Johannesburg – The Banking Association SA (Basa) says it is “fundamentally concerned” with the timing of the NPA’s decision to charge Finance Minister Pravin Gordhan for fraud.
It said on Tuesday that Gordhan had just returned from yet another investor roadshow to the United States where he promised a sound and resilient South African economy and stable institutions.
Also the minister has also being meeting with ratings agencies to ensure that South Africa is not downgraded to junk status next month.
The NPA announcement resulted the Rand immediately weakening by 2.93%.
“We reiterate our previous position on this matter and remain absolutely clear that the law must take its course and the proceedings related herewith must be dealt with in an appropriate and responsible manner so as to not unduly and negatively impact on the economy and what Minister Gordhan has achieved to date to restore investor confidence and concrete measures to reignite economic growth,” said Basa MD Cas Coovadia.
While Basa would not comment on the merits of the case, it was “deeply troubled” by the announcement.
“Wish to reiterate our support and appreciation for the leadership and direction shown by the Minister of Finance, his commitment, the work he has undertaken and what he has been able to achieve thus far within a turbulent environment and under extreme pressure.
“We also emphasise the Minister has been able to achieve positive outcomes in a difficult situation because he has behind him an excellent team in National Treasury. I saw first-hand how professional, committed and hard-working this team is when I was on the roadshow with them earlier this year,” he said.
The charges relate to Gordhan approving the early retirement of SA Revenue Service deputy commission Ivan Pillay.