Five countries reportedly push SA to speed up prosecutions

Five countries, including the US and the UK, have written to South African President Cyril Ramaphosa to warn that foreign investment is at risk because of the country’s failure to prosecute people for government corruption, the Sunday Times reported, citing the memorandum.

The five governments, which also include Germany, the Netherlands and Switzerland, are also concerned about South Africa’s frequent changes in policies in industries including mining and the protection of intellectual property rights, according to the Johannesburg-based newspaper. A spokeswoman for the South African presidency confirmed receipt of the memo, the Sunday Times said.

South Africa began an inquiry into state corruption last year after Ramaphosa became president and promised to root out graft. He also pledged to raise $100 billion in investment to boost a sluggish economy and improve unemployment. While many people have been named in the corruption probe, there have been no arrests.

© 2019 Bloomberg L.P