'Better Capitalism' panel discussion with Delphine Govender, Chief Investment Officer at, CEO of Business Leadership SA Bonang Mohale, Entrepreneur Michael Jordaan and Business Insider South Africa editor Helena Wasserman on Friday.
  • Finance Minister Malusi Gigaba is "the biggest enabler" of state capture, says Bonang Mohale, CEO of Business Leadership South Africa 
  • He said the appointment of the SOE chairpersons was "decided in Saxonwold" while Gigaba was public enterprises minister.

The CEO of Business Leadership South Africa (BLSA) does not believe the current finance minister will turn the tide against state capture in South Africa.

Gigaba is "the biggest enabler" of state capture, BLSA's Bonang Mohale said during a panel discussion at the launch of Business Insider South Africa at Design Indaba in Cape Town on Friday.

"The current finance minister has been the biggest enabler aiding state capture because during his ministry at public enterprises every single chairperson of the state-owned enterprises (SOE) boards were decided in Saxonwold," Mohale told an audience of roughly 200 people. 

The Saxonwold suburb of Johannesburg is home to the residential compound of the infamous Gupta family. 

"[State capture] manifests with how we repurpose state-held enterprises to benefit the [Gupta and Zuma] families. You create a weak but parallel governance and get rid of the good guys."

Both Ajay and Atul Gupta reportedly left South Africa last week after the Hawks issued a warrant for Ajay's arrest. Ajay and eight other suspects are accused of fraud and money laundering in connection with the Estina Dairy Farm project. 

During his State of the Nation Address, President Cyril Ramaphosa emphasised the importance of an inquiry into state capture. He also said board members of state-held enterprises would be removed from procurement processes. 

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