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SA Finance Minister Nhlanhla quits

Published : Wednesday, 10 October, 2018 at 11:33 AM Count : 297


South Africa’s Finance Ninister Nhlanhla Nene resigned after a scandal over his links to the Gupta family.

President Cyril Ramaphosa said he accepted the resignation "in the interests of good governance".

The Guptas have been accused of working with former President Jacob Zuma to secure government contracts and determine cabinet appointments, BBC reports.

Both the Guptas and Mr Zuma deny the allegations.

Mr Nene has been replaced by former central bank chief Tito Mboweni. This is the fifth change of finance minister since 2014.

Last week, Mr Nene told a judge-led inquiry into the alleged influence of the Guptas, known as the Zondo commission, about meetings that he had previously denied.

There is no suggestion that he had done anything illegal in meeting the businessmen during his stint as deputy finance minister and finance minister in Mr Zuma's government, but he has been under intense political pressure to step down since making the admission.

Mr Zuma sacked him as finance minister in 2015, but he was reappointed by the current president in February.

Rumours of his intended resignation on Monday led to a fall in the value of South Africa's currency, the rand, but it has since recovered its value.



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