President’s economic plan is theft, says Rupert

Billionaire, Johann Rupert, says “radical economic transformation”, the policy championed by President Jacob Zuma to reduce racial inequality, is no more than theft.

“Radical economic transformation is just a code word for theft,” Rupert said on the sidelines of Richemont’s annual general meeting in Geneva on Wednesday. “That’s what’s happening there. They’re raiding the state’s coffers. And it’s public knowledge.”

Former public protector Thuli Madonsela alleged in a November report that Zuma had allowed members of the wealthy Gupta family, in business with his son, to influence cabinet appointments and the awarding of state contracts.

A study released in March by a team of academics said that Zuma, the Guptas and their allies had orchestrated “a silent coup”, securing control over key positions in the state, enabling them to allegedly steal billions of rand. Zuma and the Guptas deny wrongdoing.

A trove of leaked e-mails dubbed the “Gupta Leaks”

formed the basis for a flood of media articles alleging corruption linked to the Guptas and government officials.

“When all those leaks came out, all those e-mails, you can’t deny stuff,” Rupert said.

“Nobody’s ever denied the veracity of the Gupta leaks.”

Zuma’s spokesman, Bongani Ngqulunga, was in a meeting when called for comment.

UK public relations firm Bell Pottinger lost clients and staff because of its controversial work for the Gupta family and was expelled from the UK’s public relations trade body last week for stoking racial tensions by mounting a campaign targeting white monopoly capital. It filed for administration on Tuesday. Its targets included Rupert, who has a net worth of $8.2bn.

“They were hired to deflect attention from the public anger against what’s happening to the state’s finances,” Rupert said. “That was their role.”

Bell Pottinger was formerly the public relations company for Richemont, maker of Cartier jewellery and IWC Schaffhausen timepieces.

Zuma’s final term as president is due to end in 2019.

His political clout is waning as he prepares to relinquish the ANC leadership in December and, depending on who replaces him, he could be forced to step down early.