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Have a look at all the news, views and analyses as pressure mounts for Finance Minister Nhlanhla Nene to step down following revelations that he met with the controversial Gupta family.
Revelations that Finance Minister Nhlanhla Nene lied about his meetings with the Guptas presents President Cyril Ramaphosa with a thorny dilemma.
If Ramaphosa fires Nene or he quits, the president would lose a close political ally, and a new finance minister - the nation’s fifth in less than three years - would have just weeks to deliver a mid-term budget that reassures investors and ratings companies.
While a shakeup risks further eroding confidence, failure by Ramaphosa to act decisively may undermine his fight to end the graft and mismanagement that marred his predecessor Jacob Zuma’s rule.
The Economic Freedom Fighters (EFF), through its leader Julius Malema, has written to President Cyril Ramaphosa asking him to accept the offer of Minister of Finance Nhlanhla Nene to resign.
"We reiterate our position that his continued stay as minister of finance is not in the best interest of South Africa. Treasury cannot be presided over by a person without integrity," EFF spokesperson Mbuyiseni Ndlozi said in a statement on Monday.
The call by the EFF comes after Nene apologised on Friday for failing to disclose that he had met with the controversial Gupta family on multiple occasions at the Saxonworld residence and Midrand offices between 2010 and 2014.
If the finance minister were to be replaced, it would not compromise the medium-term budget policy statement (mini budget) set to be delivered on October 24, economists have said.
Reports have emerged that Finance Minister Nhlanhla Nene offered his resignation to President Cyril Ramaphosa, little more than two weeks before the announcement of the mini budget.
UDM demands PIC investigation
The deeper we dig, the greater the corruption exposed. The
United Democratic Movement (UDM) has been saying all along that there is
something seriously wrong at the Public Investment Corporation (PIC) and that
it is endangering the pensions of government employees.
Our sources indicate as much, and the scratch-work done by
the media; in particular the amaBhungane Centre for Investigative Journalism,
reads like a corruption horror story. As the drama unfolds, a pattern emerges
where some of the family members some Deputy Ministers of Finance, de facto
chairs the PIC board, have had their fingers in the PIC cookie jar. It would
therefore make sense to think that Minister Nene has been covering for PIC CEO
Dan Matjila, the board and himself.
Only yesterday did he confirm that he had tea and coffee,
almost six times, with the Gupta family. This proximity of Minister Nene and
his son to the Guptas is no different from the connection of former president
Jacob Zuma and ANC Secretary General Ace Magashule. Even the Gwede Mantashe
toilet scandal in Amathole comes to mind.
There is a clear conflict of interest here and, under normal
circumstances Minister Nene would be handing over his resignation this morning.
Nene and Matjila should be removed from their positions and the current board
be dissolved, to make way for an interim board until this matter has been
Very early on, the UDM approached President Ramaphosa
regarding various dodgy PIC deals and he promised to act. Yet, the Ramaphosa
has been stalling in appointing the PIC commission of inquiry and publishing
its terms of reference. He made this announcement and the months’ delays are
casting aspersions on his integrity.
There is enough prima facie evidence that should convince
the president to get the PIC inquiry up and running with immediate effect with the
participation of the Directorate for Priority Crime Investigation, the
Financial Intelligence Services, as well as Interpol. Also, each of the past
PIC Chairmen of the Board should be investigated.
COPE statement on Nene:
COPE is extremely disappointed with Minister Nene, his
sudden apology few days ago for meeting the controversial Guptas at their
private residence Saxonwold has put a dark cloud hanging over his head.
We don't know what happened in those secret meetings, we
suspect many other ministers and former ministers will also come out and
apologise for meeting with this controversial Gupta family in those dark
As COPE we are saying we cannot blindly accept Nene's
apology if there is no full disclosure of what was discussed and agreed upon in
We are very clear, we can't give him a blank cheque, because
tomorrow Jacob Zuma can also come forward and apologise for having a corrupt
relationship with the Guptas.
SA needs a finance minister with a proven track record if Nene goes, say economists
South Africa needs a finance minister with a proven track record to replace Nhlanhla Nene if President Cyril Ramaphosa accepts his offer of resignation.
EFF statement on Nene
The Economic Freedom Fighters (EFF) calls on President Cyril
Ramaphosa to accept Nhlanhla Nene's offer to resign from his position as the
Minister of Finance. The EFF, through the CIC Julius Malema, has written a
formal letter to Ramaphosa calling on him to accept the offer made by Nhlanhla
Nene to resign.
We reiterate our position that his continued stay as
Minister of Finance is not in the best interest of South Africa. Treasury
cannot be presided over by a person without integrity.
Nene has lied on
numerous occasions about his role in cabinet and government. He has also
facilitated the capture of the state by the criminal Gupta syndicate. He was
party to the most unpatriotic state capture by a family of foreign nationals.
In these difficult economic times, the last thing the
country needs is a finance minister with a questionable character and unethical
conduct. Ramaphosa must release Nene from his duties with immediate effect.
EFF CALLS ON RAMAPHOSA TO ACCEPT NENE’S OFFER TO RESIGN pic.twitter.com/OsUrP7WmjC— Economic Freedom Fighters (@EFFSouthAfrica) October 8, 2018
EFF CALLS ON RAMAPHOSA TO ACCEPT NENE’S OFFER TO RESIGN pic.twitter.com/OsUrP7WmjC
LETTER BY THE EFF THROUGH THE CIC @Julius_S_Malema TO PRESIDENT RAMAPHOSA ON THE RELEASE OF NHLANHLA NENE pic.twitter.com/YRV9WPLDHQ— Economic Freedom Fighters (@EFFSouthAfrica) October 8, 2018
LETTER BY THE EFF THROUGH THE CIC @Julius_S_Malema TO PRESIDENT RAMAPHOSA ON THE RELEASE OF NHLANHLA NENE pic.twitter.com/YRV9WPLDHQ
DA statement from David
The Minister of Finance, Nhlanhla Nene, has reportedly
offered his resignation to President Cyril Ramaphosa.
To be fair, the minister
courageously stood up to former President Jacob Zuma by opposing the nuclear
build programme, which eventually cost him his job when he was fired in a
meeting that lasted just "two or three minutes" on 09 December 2015.
However, the minister:
exercised poor judgement meeting inter alia Ajay Gupta
at Saxonwold, after becoming suspicious of the family's intentions, most
probably as a result of an investigation being conducted by National
may have breached the executive code of ethics as a
result of a Public Investment Corporation investment that may have
benefited his son, Siyabonga Nene; and
failed to disclose any of this information, prior to
his appointment as finance minister, to President Cyril Ramaphosa.
To his credit, the
minister issued an apology expressing regret for his mistakes, which he
conceded included poor judgement, and which he accepts casts a shadow over his
However, in the end, the
minister's conduct, taken together with the fact that he is likely to be the
subject of at least two ongoing investigations, which will drag on for months,
now risks compromising public confidence in National Treasury.
The minister himself
pointed out in his evidence before the Zondo Commission that:
optimal relationship is for the Minister of Finance to have the full support of
the President at all times."
We find it hard to believe
that, under the circumstances, the minister has the "full support" of President Cyril
Ramaphosa, who stated, in his State of the Nation Address on 16 February 2018,
that: "…this is
the year in which we will turn the tide of corruption in our public
therefore, that President Cyril Ramaphosa should accept the minister's offer to
resign and act swiftly to replace him before the medium-term budget policy
statement is presented in Parliament.
Nene at Zondo commission: Questions about the Guptas, answers about the nuclear deal
Finance Minister Nhlanhla Nene will on Wednesday admit to meeting members of the infamous Gupta family on up to six occasions while he was minister and deputy minister of finance between 2009 and 2015 – and he will argue it is all about situation and circumstance.
It looks like going to the streets to have this guy removed is unavoidable. ??— Julius Sello Malema (@Julius_S_Malema) October 7, 2018
It looks like going to the streets to have this guy removed is unavoidable. ??
FACT NUMBER 1: Amir Mirza, the business partner of Siyabonga Nene (Nhlanhla Nene’s son) is an Indian Citizen. Mirza and Nene were paid US$3.3 Million by the Public Investment Corporation (PIC) for a failed deal in Mozambique and this was during Nene’s Chairmanship of the Board.— Floyd Shivambu (@FloydShivambu) October 8, 2018
FACT NUMBER 1: Amir Mirza, the business partner of Siyabonga Nene (Nhlanhla Nene’s son) is an Indian Citizen. Mirza and Nene were paid US$3.3 Million by the Public Investment Corporation (PIC) for a failed deal in Mozambique and this was during Nene’s Chairmanship of the Board.
Nene is due to deliver the mini-Budget in Parliament on October 24.
Nene has been under intense pressure since his revelations at the Zondo commission of inquiry into state capture last week.
He admitted to meeting the controversial Gupta family six times at their home between 2009 and 2014.
South Africa could get a new finance minister within hours - the top contenders include a yoga-loving MEC
News24 on Monday morning reported that finance minister Nhlanhla Nene had asked President Cyril Ramaphosa "to relieve him of his duties" over the weekend. It's understood the minister offered to resign during a phone call to Ramaphosa.
Nhlanhla Nene may be going again - 8 things you probably didn't know about SA's finance minister
Until last week, South Africa's reinstated minister of finance had a reputation as a no-nonsense man of principle.
During his previous stint in the job, Nhlanhla Nene refused to be bullied into accepting a massive nuclear deal and he also blocked a senseless SAA lease contract which SAA board chair Dudu Myeni favoured.
Nene undermines Ramaphosa's integrity ticket
Nhlanhla Nene's position as finance minister has suddenly become untenable, both for the country and President Cyril Ramaphosa's campaign to clean up corruption in government.
Hirsch, director of UCT's Nelson Mandela School of Public Governance on Nene:
think he is a dishonest man and I think he is being pilloried for the rare act
of apologising; yet the fact that he appeared to deny that he had met the
Guptas at one point makes it more complicated.
"My take is
that it suits the EFF and the anti-Ramaphosites in the ANC to target Nene as a
distraction and a way of weakening Ramaphosa."
Turbulence at Treasury: A short history
National Treasury and the ministry of finance have been a beacon of good governance and stability since 1994 – the last couple of years however have seen the institution suffer under a barrage of criticism and a political assault that resulted in four finance ministers in four years.
ANALYSIS: Who could replace Nene? Get to know Barbara Creecy and Mondli Gungubele
With the likelihood of Finance Minister Nhlanhla Nene’s resignation growing by the hour, attention is now focused on who is likely to replace him should he quit.
READ: #StateCaptureInquiry: Nene in his own words
Finance Minister Nhlanhla Nene testified before the Commission of Inquiry into State Capture on Wednesday, where he denied any wrongdoing in his meetings with the Gupta family and said he refused to sign the agreement for Russia to provide nuclear energy.
Rand could weaken to under R15/$ if Nene resigns, say analysts
The rand could fall below R15/$ if President Cyril Ramaphosa accepts Finance Minister Nhlanhla Nene’s resignation.
Finance Minister Nhlanhla Nene testified before the judicial
commission of inquiry into allegations of state capture on Wednesday.
Assistant editor Pieter Du Toit is joined by legal reporter
Jeanette Chabalala and politics reporter Tshidi Madia on what has unfolded so
Rob Davies and Nhlanhla Nene sit next to each other during
the Presidential Jobs Summit at the Gallagher Convention Centre in Midrand.
During the opening of the two day summit, the government,
labour and business, struck a deal that could see the creation of about 275 000
jobs a year. (Felix Dlangamandla, Gallo Images, Netwerk24, file)
He failed to say 'me too', says analyst as Nene's 'squeaky clean' image takes hit
Nhlanhla Nene took over as South Africa’s finance minister as a safe pair of hands to help restore confidence after years of scandal and alleged corruption under former President Jacob Zuma. On Wednesday, his reputation took a hit.
Nhlanhla Nene's 10 contacts with the Guptas mapped and annotated
Finance Minister Nhlanhla Nene this week admitted to having a series of engagements with one of former president Jacob Zuma's favourite families, the Guptas, who are at the centre of the state capture network in South Africa.
Finance minister Nhlanhla Nene is seen during Zondo's
commission of inquiry into state capture.
Testifying at the inquiry, Nene revealed that, in a two to
three minute meeting, former president Jacob Zuma told Nene he was removing him
a finance minister and that he would be deployed at the Brics bank. (Felix
Dlangamandla, Gallo Images, Netwerk24, file)
Nhlanhla Nene on Gupta meetings: 'I am human too, I do make mistakes'
Finance Minister Nhlanhla Nene says he was wrong to have met the Guptas at their Saxonwold mansion in Johannesburg and he "begs" South Africans' forgiveness.
Nene asked to resign in phone call to Ramaphosa
News24 has independently obtained confirmation that Finance Minister Nhlanhla Nene has asked President Cyril Ramaphosa to relieve him of his duties.
#StateCaptureInquiry: 5 revelations from Nene's testimony
Finance Minister Nhlanhla Nene told the state capture commission of inquiry that his December 2015 axing was linked to the nuclear build programme which then president Jacob Zuma sought to finalise.
Nene: I'm sorry, I was wrong in meeting the Guptas
Finance Minister Nhlanhla Nene has apologised to South Africans for meeting the controversial Gupta family between 2009 and 2014.
Nene said to face pressure to quit over meetings with Guptas
Finance Minister Nhlanhla Nene is under pressure to resign after he last week disclosed to an anti-corruption commission that he met members of the Gupta family at their Johannesburg residence six times, people familiar with the situation said.
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