SA may have lost R100bn or more to state capture - Gordhan | Fin24
  • Illicit Tobacco Trade

    The SA Revenue Service says it is going to court to recover R200m in taxes in a decade-old case

  • SAA Strike

    The airline says it will take legal action over 'malicious' claims of unsafe flights by unions.

  • New CEO

    After months of speculation and delays, Andre de Ruyter has been named Eskom's new head.


SA may have lost R100bn or more to state capture - Gordhan

May 15 2018 17:22
Khulekani Magubane

Cape Town – State capture may have cost South Africa R100bn or more, Minister of Public Enterprises Pravin Gordhan told reporters on Tuesday.

Gordhan said he would, however, leave it Judge Raymond Zondo's judicial inquiry into state capture to conduct the full investigation of the matter.

He also laid down the law regarding practices of state-owned entities, their executives and their board members.

Among other things, he insisted entities would review their structures, revenue generating mechanisms and major contracts entered into in recent years, saying board members would not be allowed to influence or get involved in procurement and supply chain management.

When asked to quantify the cost of state capture to the fiscus, Gordhan simply said: “We speculated that R100bn or more could have been lost to state capture.”

Gordhan said he was optimistic that the state capture inquiry would get to the bottom of how the Guptas and their associates managed to orchestrate state capture, and exactly how much was lost.

He said the continued efforts of their allies in some of these entities, to erase evidence of their actions, must not succeed.

“Disappearance of documents is becoming a bit of an industry. People don’t want the inquiry to get hold of evidence of what they have done. The good people in these institutions must provide all [the assistance] they can and help Justice Zondo conduct this inquiry,” Gordhan said.



Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote