Monday, 17 December, 2018

Rand nudges upwards as Mboweni takes over from Nene

Nhlanhla Nene talks to the media at a press conference ahead of a roundtable bringing global business leaders to South Africa to discuss the government's reform agenda in Johannesburg Should Nene go? Here's what SA's political heavyweights have to say Views from UDM leader Bantu
Leonard Rios | 10 October, 2018, 11:46

South African President, Cyril Ramaphosa, has appointed former Central Bank Governor, Tito Mboweni, as his Finance Minister on Tuesday, after he had accepted the resignation of Nhlanhla Nene.

Mr Nene, 59, was deputy finance minister and head of the Treasury at the time of the meetings at the Guptas' property in Johannesburg between 2009 and 2014.

Ramaphosa said Nene wrote to him on Tuesday requesting to step down‚ and he had chose to accede to the request.

South Africa's former finance minister Nhlanhla Nene looks on ahead of the Judicial Commission of Inquiry probing state capture in Johannesburg, South Africa October 3, 2018.

The Gupta brothers are accused of using their friendship with former president Jacob Zuma to influence government decisions including unfairly winning state contrcats.

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Guardiola defended Mahrez, who missed a great chance to win the game when he blasted an 86th minute penalty over the bar. I also have my concerns about Sarri's side defensively, namely with David Luiz playing in a four-man defence.

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So too will rookie Donte Jackson's as he accumulates more than his four games of National Football League experience. Don't forget, Samuel rushed for 1,286 yards in three years while at Ohio State, adding 1,249 receiving yards.

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Information Minister Fawad Chaudhry welcomed the arrest and offered the agency any help it needed. Tarar said that Sharif was improperly arrested on a warrant that was kept secret.

This was contrary to comments he had previously made, and was highlighted when television news channel eNCA aired a clip of Nene denying in an interview that he was invited to any engagements with the controversial Gupta family who are at the centre of state capture allegations. He is urging those ministers and other senior officials to follow Mr. Nene's example by volunteering to give testimony at the national inquiry into corruption so that their conduct can be reviewed. Many ministers in his cabinet and the previous Zuma cabinets have held meetings with the Guptas, and some have provided favours to the family. Nene said during his testimony to the inquiry he was sacked in December 2015 for refusing to agree to Zuma's plans to spend billions of dollars on new nuclear plants.

The rand and the country's bonds gained as traders welcomed the appointment of Mboweni as finance minister. The nuclear project was eventually shelved.

Questions have also been raised about a PIC deal involving Nene's son, while he was chairman of the PIC.

The rand firmed, moments before Mboweni, was announced Finance Minister at a ceremony in Cape Town.

"Mboweni possesses the necessary integrity, skills set and experience which can generate confidence in the markets, among investors and generally in the business community", said Raymond Parsons, a professor at the North West University's School of Business and Governance.

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