Published: Wed, October 10, 2018
Global News | By Stacy Ballard

President accepts Nene resignation - Mboweni appointed finance minister

President accepts Nene resignation - Mboweni appointed finance minister

South Africa's finance minister Nhlanhla Nene has quit after admitting meeting members of the Gupta family, who have been accused of corruption.

This is after he took to the stand in the judicial commission of inquiry into state capture, and admitted to having met the Gupta family on several occasions - this is contrary to what he told news channel eNCA back in 2015.

"I have made a decision to accept his resignation", Ramaphosa told journalists in Cape Town. He became the first black governor of the SA Reserve Bank in August 1999 and served for just more than 10 years until November 2009.

Ramaphosa's spokesperson Khusela Diko told News24 there was no official comment on the reports yet, while calls to Nene went unanswered.

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Mr. Nene had committed "errors of judgment" but was not personally implicated in any wrongdoing, Mr. Ramaphosa said in his announcement on Tuesday.

President Cyril Ramaphosa has confirmed that he has accepted Nhlanhla Nene's request to be relieved of his duties.

While Mboweni is South Africa's fifth finance minister less than three years, the financial markets welcomed his appointment and the rand erased losses and advanced as much as 1.4% against the dollar on Tuesday.

He added that Nene feared his testimony to the inquiry "detracted from the important task of serving the people of South Africa particularly as we work to re-establish public trust in government".

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The biggest opposition party, the Democratic Alliance, issued a similar call, saying Nene is likely to be the subject of lengthy investigations and that he risks "compromising public confidence" in the National Treasury.

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

Ramaphosa has made clean governance and the kick-starting of an economy mired in recession top priorities.

"Ramaphosa has sought to act swiftly to calm market jitters and demonstrate his ability to act on questionable conduct in his cabinet", Abdul Waheed Patel, the MD of Cape Town-based Ethicore Political Consulting, said by phone.

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The remainder of the group were close school and neighborhood friends, including another newlywed couple, Erin and Shane McGowan . Tom King, 35, said his four sisters who died - Abigail Jackson, Mary Dyson, Allison King and Amy Steenburg - "were very tight".


Zuma ruled for nearly nine years before the governing African National Congress forced him to quit in February and replaced him with his 65-year-old deputy and party leader, Ramaphosa.

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