• Saturday, August 13, 2022


South African Finance Minister Nene Resigns Over Alleged Guta Corruption Scandal

South Africa’s former central bank governor, Tito Mboweni (R), takes his oath of office after being appointed minister of finance on October 9, 2018, as President Cyril Ramaphosa (C) looks on at the Tuynhuys parliament compound in Cape Town. – Finance Minister Nhlanhla Nene resigned the same day over undisclosed meetings with the business family at the heart of a corruption scandal, dealing a blow to President Cyril Ramaphosa. (Photo by Rodger BOSCH / AFP) (Photo credit should read RODGER BOSCH/AFP/Getty Images)

By: Radhakrishna N S

South African president Cyril Ramaphosa on Tuesday (9) appointed former central bank governor Tito Mboweni as finance minister, replacing Nhlanhla Nene who admitted to having meetings with the Guptas business family at the centre of alleged corruption. Nene faced calls to resign after he admitted visiting the Gupta brothers, friends of scandal-plagued former president Jacob Zuma who have been accused of high-level influence-peddling, and failing to disclose the meetings earlier. Zuma and the Guptas have denied any wrongdoing. The rand firmed moments before Mboweni was announced finance minister at a ceremony in Cape Town. Banking stocks closed more than one…

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