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The State Capture Report : Local and international companies were implicated

The Acting Chief Justice Raymond Zondo submitted the first part of the State Capture Report to the President of South Africa earlier this week . Many companies in the report were mentioned as being victims or perpetrators of the South African State Capture .

When the mass looting of government funds took place , many companies reportedly benefited while financial losses were being recorded .The recommendations that were issued are expected to shake things up in the business community of South Africa and bring those responsible to book for their actions . Elias Monage ( pictured above), who is the President of Black Business Council was invited to Newzroom Afrika and managed to give his view regarding what was presented to the President of South Africa on Tuesday .It was revealed that private entities were used to loot public funds .

In response towhat was presented , Elias said that they welcomed the State Capture report and that it was long overdue , having started four years ago .He however went on and said that regarding the companies and individuals who were pointed out , the law enforcement agencies needed to act speedily in order to help bring back business confidence in the country .In other words , if no action is taken , there will still be lack of confidence in the business sector .He said that if there are delays in charging or taking action against those implicated , then it will create more problems around investor confidence .

Elias went on and said that even though action may need to be taken by the law enforcement agencies and the relevant authorities , they need to be given an opportunity to do so in a proper manner so that convictions are made and that recoveries of the funds are also initiated . Everything needs to be done speedily in order to deal with investor confidence .

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Black Business Council Elias Newzroom Raymond Zondo State Capture


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