by SAVIOUS KWINIKA
JOHANNESBURG, (CAJ News) – REELING from his allegations of improper financial misconduct, President Cyril Ramaphosa believes South Africa’s fight to recover funds from perpetrators of corruption are gathering momentum.
He was reacting to the recent announcement by the National Prosecuting Authority (NPA) that it had reached a settlement with an international company implicated in corruption at Eskom to pay R2,5 billion (US$144,26) in punitive reparations to South Africa.
Swiss engineering company, ABB Ltd, pledged payment, in connection with bribes allegedly paid to obtain contracts with Eskom between 2014 and 2017.
This amount, which will be paid into the Criminal Asset Recovery Account, is in addition to R1,6 billion that ABB paid Eskom in 2020 to settle an investigation into allegedly criminal conduct involving contracts at the Kusile power station.
Ramaphosa said this was a huge development in his government’s efforts to hold those responsible for state capture to account.
He said for the last five years, his administration had been working hard to end the looting of state resources and prosecute those responsible as well as recover stolen funds.
“When we embarked on this journey, we understood that the results would not be felt overnight,” Ramaphosa stated in his weekly letter, on Monday.
He said the establishment of the Investigating Directorate in the NPA was one of the most important steps to deal with cases emanating from the state capture commission.
“We are now seeing the results of this work,” Ramaphosa stated.
“The fight against state capture and corruption is gaining momentum.”
By coincidence, Ramaphosa is accused of financial impropriety over the alleged $4 million stashed and later stolen from his farm.
He is under pressure to resign.
– CAJ News