Malema's EFF declares 'war' to remove South Africa's finance minister

Cheryl Sanders
October 10, 2018

In a nationally televised address, Ramaphosa said he accepted Nene's resignation because of "errors of judgment" as a result of a controversy surrounding Nene's testimony in an ongoing graft inquiry in South Africa.

Jonas told a judicial panel last month that Ajay Gupta offered him the post of finance minister and a R600 million ($40.3 million) bribe in exchange for business concessions.

It said Nene's conduct in meetings with members of the Gupta family had been "unethical conduct of lying and misleading the public about his relations with the Gupta criminal syndicate".

Mboweni, 59, succeeds Nhlanhla Nene, who was named finance chief by President Cyril Ramaphosa in February and resigned on Tuesday after lying about his meetings with three businessmen who were implicated in the looting of state funds.


Last week, Nene told an inquiry panel about the meetings he had held with the business family, a fact that he had earlier denied.

The inquiry, which opened in August, is investigating allegations that Zuma organised the plunder of government departments and public enterprises in a scandal known as "state capture".

In a move that was cheered by markets, the former Reserve Bank governor returned to the cabinet for the first time since 1998, when former president Nelson Mandela deployed him to the Bank, before he took over after Chris Stals retired in 1999.

"It's a measure of his character and commitment to the country that he has chose to resign in spite not being implicated in any wrongdoing", the president said.


The ANC forced Zuma to quit as president in February after nearly nine years in office, clearing the way for his 65-year-old deputy and party leader Ramaphosa to take over. The announcement led to a strengthening of the South African currency, the rand, which had weakened after earlier reports of Mr. Nene's likely resignation.

"South Africa is undergoing serious economic difficulties and massive job losses, and one of the ingredients towards economic recovery is a credible Minister of Finance", said Julius Malema, head of the opposition Economic Freedom Fighters.

It had received a battering under Mr Zuma's presidency.

Tito Mboweni is back from the political wilderness.


Other reports by iNewsToday

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