Supra driving Gupta anti-bank agenda in Legislature

30 March 2017

The Premier of North West today used the precious time of the Provincial Legislature to drive the Gupta anti-bank agenda. Supra will stop at nothing to promote the cause of the Gupta family.

The ANC debate in the Legislature today which they dubbed Rand Fixing was all about a national government issue and national government power, and the provincial Legislature is simply not the right platform to waste time on debates that cannot solve a national government issue.

Less than a week ago five children died in a shack fire and we believe this could have been avoided if they had access to proper housing and electricity, yet instead of issues like this taking our time in the Legislature, instead the ANC had us debate the banking sector which we do not regulate as the Province.

While there are municipalities on the brink of bankruptcy, the Premier rather used the time to slam the banks and promote his SOPA announcement that he would like to start a government bank.

People are protesting to voice their anger with their living conditions, but Supra ignores this. Towns and villages are regularly without water, roads are a safety risk to all road users and basic services and maintenance are not executed, but Supra ignores this.

The Supra-Zuma-Gupta-alliance is trying to direct the people’s anger at banks, instead of allowing a pending investigation into manipulation of the Rand to get to the true facts.

In a society governed through one of the best constitutions in the world, we should let the law take its course and refrain from making unfounded claims; especially as a Legislature whose mandate is Provincial business.

Both the Competition Commission and the banks should be allowed to state their case. And the Competition Tribunal should be able to test the evidence and adjudicate accordingly, without fear, favour or prejudice, in terms of its mandate as an independent institution subject to the constitution and the law.

Should they find that traders contravened the Competition Act, and it is proven that they did so with the knowledge and consent of their financial institutions, they should be held accountable.

The Competition Tribunal will have to determine whether the absolute level of the Rand was manipulated, and the exact nature and extent of the harm done to consumers.

We as the DA reject the actions of the ANC and their fellow captured Gupta-groupies, who are using the matter to drive their own personal crusade against the banks. This is just distraction to take eyes of the state-capture ball.

Thanks to president Zuma’s bad judgement the Rand suffered severely against other currencies this week. The bizarre instruction to recall Min. Pravin Gordon, which was in the middle of an international investor roadshow designed to boost international investor confidence, must have severely compromised international investor confidence in the world's financial capitals, and have triggered speculation that the finance minister is about to be fired, which would be a disaster for South Africa.

This is the real risk to our economy.

While the rand fixing allegations are extremely serious allegations, and we support all moves to crack down on abusive market conduct, the North West Legislature is not the forum to do so; unless Supra is simply acting on instructions from Saxonwold.

Issued by Joe McGluwa, DA North West Leader, 30 March 2017