Nene out, Mboweni in: Here's everything you need to know

Nene out, Mboweni in: Here's everything you need to know

In the latest flare-up of a widening corruption scandal, South Africa's finance minister has resigned from his cabinet post for failing to disclose his meetings with the controversial Gupta business family.

Opposition parties cited a South African media report that Finance Minister Nhlanhla Nene had offered to quit, saying President Cyril Ramaphosa should dismiss him to show commitment to clean government in one of Africa's biggest economies.

Economics professor at the University of Johannesburg, Fiona Tregenna, says the president made the right choice in accepting Nene's resignation.

"I have chose to accept his resignation", Ramaphosa told a televised press briefing in Cape Town.

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. Ramaphosa has said combating graft is one of his top priorities, and he's replaced a number of other officials implicated in wrongdoing.

The Guptas are a trio of Indian-born brothers accused of fraudulently profiting from vast government contracts and energy and transport deals under Zuma, who ruled from 2009 to 2018.




Nene led by example and set a new standard for Cabinet ministers, Rossouw said.

It said the issue was likely to be raised at a meeting of the ruling African National Congress party later on Monday. Five months after refusing to sign a letter of guarantee that would have given the project to Russia's state-controlled nuclear energy company, Mr. Nene was sacked from Mr. Zuma's cabinet and was briefly replaced by a pro-Gupta minister.

The rand firmed more than 30c against the dollar ahead of Tito Mboweni's appointment as finance minister‚ remaining steady at firmer levels.

"I am confident that Mr Mboweni will provide that leadership‚" he said.

Alluding to Nene's refusal to give the green light to the Russian nuclear deal, which was being pushed through by former president Jacob Zuma and which would have indebted South Africa to the European state for years to come, Ramaphosa praised Nene saying: "He served our people under very hard circumstances and often coming under pressure but he consistently defended the cause of proper financial management and clean governance".

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