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State Capture Inquiry: Nedbank CEO, Mike Brown to testify

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State Capture Inquiry: Nedbank CEO, Mike Brown to testify

The judicial commission of inquiry has already heard from three banks on why they closed Gupta-linked accounts.

The CEO of Nedbank Mike Brown is expected to give evidence before the commission of inquiry into state capture and explain why they decided to cut ties with the Gupta family and businesses.

In 2016, four of the country’s major banks opted to end their relationships with the Guptas and their businesses after discovering a series of suspicious transactions.

The proceedings have so far heard how former Mineral Resources Minister Mosebenzi Zwane allegedly threatened to change banking laws, so the accounts of Gupta-linked businesses could be reopened.

It was also revealed that the African National Congress (ANC) made several interventions, in an effort to stop banks from closing accounts linked to the Gupta family and their business interests.

Standard Bank’s former head of compliance, Ian Sinton, took to the stand in the commission and testified that the ruling party had threatened them for forging ahead with plans to sever ties with the Guptas.

The commission, chaired by Deputy Justice Raymond Zondo, is looking into allegations of state capture, corruption and fraud within the public sector.

Former President Jacob Zuma, his son Duduzane and the Gupta family are considered the central figures in the matter. Zuma is accused of allowing the Guptas to interfere with the state’s affairs by making key appointments which would help advance their business interests.

Former Oakbay Investment CEO Nazeem Howa is said to have written to the ANC, the presidency and government, asking them to intervene.

Sinton said they met with an inter-ministerial committee established to look into the closure of the bank accounts. Former Labour Minister Mildred Oliphant, former Mineral Resources Minister Mosebenzi Zwane and former Government Communication Information Systems (GCIS) CEO Mzwanele Manyi attended the meeting.

According to Sinton, Zwane told him that the ANC had the powers to change banking policies to prevent the closing of the accounts.

Thabo Baloyi
[email protected]

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