SA Economy Bleeds R60 billion Under Pravin Gordhan

Pravin Gordhan

The R60 billion 2015/2016 loss was not recorded and both Gordhan and FIC could not account





The Financial Intelligence Centre (FIC) report recently revealed that R60 billion left South Africa illegally in 2015/2016, right under the watch of former Finance Minister Pravin Gordhan.

It is reported that Gordhan awarded Michell who is FIC director a payout of R4million (inclusive of a performance bonus, backpay and so on) in the past financial year despite concerns.

Gordhan’s move was against Auditor General’s expression that heads of departments, directors-general, chief executives of government departments and state entities must have performance agreements to evaluate their performance in terms of the Public Finance Management Act and Department functions.

Michelle was appointed in 2002 by then minister of finance, Trevor Manual. To date no effective performance evaluation was conducted on her.

According to Cape Times report South Africa loses, on average, the 12th highest amount of money through illicit financial outflows out of 151 countries. Research conducted by Global Financial Integrity, a Washington research and advocacy group, showed that South Africa suffered illicit financial flows totalling more than $122bn between 2003 and the end of 2012.

The R60 billion 2015/2016 loss was not recorded and both Gordhan and FIC could not account for this illicit financial flow from South Africa.

Cape Times report revealed that Murray Michell who the director of the Financial Intelligence Centre told parliament that about 9 million suspected transactions were reported to the centre in this financial year.

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