BLF vindicated on banks collusion

BLF vindicated on banks collusion

Black First Land First (BLF) is vindicated yet again! The ruling of the Competition Commission on Wednesday confirms BLF’s conclusion that the white owned banks of South Africa are essentially a criminal gang which is law unto itself and protected by the South African Reserve Bank (SARB) and Minister of Finance, Pravin Gordhan.

BLF welcomes the findings of the Competition Commission. We are not surprised at all and believe all the banks operating in South Africa, including South African banks, are common criminal organizations.

The main mandate of the SARB is to protect the rand. It has failed to do so over an extended period of time. This is deliberate incompetency to protect the banks. BLF calls on the Governor of the Reserve Bank, Lesetja Kganyago, together with his deputy, Kuben Naidoo and Mogam Pillay, to resign.

BLF calls on President Jacob Zuma to immediately release Minister Pravin Gordhan from his duties. The minister is compromised and conflicted by having shares in these banks. Minister Gordhan benefits directly from the proceeds of criminal activities of the banks. Pravin must go!

BLF calls on government to withdraw its accounts from all the implicated banks, ABSA in particular.

BLF welcomes the suggested “administrative penalty equal to 10%” of the implicated banks’ annual turnovers. However we believes this is too lenient.

BLF asks the Competition Commission to recommend that 50% of the penalties received from the guilty banks, be allocated for free quality decolonised education and for creating employment for the black youth.

BLF calls for the criminal prosecution of all 17 banks:

1. ABSA Bank Limited (ABSA)
2. Standard Bank of South Africa Ltd
3. Investec Ltd
4. Barclays Capital Inc, Barclays Bank plc
5. BNP Paribas
6. Standard New York Securities Inc
7. HSBC Bank Plc
8. Standard Chartered Bank
9. Credit Suisse Group
10. Bank of America Merrill Lynch International Limited
11. Commerzbank AG
12. Australia and New Zealand Banking Group Limited
13. Nomura International Plc
14. Macquarie Bank Limited
15. JP Morgan Chase & Co
17. JP Morgan Chase Bank NA

BLF furthermore calls for all foreign owned banks found guilty to be prohibited from trading in South Africa after paying the penalty.

We call on President Zuma to institute a judicial commission of inquiry on banks without any further delays.

We also call for the nationalisation of the South African Reserve Bank now! That’s the only way to ensure the South African economy can be protected.

BLF also calls on banks to apologise to President Zuma who has been blamed for currency volatility when in fact these rogue banks have been manipulating the rand for their own gain.

BLF calls on South Africans to join its march to the South African Reserve Bank in Tshwane tomorrow morning. The assembly point is Burgers Park. BLF obtained permission from the Tshwane Metro Police to march to the SARB.

Lets join hands and fight corruption. #ABSAMustPay

Issued by Black First Land First, National Coordinating Committee (BLF NCC)

16 February 2017

Contact details

Black First Land First Email:[email protected]
Facebook: Black First Land First | Twitter: @black1stland1st

Thandiswa Yaphi
(Deputy National Coordinator)
Cell: +27 63 107 3163
Mail: [email protected]

Zanele Lwana
(National Spokesperson)
Cell: +27 79 486 9087
Mail: [email protected]

Lindsay Maasdorp
(National Spokesperson)
Cell: +27 79 915 2957
Mail: [email protected]¬≠om



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