Are ministers being used as political battering ram in the Guptas battle with the Banks? 

11 May 2016 

The Minister in the Presidency, Jeff Radebe, must make public statement clarifying whether any cabinet ministers met with the Banks following the termination their business relationships with Oakbay Investments (Pty) Ltd. 

On 21 April 2016 the minister announced that the Minister of Finance, Pravin Gordhan, the Minister of Labour, Mildred Olifant, and the Minister of Mineral Resources, Mosebenzi Zwane, would be engaging with the Banks in order to find a ‘lasting solution’ to the dispute with Oakbay Investments (Pty) Ltd, a company controlled by the Guptas. 

The decision backfired because it created the impression that ministers would be acting as heavy weight political battering rams for the Guptas in their battle with the Banks. 

However, since then:

Minister of Finance, Pravin Gordhan, has done his best to put political distance between himself and the meetings with the Banks; and

Minister of Mineral Resources, Mosebenzi Zwane, reportedly had the door slammed in his face by Absa Bank.

But yesterday the Minister of Labour, Mildred Oliphant, admitted that certain ministers had in fact met with the Banks. 

We cannot have a situation where ministers are secretly meeting with banks and it’s now time for the minister to make a public statement and tell us in respect of each meeting:

the name of the bank and the date on which the meeting took place;

the names and designations of the ministers present at the meeting;

the names and designations of the employees of the banks present at the meeting; and

the details of any agreements and/or outcomes of the meeting. 

I will any event be submitting parliamentary questions probing this matter. 

In the end, the ministers should not be interfering in business decisions taken by Banks and this matter is best left to the South African Reserve Bank which is responsible for the regulation of the banking industry in South Africa. 

Issued by David Maynier, DA Shadow Minister of Finance, 11 May 2016