Genuine transformation

Few reasonable South Africans would not agree that radical economic transformation is needed if what is meant by that is “to reduce racial, gender and class inequalities … through more equity with regards to incomes, ownership of assets and economic opportunities”, to quote Edna Molewa (Radical transformation the only way to halt the monopoly grip on the economy, September 29).

That said, few reasonable South Africans would also, surely, disagree that the looting of state enterprises by politicians and companies for personal gain equates to theft. So, it follows that if the perpetrators of the latter try to camouflage their criminality by describing it as radical economic transformation, then not only Johann Rupert but most South Africans should decry this in the strongest possible terms.

Similarly, it is wrong to equate building world-class businesses, as the Rupert family has done, with “the business” of looting the state. They are simply not the same thing. Nor has anyone ever said that the private sector is incorruptible. But when private sector graft is uncovered, there are generally dire consequences, as we are now witnessing.

Molewa based her criticism of Rupert on her interpretation of a remark he made at the most recent Richemont financial results presentation. She could as well have focused on comments he made at the release of the company’s 2016 results, when he backed talk about governments introducing universal basic incomes for all citizens to cope with the economic upheaval sweeping the world.

That may or may not be achievable but, coming from one of the world’s top businessmen, if it isn’t truly radical thinking about economic transformation, then nothing is.

What is certain is that genuine engagement about these fraught matters at least stands a better chance of actually starting to solve our problems than obfuscation and talking past each other.

Bruce Sturgeon

Saxonwold