Ramaphosa: State capture has cost South Africa over R500 billion

Ramaphosa: State capture has cost South Africa over R500 billion

- President Cyril Ramaphosa has told international investors that state capture has cost SA over R500 billion

- Speaking at the Financial Times Africa Summit, the politician touched on the government's efforts to eradicate corruption

- While the damage done is extensive, Ramaphosa believes a new chapter is soon set to begin

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South Africa has lost more than R500 billion to state capture, according to President Cyril Ramaphosa.

Speaking at the Financial Times Africa Summit in London, the politician responded to probing over the nation's efforts to end corruption and what measures would be taken against those responsible.

News24 reports that Ramaphosa stated those implicated, including the Guptas, would be taken on:

"We have been working on how those who are complicit in the widespread corruption can be brought to book."

Briefly.co.za reported that South Africa had approached numerous nations in a bid to have the Guptas extradited in order to face prosecution.

READ ALSO: Top legal minds join fightback against state capture and corruption

Additionally, some of the top legal minds have been put to work with R20 million set aside to fund their assistance in both investigations and prosecution.

Ramaphosa commented that the country had been dogged by corrupt activities in both the public and private sectors:

"A lot of money was syphoned out of state coffers through corrupt means. Some of those [operations] were sophisticated. Some of those included blue chip companies of great world reputation … that is the shocking part."

Despite the extent of the damage done, Ramaphosa expressed his faith in the country's recovery:

"We have stemmed the bleeding we are ready to open a new chapter. Those responsible will be brought to book … We will chart a new course of clean governance and avoid corrupt tendencies."

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Source: Briefly.co.za

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