expressed opinion on that matter.”

Previously, Gordhan said that Treasury's position on the Vardospan case was to be determined by his successor. “The banking regulator has reached a certain point in decision-making. It’s up to my successor to apply his mind on the issue,” he said.

Following the ruling on Friday, Hamza Farooqui, who heads Vardospan, told journalists that regardless of who the finance minister is, he would continue his fight to start a bank. “The merits are important – I am very confident that I am able to build a banking institution in South Africa and I am confident in some point in time, I will have the opportunity.”

Read Fin24's top stories trending on Twitter:

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.98
-0.4%
Rand - Pound
23.99
-0.4%
Rand - Euro
20.52
-0.3%
Rand - Aus dollar
12.36
-0.1%
Rand - Yen
0.13
-0.4%
Platinum
900.15
+0.4%
Palladium
1,000.00
-0.2%
Gold
2,213.05
+0.8%
Silver
24.68
+0.2%
Brent Crude
86.09
-0.2%
Top 40
68,324
+1.0%
All Share
74,499
+0.8%
Resource 10
57,210
+2.8%
Industrial 25
103,820
+0.5%
Financial 15
16,514
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders