Published: Wed, October 10, 2018
Worldwide | By Gretchen Simon

Ramaphosa appoints new finance minister

Ramaphosa appoints new finance minister

President Cyril Ramaphosa announced on Tuesday that he had accepted Nhlanhla Nene's letter of resignation "in the interests of good governance" on Tuesday morning after Nene said there was risk that the developments around his testimony at the State capture commission will detract from the important task of serving the people of South Africa.

Meanwhile, there have been reports that Nene approached Ramaphosa at the weekend asking to be relieved of his duties.

But Nene revealed to a judicial inquiry last week that he had met with the Gupta business family at their home and offices six times - contradicting earlier statements that he had only met them in passing at social occasions.

The Guptas, who built a vast business empire in the mining and media industries in South Africa after forging a partnership with the son of former president Jacob Zuma, are now under criminal investigation on corruption allegations.

He made a public apology about the matter on Friday.

Journalists attending the event were uninterested in the commemorative stamp and immediately questioned the president on the future of Finance Minister Nene - up until now the Ramaphosa has been especially mum on the topic.

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

In congratulating Mboweni, the DA's finance spokesperson David Maynier commented that he had been "plucked from political obscurity" to be appointed as Nene's replacement. Ramaphosa has said combating graft is one of his top priorities, and he's replaced a number of other officials implicated in wrongdoing.

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Brown has until Thursday to respond to Sternberg's lawsuit after filing for an extension in September. Both lawsuits were filed in Miami-Dade County in August and seek more than $15,000 in damages.

The office of the Public Protector said on Tuesday it would look into a complaint by the main opposition Democratic Alliance party about the investment, carried out when Nene was chairman of the fund and deputy finance minister.

One common theme that has emerged is visits to the family's sprawling Johannesburg property, which is why there has been public anger regarding Nene's revelations.

"Public servants at all spheres and levels of government will have no obligation to responsibly manage state fiscal resources under a compromised minister of finance".

Zuma and the Guptas have denied any wrongdoing.

Tito Mboweni is set to deliver the medium-term budget policy statement in two weeks' time.

"I can confirm that he has been in engagement with Mr Nene and I can also confirm that there has been correspondence that has been exchanged between them and they have spoken on the phone... so they have had ongoing conversations".

We look back at the rise and fall of the former finance minister.

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