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Presidency's full statement on Zwane's banking inquiry claims

The Presidency says Mosebenzi Zwane’s statement was not issued on behalf of Cabinet.

Mineral Resources Minister, Mosebenzi Zwane. Picture: Dumelang Media.

JOHANNESBURG - After Minister of Mineral Resources Mosebenzi Zwane issued a statement saying Cabinet discussed the Independent Monitoring Commission's report and resolved to recommend to the president that a judicial inquiry be established, presidency had moved to clarify the matter.

Zwane headed the inter-ministerial committee which has recommended that a judicial inquiry be established into why the major banks blacklisted Gupta-owned businesses.

The full statement reads as follows:

The Presidency wishes to assure the public, the banking sector as well as domestic and international investors of Government's unwavering commitment to the letter and spirit of the country's Constitution as well as in the sound fiscal and economic fundamentals that underpin our economy.

The statement issued by the Minister of Mineral Resources, Mr Mosebenzi Zwane yesterday on 1 September 2016, on the work of the task team established to consider the implications of the decisions of certain banks and audit firms to close down the accounts and withdraw audit services from the company named Oakbay Investments, was issued in his personal capacity and not on behalf of the task team or Cabinet.

Minister Zwane is a member of the task team. He does not speak on behalf of Cabinet and the contents of his statement do not reflect the position or views of Cabinet, the Presidency or Government. The unfortunate contents of the statement and the inconvenience and confusion caused by the issuing thereof, are deeply regretted.

The Presidency wishes to assure the public, the banking sector as well as domestic and international investors of Government's unwavering commitment to the letter and spirit of the country's Constitution as well as in the sound fiscal and economic fundamentals that underpin our economy.