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Gordhan and the 'nuclear bomb' First secrets of high-level personalities released The chaos surrounding the South African finance minister Pravin Gordhan has intensified as leaks, referred to as the nuclear bomb option, begin to appear.
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Court papers filed by Finance Minister Pravin Gordhan that contain details of “suspicious” bank transactions by Gupta-owned companies totalling almost R7 billion may be the first indication that the South African Treasury has put in motion its so-called “nuclear bomb” option.
Gordhan on Friday launched an application in the High Court in Pretoria in the latest development in the ongoing drama around the Gupta family and their alleged abuse of state resources.
Gordhan wants the court to declare that, as Finance Minister, he is in no way obligated to help the Guptas in their battle with South Africa''s largest banks, all of whom had terminated their banking relationships with the Guptas and their companies earlier this year. In support of his argument that the banks may have had good reason to close the Gupta accounts, Gordhan has attached in his application a document from the Financial Intelligence Centre (FIC) detailing transactions made by Gupta-linked companies between 2012 and June 2016. The transactions are valued at R6.8bn and had been classified by the FIC as “suspicious”.
One such transaction is an amount of R1.3 billion that had allegedly been paid from the mining rehabilitation trust fund of Optimum, the coal mine the Guptas'' Tegeta Exloration and Resources had purchased from international mining giant Glencore under highly controversial circumstances, to the Bank of Baroda, an Indian bank that still does business with the Guptas.
Rogue unit
In his affidavit, Gordhan expresses his concern that the Guptas could have appropriated the rehabilitation fund, which according to law should only be used to restore the environment after a mine falls into disuse, for other purposes.
“If those funds from the trust were to (be) spent on anything other than genuine mining rehabilitation, it will expose the fiscus not only to the loss of tax revenue and also put the burden of mining rehabilitation on the fiscus,” argues Gordhan in his affidavit. In August, as it became apparent that Gordhan might be prosecuted for his role in the running of a supposedly illegal “rogue unit” at the South African Revenue Service (Sars) financial journalist Alec Hogg had written on BizNews that Treasury would consider the so-called “nuclear bomb” option if the persecution of Gordhan neared crisis point.
The nuclear bomb option, according to Hogg''s sources, involved Treasury''s dissemination of damning evidence of corruption involving some of South Africa''s most powerful figures in business and politics.
Deputy President Cyril Ramaphosa became the third member of the executive who publicly announced support for embattled Finance Minister Pravin Gordhan who faces charges of fraud and theft. In the meanwhile, in a statement issued early on Sunday, Ramaphosa said he offers his “moral and political support” to Gordhan in view of the legal processes unfolding around him and in light of preparations to deliver the Medium Term Budget Policy Statement (MTBPS) on Wednesday, 26 October.
Earlier, Economic Development Minister Ebrahim Patel and Derek Hanekom, Minister of Tourism, also came out in support of Gordhan.
“Events of the past few days regarding summonses served on Finance Minister Pravin Gordhan have been of concern to many South Africans across all sectors of society,” said Ramaphosa.
“As a member of the National Executive, I lend my support to Minister Gordhan as he faces charges brought against him by the National Prosecuting Authority. I have known and worked with Minister Gordhan both in government and during the days of the prosecution of the struggle for a non-racial, non-sexist democratic society. “I therefore wish Minister Gordhan well as he prepares to deliver the Medium Term Budget Policy Statement and hope that this challenge will not distract him from focusing on this important national task.” Ramaphosa said he has no doubts about Gordhan''s “commitment in building a better South Africa for all”. He stressed though that like all South Africans, Gordhan remains subject to the laws of the country, and retains his right to remain silent, to be free from abuse of process, and to a legal defence.
Ramaphosa continued, saying he is “fully cognisant” of the role that the NPA has to play in building a democratic society.
“In this regard, we respect the constitutional mandate that the NPA has to discharge without fear, favour or prejudice. This mandate has to be balanced against the constitutional rights of all individuals, including the right to be presumed innocent until proven guilty by a court of law.”
Ramaphosa called upon South Africans to demonstrate unity in defence of constitutional values, the integrity of our legal system and the objective of setting South Africa on a path of sustainable and inclusive economic growth that will help us overcome poverty, unemployment and inequality.
“In this regard and whatever the legal challenges that Minister Gordhan may face, we must not undermine the work that the government jointly with leaders of business and labour have been doing to stimulate domestic and international investment in our economy and have yielded impressive outcomes across a range of industrial sectors,” Ramaphosa said.
“Accordingly we must conduct ourselves in ways that will uphold our constitutional values and maintain South Africa''s good reputation internationally.
“The forthcoming Medium Term Budget Policy Statement later this month is an important opportunity for us to assess economic conditions in the country and to reassure the investor community that South Africa remains a preferred destination for investments.”
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