Share

How Zwane duped banks to a ‘fake’ committee meeting

accreditation
Mosebenzi Zwane. Picture: Deaan Vivier
Mosebenzi Zwane. Picture: Deaan Vivier

Former mining minister Mosebenzi Zwane may have manufactured an inter-ministerial committee (IMC) and used it as a platform to summon banks in his bid to save Gupta-controlled companies.

The state capture commission of inquiry, sitting in Parktown, heard from witnesses from the four major banks earlier in the week of how each of the banks were summoned - through email communication - by lawyer Zarina Kellerman who identified herself as the secretary of the committee, to an ‘IMC’ meeting allegedly constituted by cabinet on April 13 2016.

Standard Bank and Nedbank eventually honoured the invites, while FNB and Absa did not.

However, it seems there was never an IMC to begin with and, according to a letter penned by the then finance minister Pravin Gordhan to Zwane and a Cabinet statement communicating decisions of that particular Cabinet meeting, there was no such decision to establish an IMC.

According to the Cabinet statement of the meeting, Cabinet acknowledged the moves by the banks to close the Gupta accounts and assigned three ministers to engage the banks. The statement is mum about the formation of an IMC and it is unclear if the three ministers were a task team or IMC.

“Cabinet noted the actions by the four banks that gave notice to close the bank account of a company. Whilst Cabinet appreciate the terms and conditions of the banks, the acts may deter future potential investors who may want to do business in South Africa. Cabinet has endorsed that the ministers of finance, labour and mineral resources should open a constructive engagement with the banks to find a lasting solution to this matter,” the cabinet statement read.

The letter penned by Gordhan to Zwane at the time also states that “no inter-ministerial committee was established,” although ministers - including Gordhan - were nominated but no convener was designated.

Zwane met with Standard Bank alongside Labour Minister Mildred Oliphant and chaired the meeting, which according to the bank was an IMC meeting.

Legal advisor to Oliphant, Nonkululeko Mabandla confirmed to City Press that Oliphant did attend the meeting with Standard Bank but was not present at the meeting with Nedbank.

She, however, also pointed out that Oliphant attended the meeting in her capacity as a member of a ministerial task team, not any IMC, which would be a different committee altogether.

Zwane also chaired the alleged IMC meeting with Nedbank even though he was the only minister present. The meeting was attended by Nedbank chief executive Mike Brown, his two colleagues, Zwane, Hebert Mkhize, Kellerman and two unnamed officials.

Mkhize confirmed that he was present at the meeting as an “observer and was there just to listen”. However, after initially saying he did not know if his then principal Oliphant was present, Mkhize said the question should be redirected to Brown.

Numerous attempts to get hold of Zwane were fruitless and Cabinet spokesperson Phumla Williams declined to comment on the matter.

Questions sent to Kellerman were not responded to and in a text message she confirmed that she would not comment.

Banks vs Guptas

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 ()
Voting Booth
City Press aims to deliver quality journalism to our readers. We aim to bring you groundbreaking news across different beats of the publication. Which beat do you enjoy reading most from us?
Please select an option Oops! Something went wrong, please try again later.
Results
News
64% - 120 votes
Politics
24% - 44 votes
Entertainment
2% - 3 votes
Opinion
5% - 9 votes
Sports
6% - 11 votes
Vote