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Gordhan Says South Africa at Risk of Kleptocracy Without Ethics

South African business culture must change, Gordhan says
State-owned companies need to become more self-sufficient

By

Rene Vollgraaff

February 25, 2016, 7:03 AM UTC

South Africa is at risk of becoming a “kleptocracy” if business ethics doesn’t improve, Finance Minister Pravin Gordhan said.

“There are many parts of transacting between government and business which have gone seriously wrong and if we don’t stop it, we’re going to become a kleptocracy,” Gordhan said at a post-budget breakfast in Cape Town on Thursday. “Government and the private sector in South Africa must change the ethical system.”