The Cabinet has resolved to ask President Jacob Zuma to establish a judicial inquiry into the banks and their actions against the Guptas, as well as to review the legislation that governs the banking system, Mineral Resources Minister Mosebenzi Zwane says. By Carol Paton for BDLIVE.
First published by BDLive.
The announcement comes as investor confidence in SA is in free-fall, as a slew of decisions emerging from the Zuma administration creates growing uncertainty in the rules regulating the economy.
Zwane issued the statement on Thursday evening, following a marathon Cabinet meeting held on Wednesday.
Zuma was not at the meeting.
Among other decisions that were taken was one to replace the South African Airways (SAA) board, leaving Zuma’s close friend Dudu Myeni at the helm.
Zwane, who headed an interministerial committee established by the Cabinet after the big four banks withdrew banking services to the Gupta family, drew up the Cabinet memo on the banks, which he says in his statement has now been adopted by the Cabinet.
It proposes that the judicial commission of inquiry will consider:
Photo: Mineral Resources Minister and then Acting Minister of Communications Mosebenzi Zwane speaks at Ga-Seleka Village Community Hall during the Imbizo focus week launch in Lephalele, 4 April 2016. (Photo: GCIS)
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