SACP statement on banking and auditing oligopolies and private monopoly - the accomplices of the Guptas
11 April 2016
The SACP has noted decisions taken by a number of financial oligopolies constituting private monopoly in the banking and auditing segments of the financial sector, among others ABSA, FirstRand and the imperialist auditing monopoly KPMG to severe ties with businesses owned by, or linked to the Gupta family that is entangled in allegations of corporate state capture.
The SACP has been in the forefront of the campaign to achieve transformation of the financial sector, including its banking segment. The sector is dominated by handful oligopolies ABSA, FirstRand, Standard Bank, Nedbank and some insignificant new arrivals, all together forming private monopoly and pose a threat of collusive market conduct.
Acting together with an imperialist monopoly KPMG, the private banking monopoly has shown its dangers and collusive market conduct against one of their private mould, the Gupta oligarchy, with which they have established long standing business relations.
What did they see all along in their relationship with the Guptas that they concealed until pressure from the struggle against corporate capture, thus acting as accomplices of the Guptas? They are as guilty, and cannot be left unchallenged. The majority of them benefited from apartheid - which was declared by the United Nations as a crime against humanity. They continue to benefit from financially exploitating our people.
The SACP reiterates the importance of developing public ownership and democratic control - which is free from corporate capture and manipulation by private capital accumulation interests - not only in the banking segment but the financial sector as a whole.
The importance of state, co-operative and worker owned banks and other financial establishments trading in financial services cannot be over-emphasised. The dangers demonstrated by private oligopolies and monopoly are clearly pronounced for all to see. The SACP stands on the side of the workers, and will fight for their rights and livelihoods - as opposed to the greedy behaviour of their exploiters, the Guptas included.
Statement issued by the SACP, 11 April 2016