Johannesburg – A resolute Fikile Mbalula, Secretary-General of the African National Congress (ANC), has sharply condemned the recent revelation of rand manipulation, labeling it as “sheer criminality.” Standard Chartered Bank (SCB), a prominent UK-based banking group, recently admitted guilt in currency manipulation following an investigation dating back to 2017.
Speaking at a media briefing held at Luthuli House in Johannesburg, Mbalula asserted that those involved in manipulating the rand must face personal liability for their actions. “Let us put things by their true names: the manipulation of the rand was a corruption crime. “Corrupt practises within the private industry remain corrupt, with equally dire repercussions,” Mbalula declared.
Demonstrating the ANC’s commitment to transparency and accountability, Mbalula called for the prosecution of directors and executives from implicated banks in their individual capacity, holding them personally responsible for the economic harm caused.
In the midst of financial challenges, Mbalula addressed the ANC’s ongoing legal dispute with Durban-based firm Ezulwini Investments over a R102 million debt related to the 2019 election campaign. Despite two court rulings in favor of Ezulwini, the ANC has opted to approach the Constitutional Court.
Mbalula underscored the ANC’s dedication to meeting its financial obligations, stating, “The ANC meets its obligations. It’s the first time that we are facing a fraudulent matter, and people are determined to extort millions of rands from the African National Congress.”
In a pragmatic approach, Mbalula hinted at a resolution without resorting to litigation, expressing reluctance to go to court due to cost concerns. “As it is expensive to go to court, we will now settle and pay them in instalments instead of going to court. The truth is that we just did not acquire.”
