Presidency denies government wants probe into banks

The Presidency on Friday distanced itself from a statement made by Mineral Resources Minister Mosebenzi Zwane that Cabinet had resolved to request that a judicial inquiry be established into the banks and their actions against the Guptas‚ as well as to review the legislation that governs the banking system.

Zwane headed an interministerial committee established by the Cabinet after the big four banks withdrew banking services to the Gupta family. He drew up a Cabinet memo on the banks‚ which he said in his statement on Thursday night had been adopted by the Cabinet.

According to the Presidency‚ Zwane's statement was issued in his personal capacity and did not reflect the position or views of Cabinet.

"He does not speak on behalf of Cabinet and the contents of his statement do not reflect the position or views of Cabinet‚ the Presidency or government‚" spokesman Bongani Ngqulunga said.

"The unfortunate contents of the statement and the inconvenience and confusion caused by the issuing thereof‚ are deeply regretted."

He said the presidency wanted to assure the public‚ the banking sector as well as the domestic and international investors of the government's commitment to the letter and spirit of the country's Constitution as well as in the sound fiscal and economic fundamentals that underpin the economy.

- TMG Digital/BDlive