OPINION

4/5 IMC recommendations on banks approved by cabinet - Mosebenzi Zwane

Minister says the fifth was referred to President Zuma for further consideration

NA QUESTION FOR WRITTEN REPLY

QUESTION NUMBER: 1892

DATE OF PUBLICATION IN INTERNAL QUESTION PAPER: 16 Sept 2016

INTERNAL QUESTION PAPER NUMBER: 28

1892. Mr D J Maynier (DA) to ask the Minister of Mineral Resources:

(1) Whether, with reference to his media statement of 1 September 2016, the report of the recommendations (a) was tabled at and (b) approved by Cabinet; if not, in each case, why not; if so, in each case, on what date was the specified report (i) tabled at and (ii) approved by Cabinet;

(2) whether he was authorised to release the specified media statement; if not, why not; if so, by whom;

(3) when was an Inter-Ministerial Committee to investigate the termination of financial services to Oakbay Investments (Pty) Ltd established and (b) by whom;

(4) whether he intends to pursue the recommendations of the specified report; if not, why not; if so, what are the relevant details;

(5) whether he intends to pursue the recommendation of the establishment of a Judicial Commission of Inquiry into the termination of financial services to the company, since the company has recourse to the courts; if not, why not; if so, why?                NW2202E

Reply

The Minister of Mineral Resources released a statement on 01 September 2016. This was followed by an interview on SABC news on 02 September 2016. The Minister was not speaking in his personal capacity but in his capacity as Chairperson of the IMC.

On 13 April 2016, Cabinet established an IMC to consider allegations that certain banks and other financial institutions acted unilaterally and allegedly in collusion, when they closed bank accounts and/or terminated contractual relationships with Oakbay Investments. The Minister recorded recommendations made to Cabinet by the IMC as well as the related resolutions taken by Cabinet at its meetings of 06 July 2016 and 31 August 2016 respectively.

The IMC made 5 recommendations to Cabinet. 4 of the recommendations were approved by Cabinet and 1 was referred to the President for further consideration as it was not within the purview of Cabinet to take a decision on the matter. The Minister is not at liberty to make any further statements on this matter.

Mr MJ Zwane, MP

Minister of Mineral Resources

Issued by Parliament, 28 September 2016