WORLDVIEW: SA is finally joining the dots as Zuma’s “vae tempus” draws to a close

Something struck me hard during our very successful and very first sponsored webinar on Biznews yesterday..It came when presenter Arran Kerkvliet, a London-based Saffer who is an expert in UK property, responded to a question by working out some Rand values. He used R16.50 to the Pound. That's where it was only a week back. The actual rate is now R17.50. A month ago it was R16..The Rand's volatility illustrates the frantic state of South Africa. Things are changing so fast nowadays that it's hard even for those of us in the news business to keep up. Or those like Arran who are intimately involved with the financial world..___STEADY_PAYWALL___.Hemingway's "Gradually, then suddenly" is in process. With the emphasis on suddenly. In the past week Bell Pottinger has "outed" itself and there has been compelling evidence about multinationals McKinsey and SAP being sucked into a massive network of corruption..The corporate involvement highlights that while the Zuptas and their lackeys instigated the graft, there is always a counter party. It is early days for investigations at McKinsey and SAP. But you can bet we've only seen the tip of the iceberg. To paraphrase Warren Buffett, there are never just two cockroaches in a dirty kitchen..Mindful of the potential damage Business Leadership SA yesterday issued a short but telling statement, saying it "noted the recent accounts of prominent businesses being implicated in reports of state capture. BLSA expects its members to respond appropriately to transgressions. Any conduct which undermines trust (in business as a whole) is unacceptable." In other words, it's time for those occupying boardrooms to dig deep into their organisations and fess up..There's no point dwelling on why BLSA has been missing in action for so long. It's always better late to the party than never. Also, to be fair BLSA's respected new CEO Bonang Mohale was only appointed at the beginning of this month. And to pick up from former finance minister Pravin Gordhan, after the last week it's a lot easier to "join the dots.".Apart from a newly enthused organised business body, disclosures of the past few days also gave clarity of the Gupta play, the first stage of which was to deploy bought-and-paid-for lackeys into State Owned Enterprise like SAA, Transnet, Eskom, Denel, PetroSA, PRASA and the SABC..The role of these puppets was to ensure material contracts with the SOEs were only awarded to bidders prepared to agree a "facilitation fee". This was usually 10%, paid to a Gupta shelf company. But in special cases like McKinsey, it was a juicy 30% but the firm needed to turn their heads away when funds ostensibly for the same contract were channelled elsewhere..An insider who tipped me off about Mark Pamensky explained how the long-time COO of Blue Label telecoms had been recruited by the Guptas with a golden hello of R50m. Apart from becoming appointed a director of the Gupta mothership, Pamensky was immediately installed on Eskom's board. His primary role – ensure the smooth passage of "facilitation" payments..Soon after Pamensky's appointment word spread within the business community that Eskom was "open for (bribery) business". Anyone prepared to add a few million to something they wanted to sell the SOE was encouraged to apply. It was that coarse. And that sickening..But Pamensky has been dispatched along with many of the Gupta appointees on SOE boards. Ditto corrupt Zupta pot plants who ran the SABC and Eskom.The Guptas themselves did a second midnight flit on June 4. McKinsey's principals in New York, mindful that US law sends any corrupting citizen to jail, are spilling every last bean. And BLSA is finally calling on its members to do the right thing..For South Africa, the Zuma administration has been much longer than an annus horribilis. You might rather call his rule the vae tempus (horrible period). But at last, it is passing. A nation is joining the dots. Hope springs.

WORLDVIEW: SA is finally joining the dots as Zuma’s “vae tempus” draws to a close

Related Stories