Open Secrets, a Heinrich Böll partner, recently released volume one of their Corporations and Economic Crime Report (CECR), an annual publication that explores South Africa’s most glaring cases of economic crimes and corruption by private financial institutions, from the apartheid era to the present day. This first volume, entitled ‘The Bankers’, focuses on the role of banks and other financial sector actors in corporate criminality. As Daily Maverick reports: “The hard-hitting 57-page volume takes the struggle for justice forward through a focus on an international corporate system designed to extract wealth from the poor and middle class in service of profits.”
An extract from ‘The Bankers’ report reads:
“State capture is deeply woven into the fabric of the country’s history and it is not surprising that its latest manifestation has again revealed systematic attempts by private actors to repurpose public institutions for their own benefit . . . Just as private banks were essential to the continuation of apartheid, there is increasing evidence that contemporary state capture in South Africa and the related looting of state-owned enterprises by Gupta-linked companies could not have occurred without the help of banks.”
You can read the first volume of the report here.