Special Hearings — Business Hearings — 1997-11-12

MR KESANI: Okay.  The chamber firstly was initiated in 1988 and it is unique in the sense that its operations are governed by the laws of the Koran, meaning that all our activities are - have to be within the confines of our religious requirements.
 Membership wise we are not a very big organisation, but the membership number is just over 300, but I am glad to say that most of them are paying members.  It sometimes makes a difference in having a minority that is paying. 
 In so far as our activeness, yes, we've been sort of low profile, but on a personal level I am saying that some of our members have been involved in the NGO's and I personally belong to many NGO's myself.
 I was also in the forefront of the fight against the group areas act.  I was the secretary of the (indistinct) association.  If I may say - I don't want to blow my trumpet, but I was one of the first squatters (indistinct), this page in the capital assisting was in 1988 when I was thrown out of the residence that I was living in in Beju.   So there has been a long history of struggled politics, but what we're trying to emphasize is that in all the struggle we've had very little co-operation or input from the White business sector and as a banker, as a person directly involved in business, I was very disappointed to learn that the business community, the banking community would not proceed and say here is one of our kind;  let's see what is it that we can do to help and to go forward.
 You know it was too a question of well, they're in one little area and doesn't really mean much to us.  So what, if they are thrown out, that's the scene etcetera and this was the kind of thinking and that's why I said that we are here to express our disappointment in the role of the business sector.
 I must tell you that I at the time in fact approached many many business organisations and it was always;  we'd like to do something, but you know we can't really approach the Government, because we'll be placed in an embarrassing position and their cosy relationship would be disturbed.
 This was unfortunate and that's how they saw things.

CHAIRPERSON: Mr Malan?

MR MALAN: Chairperson, I just want to make sure, in the submission here, apart from addressing some institutions, you also levelled criticism at business in general, big business, corporate business, for not paying people or for not providing pension funds, paying very low salaries and so on.
 Are you including your own members under business when you do that?

MR KESANI: Obviously the submission is to do with corporate sector and the role of the corporate sector.  In so far as membership of our side is concerned, our members are by and large one person operations, trade shop keepers and alike.
 I do conceive that many of them would have not such benefits for their staff.

CHAIRPERSON: Mr Kesani and your colleagues, thank you very much for coming.  I don't think there are any further questions.  If we have anything further we will write to you and ask for clarification.  Thank you.
RESERVE BANK:  PRESENTATION

CHAIRPERSON: Can I ask the representatives of the Reserve Bank to come forward, please?
 Sorry, are there people from the Reserve Bank?  Yes, good.
 Sorry, gentlemen, I see you have just arrive from the Reserve Bank at the right moment.  So, will you please come forward?  Mr Stals?  Gentlemen, would you please come forward?
 Well, we've had their full submission.
 Dr Stals, good afternoon.  Welcome.  I'm sorry you've just walked in and having to face the Commission so soon.  Will you please introduce yourself as well as your colleague?

DR STALS: I'm Chris Stals, governor of the South African Reserve Bank.  I have today with me, Dr Christo Swart, one of the deputy governors of the Bank.

CHAIRPERSON: Thank you very much, Dr Stals.  Before I hand over to Dr Boraine in helping you take the oath or affirmation, you haven't been here to listen to what I've been saying all morning and all afternoon.
 We're going to give you 20 minutes to present and there will be 20 minutes for questioning.  Thank you very much.  Will you just stand?

DR BORAINE: Welcome.  Are you going to be the only speaker or?

DR STALS: Dr Swart may assist me with some of the answers if you ask difficult question.

DR BORAINE: Then could I suggest that we - that you both take the oath so that we're covered.  Will you take the oath or the affirmation.  Thank you.

CHRIS STALTZ, CHRISTO SWART: (Duly sworn in, states).

DR BORAINE: Thank you very much, indeed.

CHAIRPERSON: Thank you, gentlemen, you may proceed.

DR STALS: Thank you to the Commissioners, also for this opportunity to say a few words.  I have prepared a few notes which will be attached to the submission that you have already received some weeks ago.
 So, I think I will request you to regard this, the notes, the presentation I will be making now as part of our formal submission to the Commission.
 The attached submission was prepared by the Reserve Bank at the request of the Truth and Reconciliation Commission.  As no specific questions were directed to the Reserve Bank by the Commission, the submission covers a general overview of the tasks and functions of the Reserve Bank and of the monetary policies applied by the bank over the period 1960 to 1994.
 It should be pointed out that over this period of more than 30 years, four different governors headed the bank and most of the deputy governors and senior staff were responsible for monetary policy at certain times of this extended period, are no longer in the employment of the bank.
 The bank's activities were however extensively recorded in more than 120 quarterly bulletins, in more than 30 annual economic reports, in the annual chairman's addresses, in many statements on policy issued by the bank over this period and in numerous speeches and publications by senior officials of the bank.
 It is obviously not possible to cover all aspects of policy over this long period in a short submission as we were expected to present to you today.  The Reserve Bank would like to emphasize that the bank was created in 1921 by the then Parliament of South Africa as a non-political, impartial institution with a mandate to manage ...(tape ends)