Published: Sat, January 13, 2018
Global News | By Stacy Ballard

South Africa's rand gains on Zuma exit rumours; stocks flat

South Africa's rand gains on Zuma exit rumours; stocks flat

President Uhuru Kenyatta and his South African counterpart Jacob Zuma are set to hold talks on Thursday in Durban.

The allegations that the State has been wrestled out of the hands of its real owners, the people of South Africa, is of paramount importance and are therefore deserving of finality and certainty, he said.

Madonsela spoke to News24 after President Jacob Zuma's announcement of the establishment of the Zondo Commission on Tuesday evening.

The rally has since stalled, with signs of higher rates in the United States shifting some of the focus back to fundamentals, although analysts said a decision on Zuma remained the main swing factor.

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Succumbing to the pressure on Tuesday, the president said: "Pursuant to the investigation and remedial action of the Public Protector regarding complaints and allegations of the State of Capture, as well as the orders issued by the North Gauteng High Court in its judgment of 14 December 2017, I have chose to appoint a Commission of Inquiry".

"There should be no area of corruption and culprit that should be spared the extent of this commission of inquiry", he added.

A scandal erupted after documents leaked to the South African press past year revealed the close ties between his family and the secretive, well-connected Gupta's, who numerous allegations revolve around.

Zuma, who has denied wrongdoing, said he has appealed the order to pay the costs himself but is moving ahead with a commission of inquiry because "this matter has occupied the public mind for some time now and deserves urgent attention".

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It also deeply divided the ANC, which has been in power since the end of white minority rule in South Africa in 1994.

There has been much speculation that the party might try to force Mr Zuma out as president, now that he is no longer leader of the party.

Fick said it is unlikely that the ANC would take the bold step of letting Zuma be removed through a parliamentary process should he refuse to adhere to a party process.

But he pushed back against allegations of graft, asserting that "theft and corruption" in the private sector is just as bad as in South Africa's government and that "being black and successful is being made synonymous to being corrupt".

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