South Africa Recovers R11 Billion in State Capture Funds, Enacts Key Reforms

South Africa’s government has made substantial strides in the ongoing effort to implement the recommendations of the State Capture Commission, with asset recovery linked to the inquiry rising from R2.9 billion in October 2022 to an impressive R11 billion by March 2025. This development was highlighted by Minister in the Presidency, Khumbudzo Ntshavheni, during a media briefing in Cape Town following a Cabinet meeting held earlier in the week.

The surge in recovered funds is seen as a major victory in the fight against corruption and impunity, reflecting a broader reform drive rooted in the findings of the Commission of Inquiry into Allegations of State Capture, chaired by Chief Justice Raymond Zondo.

Legislative Reform: Eight New Laws to Combat Corruption

Minister Ntshavheni announced that the implementation of President Cyril Ramaphosa’s response to the State Capture Commission's recommendations has resulted in significant legislative progress. Eight new laws have been enacted to address key vulnerabilities that enabled large-scale corruption and abuse of state resources.

These new laws cover:

• Public procurement transparency

• Corporate accountability mechanisms

• Reform of state intelligence services

• Strengthened anti-corruption enforcement frameworks

“This reform agenda is crucial to restoring public trust and building institutions capable of resisting political manipulation,” Ntshavheni noted.

Prosecutions and Investigations Gaining Momentum

The Minister also reported progress on the prosecutorial front. Four State Capture-linked criminal cases have already resulted in guilty verdicts. Additionally, 11 more cases—implicating 51 individuals and 27 companies—are now enrolled in the courts.

Further investigative actions include:

• 71 former directors from State-Owned Enterprises (SOEs) referred to the Companies and Intellectual Property Commission (CIPC) for potential delinquency.

• 9 active court cases stemming from these referrals are currently underway.

• 10 private sector entities under review by the CIPC for their roles in facilitating state capture.

• 6 ongoing investigations and 8 new referrals from the Special Investigating Unit (SIU) are under assessment for further action.

These developments reflect a more assertive approach to ensuring accountability and closing legal loopholes previously exploited by corrupt networks.

Corporate Accountability: Bain & Co Blacklisted

In a notable act of corporate sanction, National Treasury has enforced a 10-year ban (2022–2032) on consultancy firm Bain & Company, prohibiting it from engaging in business with the South African government. This ban stems from Bain’s alleged involvement in undermining the South African Revenue Service (SARS) during the height of state capture.

Bain is contesting the ban in court, but the government has stood firm, viewing the move as an essential deterrent to corporate complicity in future governance failures.

Institutional Safeguards: Building Resilient Governance Structures

Alongside prosecutions and legislative changes, government is also focusing on structural reforms designed to prevent the recurrence of state capture.

Key institutional developments include:

• Investigating Directorate Against Corruption (IDAC) Officially launched on 19 August 2024, the IDAC is a specialised body within the National Prosecuting Authority (NPA) tasked with fast-tracking high-profile corruption cases.

• National Framework on Professionalising the Public Sector Approved by Cabinet in October 2022, this framework sets out guidelines for ensuring competence, ethical conduct, and merit-based appointments across public service.

• National Anti-Corruption Advisory Council (NACAC) The NACAC has completed its review of institutional reforms proposed by the State Capture Commission and will advise on implementation strategies.

A Multi-Layered Approach to National Renewal

Minister Ntshavheni emphasised that asset recovery and court actions are part of a larger strategy of state renewal. This includes reforming procurement systems, enforcing corporate transparency, and insulating intelligence structures from political abuse.

“This is a whole-of-society response,” she said. “We are not only holding individuals accountable but reshaping the environment that enabled state capture to thrive.”

Looking Ahead: Sustaining the Momentum

The Cabinet has reiterated its commitment to fully implementing all recommendations from the Zondo Commission. The government’s approach seeks to strike a balance between retrospective accountability and forward-looking institution-building.

Civil society organisations and public watchdogs have largely welcomed the updates but continue to call for greater urgency in some areas, especially the finalisation of major trials and broader corporate prosecutions.

As the 2025 general election approaches, the government is keen to showcase its progress as part of a renewed social contract built on transparency, justice, and service delivery.