Treasury capture: How Mosebenzi Zwane went to 'bat for the Guptas'

accreditation
Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
0:00
play article
Subscribers can listen to this article
Former mineral resources minister Mosebenzi Zwane. Picture: Sizwe Ndingane
Former mineral resources minister Mosebenzi Zwane. Picture: Sizwe Ndingane

In a brazen attempt to protect the corrupt interests of the Gupta family, former president Jacob Zuma, former mineral resources minister Mosebenzi Zwane and other high-level officials weakened anti-corruption and anti-money laundering legislation, threatening banks and attempting to establish a judicial inquiry into Treasury and the South African Reserve Bank (SARB).

This is according to an explosive affidavit to the Zondo Commission by deputy director-general for tax and financial sector policy at National Treasury, Ismail Momoniat. He stated that in these attempts Zwane was "bat[ting] for the Guptas".

After four major banks closed accounts linked to Gupta businesses in 2016, Zuma and Zwane launched an attack not only on banks, but on National Treasury and SARB to "service the Gupta family and their businesses".

Support independent journalism
Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
Subscribe
Already a subscriber? Sign in
Rand - Dollar
15.77
+0.7%
Rand - Pound
19.69
-0.0%
Rand - Euro
16.65
-0.0%
Rand - Aus dollar
11.09
+0.1%
Rand - Yen
0.12
-0.0%
Gold
1,846.66
0.0%
Silver
21.76
0.0%
Palladium
1,970.00
0.0%
Platinum
958.50
0.0%
Brent Crude
112.55
+0.5%
Top 40
61,000
-1.2%
All Share
67,575
-1.0%
Resource 10
72,529
+1.6%
Industrial 25
72,948
-3.9%
Financial 15
15,746
+0.1%
All JSE data delayed by at least 15 minutes Iress logo
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE