Managing director of Goldman Sachs, Colin Coleman, says by signing the pledge to support Finance Minister Pravin Gordhan as he faces possible prosecution, they are trying to send a clear massage.
He says they are sending a very strong signal that they will support the independence of the country's economic institution while we face a potential down grade from the rating agencies.
Pravin Gordhan is expected to appear in Tshwane magistrate court to face charges brought against him by the NPA on November 2.
We are really up against very important challenges in a short term with the credit rating agencies.— Colin Coleman, Managing Director of Goldman Sachs
We need to cool the temperature and focus on critical issues of jobs and economic growth and protecting our economic institutions.— Colin Coleman, Managing Director of Goldman Sachs
The impact of a down grade in South Africa will be very significant to the lives of the poor and the middle class, says Coleman.
It appears they are sectors within society trying to capture treasury especially around the firing of former Finance Minister Nhlanhla Nene.
Listen below for further explanation why SA business is supporting Pravin Gordhan:
This article first appeared on 702 : SA business not backing down on its support for Gordhan