South African finance minister Nene resigns over Gupta scandal

South African finance minister Nene resigns over Gupta scandal

South African finance minister Nene resigns over Gupta scandal

Weekend reports indicated that Nene's future as finance minister was on shaky ground following his admission to the meetings, with some claiming Gauteng finance MEC Barbara Creecy could be his replacement.

The party, which has been vocal in its demand for Nene's sacking over the past few days, now wants Ramaphosa to fire Minister in the Presidency Bathabile Dlamini and Home Affairs Minister Malusi Gigaba.

Zuma had sacked Nene in 2015, but Ramaphosa appointed him the finance minister again this year.

"The Medium-Term Budget Policy Statement (MTBPS)‚ which is supposed to be a statement to build confidence amongst all important economic role players‚ cannot‚ and should not‚ be delivered by a minister who was part of the Gupta criminal syndicate".

"I was wrong in meeting the Guptas at their residence", he said.

The state capture commission is probing allegations that the Gupta family used their relationship with former president Jacob Zuma to score lucrative government contracts. "I deeply regret these lapses and beg your forgiveness".

He served as labour minister in the cabinet of former president Nelson Mandela in the mid-1990s and was widely praised for his work as the governor of the South African Reserve Bank from 1999 to 2009. Ramaphosa promised to curb corruption that has contributed to South Africa's economic problems, though critics question whether he has the will and clout to scrutinize top levels of the ruling African National Congress party ahead of elections next year. He is the kind of person who will be able to take those decisions.

Kondlo said Mboweni was likely to take a hard line against public sector wage increases and could provoke friction with the country's influential trade unions.

The rand was 0.03% stronger at R14.5500 per dollar at 0700 GMT, having closed in NY at R14.5550.

But the DA also described Mboweni's public comments while out of government office as "looney".

Jonas said he had refused and was warned he would be killed if he spoke of the proposal.

He said no person should be above scrutiny and all relevant and credible accusations of wrongdoing should be thoroughly investigated.

South Africa, Africa's most advanced economy, slipped into recession in the second quarter of this year, and suffers a stubbornly high unemployment of about 28 percent.

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