MEDIA STATEMENT
Public Interest SA Statement on Investec’s Actions Regarding Aventro Transactions
JOHANNESBURG, Sunday, 29 September 2024 - Public Interest SA commends Investec Bank for its decisive actions in safeguarding South Africa’s financial and banking systems, particularly in light of the country’s greylisting and the increasing scrutiny of financial practices. While the City Press article makes no direct allegations of wrongdoing by Aventro, its directors, or Deputy President Paul Mashatile, the actions taken by Investec raise serious concerns and provide grounds for further investigation by relevant criminal justice authorities.
The transactions under review took place during the period of state capture, a dark chapter in South Africa’s recent history. Today, the country continues to bear the financial and economic consequences of political patronage and the abuse of public power by politicians and their close associates particulalry during that dark era. In the case of Aventro, the R85 million transferred from the Qatari government to its accounts has rightly drawn the attention of Investec, and the bank’s decision to close the accounts highlights significant reputational risks.
With Deputy President Mashatile just a step away from the presidency, it is imperative that a thorough investigation be conducted into the millions received from the Qatari government if only just to clear any suspicions of his complicity in any wrongdoing. This investigation should leave no stone unturned, as ignoring these concerns will continue to tarnish the reputations of both the presidency and the office of the deputy president.
At a time when public trust in the National Prosecuting Authority (NPA) and South African Police Service (SAPS) is at an all-time low, transparency and accountability are more critical than ever. The public deserves clarity on these transactions, especially as they involve high-ranking officials and businesspeople linked to the ruling party.
Public Interest SA calls upon the NPA, SAPS, and all relevant authorities to ensure that this matter is investigated comprehensively and impartially. Doing so will help restore public confidence in South Africa’s institutions and demonstrate that no one, regardless of their position, is above scrutiny.
We support Investec's commitment to upholding its regulatory obligations under the Financial Intelligence Centre Act (FICA) and applaud its proactive approach in protecting the integrity of our financial system. South Africa’s financial resilience depends on the vigilance of institutions like Investec and the unwavering commitment of the criminal justice system to uphold the rule of law.
Transparency and ethical governance remain fundamental to rebuilding South Africa’s economy and its global standing. We urge all parties involved to cooperate fully with any ensuing investigation to ensure that justice is served and public trust is restored.
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Image: Brian Bahr/Getty Images
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