Gigaba backs probe into Guptas, state capture

FINANCE Minister Malusi Gigaba has flayed the Guptas and said he was worried about the influence of the controversial family in doing business with the government.

He said he backed the judicial commission of inquiry into the state capture.

Speaking on Talk Radio 702 yesterday, Gigaba said the allegations uncovered in the trove of e-mails on the influence of the Guptas were quite damaging to investor perceptions.

“I am like all South Africans. I am very worried about that. I think we need to establish fact from allegation,” he said.

“The fact there are allegations against an individual does not mean those allegations are true. That is why it is so important that we should fully support a judicial commission which will establish the truth and be able to provide clarity as to who has done what‚ how did they do it‚ who was complicit in the doing of that wrong and we then take the necessary decisions‚” Gigaba said.

The Guptas had a negative impact on how lenders and ratings agencies viewed the stateowned entities, he said.

Gigaba’s comments came a day after Eskom chief financial officer Anoj Singh was placed on suspension pending an investigation after Public Enterprises Minister Lynne Brown intervened when the Development Bank of Southern Africa threatened to recall a R15 billion loan to Eskom if no action was taken against Singh. The bank had apparently flagged R3bn in expenditure that flouted the Public Finance Management Act.