Finance Minister Malusi Gigaba addresses the PBF breakfast. Picture: Zintle Mahlati/IOL

Johannesburg - Finance Minister Malusi Gigaba on Saturday stressed the need to fully investigate allegations of state capture and corruption. 

Gigaba was giving a keynote address at the Progressive Business Forum (PBF) breakfast which formally kicked off the African National Congress (ANC) 54th National Elective Conference held at Nasrec.

The breakfast, hosted by the party's PBF, was off to a late start due to special National Executive meeting called on Saturday morning.

Leaders from the ANC were called to a NEC discussion to deliberate court judgments made on Friday.

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ANC spokesperson Zizi Kodwa told African News Agency (ANA) that the NEC on Saturday morning was not a meeting, but a "special NEC to discuss today's [Friday's] courts judgments".

According to reports, the ANC leaders were expected to meet at 8am on Saturday morning - two hours before the start of the national conference.

Addressing delegates, Gigaba stressed the need for an investigation into state capture.

"We need to fully investigate this to restore public confidence," he said.

Gigaba also said the Steinhoff scandal, which saw the company face a near collapse after its share price tumbled by about 80% recently, needed to receive the same scrutiny as other public scandals.

The minister also touched on the necessity of Radical Economic Transformation (RET) in today's economy.

"At this moment, the most important task is to lead South Africa to inclusive growth through RET," he said.

Also giving a brief address at the breakfast was outgoing ANC treasurer general Zweli Mkhize, who touched on the recent court battles affecting the party.

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On Friday, three courts in three provinces handed down damning judgments against the ruling party's branches.

"We will deal with the court cases during the conference... it is a priority," he said.

Mkhize also thanked delegates for the support shown to him during his term of office, expressing hope that whoever took over would address delegates before the conference ends.

Investec Chief Executive Officer Richard Waimwright also spoke at the breakfast.