On September 15 I woke to a headline in the Sunday World that read “Masina taken to court over credit card payment arrears”.
The article provides details of a R63,000 debt I owe to Investec and states legal action has been taken against me.
The starting point is to acknowledge it is true I owe Investec the amount. I have been a client of Investec for almost two decades, during which I have never, until recently, failed to service my financial obligations.
The second point is to state at no point have I received a notice or summons from Investec in relation to the debt for which legal action is now being pursued in the Gauteng High Court.
I am conversant of my obligations to Investec and understand nonpayment of debt owed to the bank is a breach of contractual obligations. However, this breach of contract did not occur on the basis of disregard of these obligations on my part but is the direct result of financial challenges I faced, which are not unique to those faced by millions of other South Africans navigating a constrained economic environment with limited resources.
In November 2022, I resigned as a councillor and leader of the ANC caucus in the City of Ekurhuleni, where I previously served a full term as mayor. After my resignation I joined the ranks of the unemployed and did not have a stable and sustainable income.
I returned to the public service as an MP and chairperson of the portfolio committee on trade, industry and competition after the May general election. This means I was unemployed for almost 20 months before my new employment. During this time I had to make difficult financial decisions with regard to expenditure by reprioritising what limited resources I could mobilise. As a husband, father and provider to an extended family I had to prioritise their survival.
My schoolgoing children, who are in kindergarten, primary and high school as well as university, have been my priority. Any parent, and particularly those of us who grew up under difficult circumstances, understands that providing for our children, particularly in relation to quality education, is non-negotiable.
While I knew I would eventually repay the debt I owed to Investec, even as such debt may have incurred interest, I also knew I could not put my children’s education and the survival of my family in jeopardy. During the most difficult financial period in my life I chose to keep my children in school and to ensure their basic material needs were met. It is a decision I do not regret and one no reasonable parent would.
The details of the repayment of this personal debt are and should have remained a matter between me and my bank
— Mzwandile Masina
The attempts by the Sunday World to deride and ridicule my financial challenges are unfortunate and curious. The situation I find myself in is one faced by millions of South Africans who make an honest living. Throughout my career in the public service I have prided myself on being ethical and accountable, particularly in relation to financial prudency. This is evidenced in that as mayor of Ekurhuleni the municipality maintained unqualified audits and sustained three consecutive audits.
Any allegations of corruption or impropriety levelled against me personally, or the administration I led, have never held up to scrutiny. The debt I owe to Investec, per the court documents I have since been furnished with, and as corroborated in the Sunday World article, was incurred in October 2023 — a period during which I had financial constraints as outlined above. All this is evidence of my commitment to upholding the highest level of financial integrity.
Unfortunately in a society where sensationalism sells newspapers and guarantees a story will trend, there is little regard for factual reporting and the application of rationality. More than this, there is no sense of compassion for the material challenges that are a reality for many who are making an honest living under trying circumstances.
I wish to conclude by stating that having recently started working in the public service, I have had an income for just over three months. There should be no doubt that stabilising my finances, which includes repaying the debt owed to Investec, is a priority.
The details of the repayment of this personal debt are and should have remained a matter between me and my bank. There is no reason any South African should be put in a situation where such privileged information becomes fodder for the media — particularly when there is no abuse of taxpayers’ money, which negates the issue of public interest.
That my financial details have found their way to the press is unfortunate and concerning but a matter that will be resolved between me and Investec in an appropriate platform.
• Masina is an ANC MP. He writes in his personal capacity.
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