South Africa: $614mln assets linked to State Capture Commission recovered
As government continues to implement the President's response to the recommendations of the State Capture Commission report, the asset recovery linked to the commission has increased from R2.9bn in October 2022 to R11bn by March 2025.
This was revealed by Minister in The Presidency, Khumbudzo Ntshavheni, on Thursday, during a media briefing in Cape Town, on the outcomes of a Cabinet meeting that was held on Wednesday.
'Cabinet was briefed about substantial progress made in the implementation of the recommendations of the State Capture Commission. Major reforms include the enactment of eight new laws addressing corruption, procurement, intelligence services, and corporate accountability,' the Minister said.
The criminal investigations and prosecutions work has resulted in the conclusion of four state capture commission cases with guilty verdicts.
Eleven other cases involving 51 natural persons and 27 companies have been enrolled in court.
'The erstwhile Department of Public Enterprises referred 71 former State-Owned Enterprise (SOE) directors to the Companies and Intellectual Property Commission (CIPC) for delinquency proceedings resulting in nine active court cases.
'The CIPC has completed reviews for 10 private sector entities implicated in the State Capture Report, with six investigations ongoing and eight new Special Investigating Unit (SIU) referrals under assessment,' Ntshavheni said.
The National Treasury has imposed a 10 year (2022-2032) ban on Bain & Co on doing business with the state, which Bain is challenging in court.
Various reforms to prevent future state capture are underway while some have been implemented. Amongst those are:
- The establishment of the Investigating Directorate Against Corruption which commenced its operations on 19 August 2024.
- The National Framework towards the Implementation of Professionalisation of the Public Sector was approved by Cabinet in October 2022 and the National Anti-corruption Advisory Council has concluded research into the institutional reform recommendations of the State Capture Commission.
All rights reserved. © 2022. Bizcommunity.com Provided by SyndiGate Media Inc. (Syndigate.info).
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