Report exposes secrets and dodgy tactics of banks and auditors

Over the years, South Africa has been hit by scandal after scandal, from Net1/CPS illegal contract to disburse grants, to the illicit flow of money, to state capture and the looting of VBS.

The report was released on Wednesday night at Community House in Salt River. This 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.

It puts together common themes that link corporate criminality, focusing on the role of the private sector in criminalities. But it is the failure of state institutions and regulators to ensure accountability for corporate economic crimes that the report interrogates, and the enormous social and economic costs to which these crimes contribute.

The aim of the report is to show that this is a systematic problem, particularly with financial firms in South Africa. The second aim is to challenge those institutions on the narrative that they put forward. They often present themselves as victims of the process.

Michael Marchant, Senior Researcher at Open Secrets and Editor of the Corporations and Economic Crimes Report

Speaking to Bongani on the Breakfast Show, Marchant said, most of these organisations that have been implicated in these economic crimes have internal and external auditing firms. The Reserve Bank rely mostly on those auditing firms to make sure that everything is running smoothly.

Click Below to listen to the full interview:


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