Corporate corruption to be scrutinised at ANC conference
Corruption in the private sector is one of the issues flagged by the party's peace and security sub-committee.
JOHANNESBURG - Corporate corruption is set to come under scrutiny during the African National Congress (ANC)'s national conference this weekend.
It's one of the issues flagged by the party's peace and security sub-committee.
During a briefing at Luthuli House on Monday afternoon, Energy Minister David Mahlobo said it's not right that private sector wrongdoing often involves only a rap over the knuckles and a fine.
Mahlobo says the law should be reviewed because private sector corruption “is treated very differently”.
“The only thing that we want as the ANC is that corruption must be corruption – it can’t be given different names, where others, instead of being brought to jail, you just actually give them a small whack on their knuckles and give them a fine.”
He says the conduct of big companies must be examined.
“We’re also going to be looking very closely at the behaviour of the big institutions, whether it’s Steinhoff, whether KPMG and all these other big institutions, because if we don’t do that, remember how the financial institutions and the world economy was collapsed, it started first with Enron.”
Mahlobo says the government cannot be a spectator when there are serious ethical and governance lapses in big companies.
WATCH: ANC media briefing
(Edited by Winnie Theletsane)