Mbalula describes rand manipulation as ‘sheer criminality’

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African National Congress (ANC) Secretary-General Fikile Mbalula has described the recent rand manipulation saga as nothing but sheer criminality.

A UK-based banking group, Standard Chartered Bank (SCB) recently admitted guilt in currency manipulation, in an investigation dating back to 2017.

Briefing the media at Luthuli House in Johannesburg yesterday, Mbalula said that all bank executives who were involved in the collusion of the rand must be held personally liable.

“The rand manipulation was a crime of corruption and we must call things by their first names. Corruption in the private sector is still corruption. And its consequences are just as severe.”

“Furthermore, we have said that the directors and executives of these banks must face prosecution in their individual capacity. [They] must be held personally responsible for the detriment that they have inflicted in our economy,” adds Mbalula.

Meanwhile, Mbalula says the party has in the past settled its debt through an agreement with those it owes.

Durban-based firm Ezulwini Investments has taken the party to court over a R102 million debt that the ANC owes to the company for the 2019 election campaign.

Two courts have ruled in Ezulwini’s favour that the ANC should pay up.

But the governing party has since approached the Constitutional Court.

Mbalula says the ANC honours its commitments.

“The ANC meets its obligations. There are people we owe in the longest of time and we have entered into terms of payments with them. 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 certain quarters, they call themselves ANC members. Now we will not go to court, it is costly if we go to court and we will simply settle and pay them in installments. The fact of the matter is that we simply did not procure,” adds Mbalula.

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