South Africa 28.6.2018 03:23 pm

Government vows to go after state capture loot

Finance Minister Nhlanhla Nene. Picture Leon Lestrade / ANA

Finance Minister Nhlanhla Nene. Picture Leon Lestrade / ANA

The finance minister says government is working with international institutions to trace and recover all the monies that were stolen through ‘state capture’.

Finance Minister Nhlanhla Nene said on Thursday that government was working with international institutions to trace and recover all the monies that were stolen from the country’s coffers through “state capture”.

“Perhaps at times we underestimate the damage that state capture did. If you look at state-owned [SOEs] companies, that is where our biggest challenge is at the moment because had it not been for that, their base would not have been as eroded to the stage that they are. We are faced with rebuilding those SOEs that have been most affected,” Nene said.

“We are participating with a number of multilateral institutions that deal with base erosion, profit shifting and exchange of information […] to the extent that we are now able to report on illicit financial flows, which will enable us to trace and recover [monies] where possible.”

Nene was briefing the media during the World Economic Forum (WEF) roundtable with the South African government and global business leaders in a bid to gain insight into the country’s economic and political outlook, and also guide it to restore investor and consumer confidence, as well as shape policies that drive inclusive economic growth.

The roundtable will also lay a foundation for South Africa’s investment conference scheduled for later this year, as well as design a roadmap to build up to the next WEF on Africa in June 2019.

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