Public Enterprises Minister Pravin Gordhan says that the full extent of the damage to state-owned entities (SOEs) as a result of state capture is yet to be fully quantified.
Addressing members of Parliament on Wednesday, Gordhan said that contrary to the view of some, state capture is not merely a narrative but a reality.
He says besides billions of rand worth of contracts that were improperly awarded at companies like Eskom and Transnet, the impact on the functionality of these entities must also still be determined.
However, he says it’s clear the damage caused by grand corruption extends far beyond the captured entities.
“It’s been a huge cost to the country. In recent years, we’ve gotten ourselves a reputation for instability within SOEs, but also for fairly rampant corruption.”