Dear All.

I feel bad about the way the media ambushed the SG about my withdrawal from Parliament. I had a good discussion with him in Parliament today. It's not his fault but he was asked a question from the "floor" and he had to answer it. So this was not part of a planned communications plan at all.

The facts:

1) I have been in conversation with the leadership long before the elections about what role I could play in our economy. These have been extremely fruitful and comradely. The question was always about where I could better "deploy" my capacity and capability in order to assist in propelling our economy further. We need deep-seated economic transformation. We cannot proceed like we have been doing. Bold, decisive, courageous and responsible action is now needed.

2) I have indeed submitted a very simple letter "requesting" the leadership to "release" me from the parliamentary list. This is factual. From the SG's reply to a question from a journalist, it is clear that the leadership has responded positively to my request.

3) NOW THEREFORE:

3.1) I intend to stay in the private sector pushing economic transformation through amongst others, Mboweni Brothers Investment Holdings (MBIH) and MBIH Capital in particular. We need capital in order to drive economic transformation. Without capital, we are behaving like we are in a French breakfast picnic.

3.2) I will continue to work with universities and pass on my experience to the students. Incidentally, I am Hon Professor of economics at a number of universities. I very much enjoy this work. If the Minister of Higher Education does not block my nominations, I will also play a role as Chancellor or Chairman of Council at one or the other university.

3.3) Then I will continue to be an active member of the NEC Economic Transformation Committee and the ANC in general. This is an important task as we further refine policy for implementation not just academic conversations. I hope also to be active in one or the other state structure. The leadership will announce what role and where in due time. Please don't pressurize them into unplanned announcements. There is a lot to be done. Let us be responsible.

CONCLUSION

I have tried to be as transparent as possible to halt the uninformed conversations which have been going on since yesterday. I am NOT letting our people and voters down. I could never do that. You will support my decision, I think, I hope.

I remain,

Your friend

TTM

This statement by Tito Mboweni was first posted on his Facebook page, May 21 2014

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