LISTEN: More damning testimony against Zwane at state capture commission
Nedbank CEO Mike Brown has told the commission of inquiry into state capture about an inter-ministerial committee meeting, chaired by former Mineral Resources Minister Mosebenzi Zwane.
The meeting was called after commercial banks decided to close down Gupta-linked accounts in 2016.
Nedbank, ABSA, Standard Bank and FNB closed all Gupta linked accounts following media reports of the family’s alleged involvement in state capture.
The banks cited reputation integrity as the reason behind the move.
Brown told the commission the meeting was held at Zwane’s office in Pretoria in May 2016.
Labour Minister Mildred Oliphant’s advisor, Herbert Mkhize, a representative of former communications minister Faith Muthambi and two other people who Brown said were never introduced were in attendance.
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He said while Zwane’s PA confirmed the then Minister of Finance Pravin Gordhan would attend the meeting, neither he or anyone form Treasury was there.
The meeting allegedly raised concerns about the closing of the accounts and resulting job losses and negative investor confidence.
“What happened in the meeting was that Minister Zwane referenced that Nedbank was not the main transactional bankers to the various Gupta entities. I don’t know where he got that information and went on to suggest if the bank would consider stepping in to save jobs and provide an amicable solution, given that the relevant family had resigned from those companies.”
He said he found the assertion strange and reminded Zwane that he was not at the meeting to discuss specific client matters.
Brown said the meeting suggested that the timing in which all the banks closed the Gupta-linked accounts pointed to a possible collusion, an assertion which he refuted.
“At the conclusion of the meeting we were thanked for our attendance and minister Zwane commented that he found it surprising that other banks had refused to attend the IMC meeting, considering that banks receive their licenses from the government. I found it to be a strange statement. It felt like a form of a threat and technically it’s an inaccurate statement, as banks get their licenses from the Reserve Bank.”