EFF STATEMENT ON NATIONAL TREASURY DEPUTY DIRECTOR GENERAL MOMONIAT ISMAIL
Tuesday, June 5, 2018
The Economic Freedom Fighters reasserts the statement made in the Standing Committee on Finance by the EFF Deputy President that National Treasury Deputy Director General Momoniat undermines and disregards African leadership in the National Treasury. Momoniat has assigned to himself virtually all powers of National Treasury, micromanages its entities and also try to micromanage Parliamentary legislative processes.
Momoniat has no regard for black, particularly African leadership in National Treasury and this includes his disrespect of Director General and African Ministers and Deputy Ministers. To him, leadership that deserves respect is only those of Indian, Coloured or White origin. In virtually everything that National Treasury does, Momoniat dictates.
For example, the whole process of drafting the so-called twin peaks legislation, the Financial Services Regulation Act was micromanaged by Momoniat. National Treasury’s submissions to the Transformation of the Financial Sector was almost exclusively micromanaged by Momoniat, assisted by Consultants who were not appropriately appointed. Whenever SARS comes to present in Parliament, Momoniat brings a parallel report, which always paints a bleak portrayal of African leadership in entities under National Treasury. When the South African Reserve Bank appears in Parliament, it is Momoniat who brings a parallel report and speaks like he owns the Bank.
When the Standing Committee on Finance first called for the Curator of VBS Bank to appear before Parliament, it was Momo who instructed the Curator not to come and even said that why did the committee invite the Curator without his knowledge. Virtually all activities and programmes of National Treasury are micromanaged and directed by Momoniat and the DG, who’s an African leader with experience in the National Treasury is sidelined from key decisions.