This story first appeared in our weekly Daily Maverick 168 newspaper which is available for R25 at Pick n Pay, Exclusive Books and airport bookstores. Also, I’ve seen him interact with investors, including my own clients, and he inspires a lot of confidence.” DM168 “He has enormous experience in policy analysis and policy making. “It’s hard to say if he’ll be a good finance minister,” said Xhanti Payi, an economist and director at Nascence Advisory. Now as finance minister, Godongwana will have to earn the trust of the public at a time when Covid-19 has deepened unemployment and inequality, eating away at the roots of the uneasy detente between government and the majority of society that remains mired in poverty. “The pension fund stuff could be seen as bad judgement and not corruption, in that he probably did not expect the businesses to go broke. The matter raised eyebrows in the immediate aftermath of Godongwana’s appointment, with South Africans wary of another scandal-tinged leader taking office following Health Minister Zweli Mkhize’s seemingly forced resignation triggered by the Digital Vibes affair, one in a litany of graft allegations against government officials.Ī former colleague of Godongwana’s, who asked not to be named, said he was a capable politician, and that his trade union, academic training as an economist, and government background put him in a good position to deal with the economic crisis.
#DARK CLOUD MONEY STOLEN DRIVERS#
It became clear that there were others who were the main drivers of the corruption,” Kriel said. “During the 417 Inquiry into Canyon Springs and based on its outcomes, our legal council concluded that there was no malicious intent by him. Kriel said he did not believe that Godongwana had intentionally siphoned any money out of the workers’ pension fund. In particular, he has paid back the total amount which we had claimed from him, with interest,” Kriel said.
He has fully honoured the terms of the settlement. “In January 2017 we reached a written settlement agreement with him. Sactwu Secretary General Andre Kriel told DM168 that Godongwana had fully cooperated with the investigation into the matter, which was concluded in 2017.
The inquiry report notes that Godongwana admitted that in hindsight he had not properly exercised his fiduciary duties as a director. According to the inquiry, the union provident fund had been misled into putting money in an investment vehicle ultimately controlled by Canyon. Godongwana reportedly told the inquiry that he had entered the business in “good faith” and had not known it was a scheme. It was reported, then, that between 20, Godongwana had received salary payments from Canyon Springs, ostensibly the proceeds of the bad deal, amounting to about R1.5-million. A liquidation inquiry paid for by the union after the money evaporated, as reported by the Mail & Guardian, found that Godongwana and his wife “were party to the carrying on of the business of the company, either fraudulently or at least recklessly”.
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