The Untouchables in a Gangster’s Paradise? Is it reasonable or ethical to make use of companies that do not consider themselves to be held accountable, for their actions in any private or public enterprise? While Big Tech has become seemingly untouchable, even from the US Supreme Court or Whitehouse, the same culture of supremacy, greed, lack of accountability, lack of transparency, and lack of responsibility seems to have created and sustained an environment in South Africa where IT negligence is acceptable, and lack of accountability is the norm, even when it comes to government institutions, contracts and tenders.
Has Corporate SA Been Infected by ANC Corruption, Greed & Negligence? Dimension Data NTT Case Study
South Africa’s new state-owned bank could be a big R7 billion mistake, National Treasury has warned of the possible harmful effects of introducing a state-owned bank into South Africa’s current financial system
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In a presentation to the Standing Committee of Finance on Tuesday (5 February), Treasury warned that a number of recent banking failures – including the failures of African Bank and VBS Mutual Bank – showed that a banking licence should not be handed out lightly.
It also warned of previous issues with state-owned banks, highlighting that the South African Post Office used depositors’ funds to finance postal operational losses in the late 1990s.
“International experience and South Africa’s own experience suggests that state ownership of banks has (the) potential to undermine prompt corrective action by prudential regulators,” it said.
“Prudential regulators sometimes forebear (i.e. they do not apply full regulatory measures) when faced with failing state banks due to the reluctance to frustrate what could be viewed as government policy or programs.”
Treasury added that the traditional rationale for introducing a state bank
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Black banks in SA are struggling for survival – VBS Bank is going down the same path as the failed African Bank
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It seems that the black banks are struggling for survival and eventually will sink while many clients and investors will lose money.
Four years after the collapse of the African Bank, the bank could only pay R1,1 billion to his creditors while an amount of more than R9 billion was payable.
According to the latest financial report, it appears that the “bad bank” is not able to properly pay the investors and creditors.
VBS Mutual Bank was recently liquidated due to large-scale irregularities, and resulted in major losses in municipalities that invested money in the bank.
Read the original article in Afrikaans on Die Vryburger
This report does not necessarily reflects the opinion of SA-news.