Gauteng’s MEC for finance and economic development, Lebogang Maile, has reached out to Reserve Bank governor Lesetja Kganyago for help in aiding The Drip Group (Pty) Ltd, struggling with compliance of domestic tax laws.
In a letter to the Bank, Maile emphasized his respect for the law and the Bank’s investigative process regarding the company’s potential exchange control regulations violation.
He stated that the Gauteng government has a duty to support businesses, mentioning the importance of assisting small businesses facing challenges.
Maile highlighted the significance of supporting companies like The Drip Group, providing employment to many, including historically disadvantaged groups.
Reports earlier this year pointed to Drip Footwear facing liquidation due to unpaid debts exceeding R20m.
Castro Ngobese, Maile’s spokesperson, mentioned the ongoing investigation by the Bank’s financial surveillance department and the MEC’s commitment to a rehabilitative approach in compliance matters.
Maile emphasized the importance of equipping township businesses with necessary skills for success and urged all sectors to contribute to their growth and development.