Black-owned And Led Institutions Have A Legacy of Corruption – EFF

The Economic Freedom Fighters (EFF) says black-owned and led institutions in South Africa are known for their legacy of nepotism, corruption and kleptocracy.

EFF made the assertion while it was celebrating the VSB Mutual Bank decision to shut the Gupta’s business accounts. Earlier this month, it emerged that the VSB Mutual Bank closed the accounts of the Gupta family.

Yes, the same bank that gave President Jacob Zuma a R7.8 million loan to repay for the undue gains he got from the state upgrade to his Nkandla home, decided that it can no longer do business with the controversial Indian family. A letter the bank sent the Guptas read: “Please be advised that VBS Mutual Bank, in line with our risk appetite framework, has declined your request for…continued relationship with the bank.”

Reacting to the development, the Fighters celebrated the banks’ decision to terminate business relations with the Guptas. EFF noted that the bank is one of the few financial institutions owned by black people in the country.

Acknowledging that the bank granted Zuma loan to repay his Nkandla debt, EFF asserted that they have proven that they won’t embrace corruption.

The Fighters added that black-owned and led institutions are most often associated with nepotism, corruption and kleptocracy.

“As a black institution, VBS Bank is rejecting this image and legacy of post-colonial black led institutions, charting itself on a path of honest dealings and clean business practices. “We welcome their decision in relation to the Guptas as an important proof that they refuse to be associated with corruption,” stated the party.

Afterwards, EFF urged financial institutions to always act decisively against corruption like VBS Bank. “

There must be no Bank both locally and abroad willing to save the corrupt money of the Guptas. “With VBS Bank now also closing their account it means they will have no place to hide the taxpayer’s money they are looting except in Dubai,” added the party.

Implicated Ministers Must Be Publicly Humiliated Above all, the Fighters declared that any family like the Guptas must be isolated by all South Africans. “It is a mafia family right at the centre of turning our democratic heritage into a meaningless and corrupt-ridden system based on nepotism, cronyism and general kleptocracy,” the party proclaimed.


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