Why ministers met with banks secretly, asks the DA

The Democratic Alliance(DA) has requested the Minister in the Presidency, Jeff Radebe to clarify whether ministers met with banks on behalf of Oakbay Investments.

Labour Minister Mildred Oliphant on Tuesday confirmed, but declined to give details of, meetings with financial institutions as Cabinet has yet to be briefed.

 “Yes, we have met with some financial institutions, but we have not yet reported back to Cabinet,” said Oliphant.

She then added that any report on such meetings would come from Radebe.

“I can’t disclose the information. Once the report is out, you’ll know who was at the meetings,” she added.

Last month Minister of Finance, Pravin Gordhan, has done his best to put political distance between himself and the meetings with the Banks and Minister of Mineral Resources, Mosebenzi Zwane, reportedly had the door slammed in his face by Absa Bank.

The DA said it requests that the minister to provides all the necessary details of the meeting, including the ministers who were present at the meetings.

“We cannot have a situation where ministers are secretly meeting with banks and it’s now time for the minister to make a public statement,” said the DA.

Between late March and early April, South Africa’s four commercial banks, and Oakbay auditor KPMG and Johannesburg Stock Exchange (JSE) sponsor Sasfin Capital, cut ties with Gupta-owned companies.

By Senzile Kubheka