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ANCWL: Gordhan failed to adequately address bank collusion saga

During his Budget Speech Pravin Gordhan said price collusion should and will be stamped out in any South African market.

Finance Minister Pravin Gordhan delivering his 2017 budget speech in Parliament. Picture: YouTube screengrab.

JOHANNESBURG - The African National Congress Women's League (ANCWL) has described parts of Finance Minister Pravin Gordhan’s Budget Speech as disappointing, saying the minister failed to adequately address corruption by some local banks.

Gordhan delivered his 2017 Budget Speech on Wednesday, days after 18 banks - including three South African institutions - were implicated in manipulating the value of the rand/dollar exchange rate.

During his speech, Gordhan said price collusion should and will be stamped out in any South African market, adding that tougher rules were needed to cover financial market abuses like collusion.

He added that Treasury has proposed a dedicated market conduct regulator to deal with such abuses, saying he hoped Parliament would pass the bill as soon as possible.

But the ANCWL secretary general Meokgo Matuba says this is not enough.

“We were thinking the minister would dig deeper into the matter and outline issue of corruption in bank cartels.”

The league is accusing Gordhan of handling the cartels with kid gloves and says this has to stop with immediate effect.

(Edited by Winnie Theletsane)