Treasury boss calls for Bain blacklisting but ‘that’s not good enough’

– National Treasury appearing DG Ismail Momoniat has referred to as on firms within the non-public sector each regionally and overseas not to do enterprise with Bain & Co

– While he congratulates Momoniat for his principled stand as a authorities official, it’s not good sufficient says Dr Iraj Abedian (Pan-African Investment & Research Services)

– Bruce Whitfield interviews each Momoniat and Abedian on The Money Show

Government is popping up the warmth on Bain & Company, a day after the UK banned the worldwide administration consulting agency from any new authorities contracts over the subsequent three years.

National Treasury’s Ismail Momoniat has referred to as on firms within the non-public sector each regionally and overseas not to do enterprise with Bain.

“In my view, what they did at Sars [SA Revenue Service] is akin to treason” the appearing director common stated throughout an interview with News24.

In response, Dr Abedian (CEO of Pan-African Investment & Research Services) writes as follows on Twitter:

“Dear Momo, Thank you for your honest admission. The question arises: has the National Treasury not been complicit in this act by omission in the past 3 or 4 years? Why no action?”

Bain,KPMG,McKinsey,SAP&many enablers of state seize proceed receiving govt&company sector assist in SA.Niether Govt,nor Business SA are severe about combating corruption. As residents we should always blacklist all SA companies that assist these corrupt multi-national corporates.

— Iraj Abedian (@IrajAbedian) August 4, 2022

Bruce Whitfield asks Momoniat to elaborate on his “treason” assertion.

What I stated is that what Bain did to destroy Sars, is akin to treason… as a result of they plotted for about 18 months earlier than Mr [Tom] Moyane was appointed as commissioner to get him in, they usually already had a plan to rid Sars of people that had actually contributed to constructing it…

Ismail Momoniat, Acting Director General – National Treasury

I noticed [over 17 years] how Sars had been steadily developed right into a world-class establishment, solely to be destroyed by one man inside simply two years or so of his oversight over that establishment, and Bain was complicit…

Ismail Momoniat, Acting Director General – National Treasury

Momoniat stated it was made very clear when the proof got here out on the Nugent Commission in 2018, that Bain must be held criminally liable for its actions.

That’s why we are saying each authorities departments, state entities and the non-public sector ought to not do enterprise with Bain… Yes, there are some authorized complexities in South Africa, so it is a bit irritating how slowly we transfer within the nation…

Ismail Momoniat, Acting Director General – National Treasury

Sars had laid fees in the midst of 2019, and we’re nonetheless ready for the authorities to arrest any person… Our processes simply take too lengthy. It’s a product of state seize that it is so weak, in my opinion.

Ismail Momoniat, Acting Director General – National Treasury

Momoniat additionally responded to the accusation of “ghosting” made on The Money Show by Athol Williams, seen because the Bain key whistleblower.

RELATED: LISTEN Nugent recommends criminal charges against consultancy company Bain

The Treasury appearing DG defined why he’s “skeptical” about coping with Williams and not certain whether or not to see him as a whistleblower.

According to Momoniat, Williams “ran to save Bain” through the Nugent Commission proceedings.

RELATED: ‘UK govt set precedent with Bain ban’ but ‘SA lacks the moral courage to act’

“It’s in fact the Nugent Commission that discovered the info in spite of Athol Williams. He only changed his mind two or three years after that.”

Back to Momoniat’s name for Bain to be blacklisted, Dr Abedian concurs but with some reservations in regards to the assertion.

I have to congratulate Mr Momoniat for being the primary authorities excessive official who may be very simple and principled on this regard, nevertheless he’s going through limitations and I consider that is not good sufficient.

, CEO – Pan-African Investment & Research Services

We have to actually recognise that state seize and its operatives, from Bain to McKinsey, KPMG, General Electric… and all of the ministers concerned, but particularly the companies… the legislation corporations and a few banks… they’ve destroyed the monetary and the macroeconomic integrity of the nation!

Dr Iraj Abedian, CEO – Pan-African Investment & Research Services

If we do not do one thing, and do one thing rapidly, we will condemn two generations of South Africans to distress.

Dr Iraj Abedian, CEO – Pan-African Investment & Research Services

It is not about blacklisting these companies alone; they should pay reparations… This is the place I separate myself from Director General Momoniat – it is not good sufficient to say that as a result of our legislation enforcement businesses are damaged they can not do something.

Dr Iraj Abedian, CEO – Pan-African Investment & Research Services

According to Dr Abedian the President must be invoking the Constitutional energy that he has and put collectively a devoted workforce of one of the best legal professionals to get well “hundreds of billions of rand” from the implicated organisations.

Scroll as much as hearken to the highly effective interviews

This article first appeared on CapeTalk : Treasury boss calls for Bain blacklisting but ‘that’s not good enough’ – Abedian