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Green shoots

By: Terence Creamer     21st October 2016 In a September 22 statement, Business Leadership South Africa (BLSA) reiterated the “grave concern” it had expressed in an earlier open letter to Preside Jacob Zuma about ongoing threats to charge, or even arrest, Finance Minister Pravin Gordhan. However, it also used the statement to urge... 

Gordhan has full backing of Cabinet – Radebe

By: Reuters     20th October 2016 South Africa's Finance Minister Pravin Gordhan has the full backing of cabinet as he faces charges that, while running the tax agency, he fraudulently approved early retirement for a deputy, Minister in the Presidency Jeff Radebe said on Thursday. Gordhan is "innocent until proven otherwise by a... 

Gordhan: SA will be foolish not to avoid possible car crash

By: News24Wire      20th October 2016 South Africa must take tough decisions and send out a strong message about the leadership and economy of the country to avoid a downgrade, Finance Minister Pravin Gordhan said on Wednesday night. "Is South Africa headed for a car crash? Well, we would be foolish not to avoid it if that is the... 

Gordhan to shun populist reforms in mini budget – economist

By: News24Wire      20th October 2016 Finance Minister Pravin Gordhan will in his delivery of the medium-term budget policy (mini budget) on Wednesday not deviate from government’s expenditure plans or fiscal framework, emerging market economist Peter Attard Montalto of Nomura said in a company note. “In the current political context... 

South Africa can avoid credit downgrades – Gordhan

By: Reuters     19th October 2016 South Africa is making progress towards avoiding rating downgrades despite the economy not growing fast enough, Finance Minister Pravin Gordhan told a trade union gathering on Wednesday a week before reading his mid-term budget speech. Ratings agencies have warned they could cut the country's... 

Guptas list why Gordhan's application is fundamentally flawed

By: News24Wire      18th October 2016 The Guptas said Finance Minister Pravin Gordhan’s court application is fundamentally flawed and will assist them in clearing their name, their lawyer said in a statement on Tuesday. “We are delighted to have received this application,” the Guptas’ lawyer Van Der Merwe Associates said on behalf of... 

Here’s how Gordhan can ease fiscal pressure in mini budget

By: News24Wire      18th October 2016 One way Finance Minister Pravin Gordhan can ease the country’s fiscal pressure is by halting the proposed Wild Coast N2 highway in the Eastern Cape, which could cost over R8-billion to construct. That’s the advice from the Organisation Undoing Tax Abuse (Outa) on Monday. It was responding to a... 

Sugar tax could include pure fruit juices – National Treasury

By: Reuters     18th October 2016 South Africa could add pure fruit juices to the list of drinks expected to face a levy under a proposed tax on sugary drinks, the Treasury has said, in a country where more than half of adults are overweight. In his budget speech in February, Finance Minister Pravin Gordhan proposed the tax on... 

Gordhan, Ntlemeza, Moyane given representations deadline

By: News24Wire      18th October 2016 National Director of Public Prosecutions Shaun Abrahams has invited Finance Minister Pravin Gordhan to make representations to him on Tuesday. The invite was also extended to Hawks head Berning Ntlemeza and Sars commissioner Tom Moyane. 

Gordhan's affidavit details R6.8bn in Gupta transactions reported as suspicious

By: Reuters     17th October 2016 South African Finance Minister Pravin Gordhan has revealed in a court affidavit distributed by the National Treasury on Sunday that R6.8-billion ($490-million) in payments made by wealthy brothers Ajay, Atul and Rajesh Gupta, companies they control, and other individuals with the same surname... 

DA to add new charges against Guptas

By: News24Wire      17th October 2016 The Democratic Alliance (DA) on Sunday said it will add new charges to its corruption case against the Gupta family. "I have already laid charges of corruption against Atul Gupta, Ajay Gupta and Duduzane Zuma," said DA MP David Maynier in a statement. 

EFF to open case against Guptas after explosive Gordhan affidavit

By: News24Wire      17th October 2016 The Economic Freedom Fighters (EFF) is on Sunday set to open a criminal case against the Gupta family and their company directors after “suspicious” transactions were revealed in a court application by Finance Minister Pravin Gordhan. EFF spokesperson Fana Mokoena said their case was based on... 

Ramaphosa offers 'moral and political support' to Gordhan

By: News24Wire      17th October 2016 Deputy President Cyril Ramaphosa became the third member of the executive who publicly announced support for embattled Finance Minister Pravin Gordhan who faces charges of fraud and theft. In a statement issued early on Sunday, Ramaphosa said he offers his “moral and political support” to Gordhan... 

Gordhan won't seek review of fraud charges – lawyers

By: Reuters     14th October 2016 South Africa Finance Minister Pravin Gordhan will not ask the state prosecutor to review fraud charges he is facing as it would be "pointless" to do so, his lawyers said on Friday, trimming the rand's rally. "The main reason for his decision is that he does not have any confidence in the NDPP’s... 

Gordhan dismisses fraud charge as 'frivolous'

By: Reuters     14th October 2016 Finance minister Pravin Gordhan on Friday dismissed fraud charges laid against him this week as "frivolous" and said he would carry on with his job, including delivering an interim budget at the end of the month. Speaking via video link to a Thomson Reuters investment conference in Cape Town, a... 

South Africa 'is not business as usual' – S&P's Africa head

By: Reuters     14th October 2016 The Africa head of ratings agency Standard & Poor's (S&P's) said on Thursday the current situation in South Africa was "not business as usual," citing "political turmoil and tension" as worrying signs ahead of a ratings decision on Dec. 2. Addressing the Thomson Reuters Africa summit in Cape... 

NPA head willing to review decision to prosecute Gordhan, if asked 

By: News24Wire      13th October 2016 National Prosecuting Authority (NPA) head Shaun Abrahams said while he was not the one who made the decision to prosecute Finance Minister Pravin Gordhan, he was willing to review any matter if Gordhan or his co-accused asked him to do so. Abrahams also said more people could be charged. 

South Africa's credit rating in jeopardy over Gordhan prosecution

By: Reuters     12th October 2016 South African prosecutors could not have announced plans to charge Finance Minister Pravin Gordhan for fraud at a worse time: two weeks before he is due to outline plans to kick-start the economy and avert possible credit rating cuts to "junk". The rand plunged nearly 4 percent on Tuesday on news... 

Fraud charges fuel concern of plot to oust Gordhan

By: Reuters     12th October 2016 Fraud charges laid against South African Finance Minister Pravin Gordhan will be hard to prove and the case will fuel suspicion of a plot to oust a man who has defied allies close to President Jacob Zuma, legal experts, analysts and senior politicians say. Prosecutor Shaun Abrahams, a Zuma ally,... 

Dawie Roodt on why the rand won't tank to R20/$

By: News24Wire      12th October 2016 The rand is unlikely to weaken to historic lows despite charges being brought against Minister of Finance Pravin Gordhan, says economist Dawie Roodt. National Prosecuting Authority (NPA) head Shaun Abrahams announced on Tuesday that Gordhan has been ordered to appear before court on a charge... 

Gordhan will not resign amid 'politically contaminated' accusations

By: News24Wire      12th October 2016 Finance Minister Pravin Gordhan will not resign and will continue serving the country after receiving a ''contaminated'' summons for alleged fraud on Tuesday, the ministry said. ''The Minister wishes to assure the South African citizens that he will continue to serve the country and advance these... 

The public must hold officials to account - Gordhan

By: News24Wire      12th October 2016 Members of National Treasury are expected to conduct themselves in a way that does not compromise the economic reputation of the country and jeopardise the welfare of citizens, while a handful of people in government continue to “extract” from the public purse, said Finance Minister Pravin... 

Chamber of Mines speaks out in support of Gordhan

By: Megan van Wyngaardt     11th October 2016 The Chamber of Mines of South Africa (CoM) has come out against the summons of Finance Minister Pravin Gordhan, which saw the rand falling as much as 3% against the dollar on Tuesday. The chamber said in a statement that the National Prosecuting Authority’s decision to charge Gordhan in relation... 

Gordhan: ‘Who are the Hawks really serving?’  

By: News24Wire      11th October 2016 Finance Minister Pravin Gordhan, speaking in Midrand, has responded to the National Prosecuting Authority’s (NPA's) decision to press ahead with charges against him. Head of the National Prosecuting Authority (NPA) Shaun Abrahams read a statement on the so-called rogue unit at the South African... 

Makhura to Gordhan: ‘We believe in your ethical leadership’

By: News24Wire      11th October 2016 Gauteng Premier David Makhura has publicly displayed support for Finance Minister Pravin Gordhan, who faces being charged by the National Prosecuting Authority (NPA). Makhura and Gordhan were both attending an Open Tender Seminar in Midrand, Johannesburg on Tuesday morning. 

Days of not holding govt officials accountable are over - NPA boss 

By: News24Wire      11th October 2016 National Prosecuting Authority (NPA) boss Shaun Abrahams on Tuesday lambasted those questioning his decision to prosecute Finance Minister Pravin Gordhan on fraud charges. "What if this decision was made by a judge or the Public Protector?" he asked. 

Rand falls as Gordhan slapped with fraud charge

By: African News Agency      11th October 2016 The rand tumbled on Tuesday morning as the National Prosecuting Authority announced that it had issued a formal summons against Finance Minister Pravin Gordhan in the ongoing, politically-charged investigation into an intelligence unit within the South African Revenue Service. NPA head Shaun... 

Gordhan says ordered to appear in court November 2

By: Reuters     11th October 2016 South African Finance Minister Pravin Gordhan said on Tuesday prosecutors had delivered a summons to his house for him appear in court on November 2. "It looks like we are in a bit of excitement going forward," Gordhan said at a business seminar in Johannesburg. 

South African prosecutor denies 'mischief' in tax unit probe

By: Reuters     11th October 2016 South Africa's top State prosecutor Shaun Abrahams denied on Tuesday that there was any "political mischief" behind an investigation into Finance Minister Pravin Gordhan's role in the establishment of a tax department surveillance unit a decade ago. 

Summons issued against Gordhan, rand plunges

By: Reuters     11th October 2016 South African prosecutors issued Finance Minister Pravin Gordhan with a formal summons on Tuesday, sending the rand reeling. The currency fell as much as 3% when prosecutor Shaun Abrahams made his first announcement at a news conference in the capital, Pretoria. 

Manuel backs AngloGold leader's call for Zuma to quit 

By: Bloomberg     7th October 2016 South Africa’s former Finance Minister Trevor Manuel joined AngloGold Ashanti’s chairperson Sipho Pityana and other veteran members of the ruling African National Congress in a call for President Jacob Zuma to step down, saying they have “deep concern” over the state of the country. Save South... 

Gordhan: Economy to grow more than 1% in 2017

By: Reuters     3rd October 2016 South Africa's economy could grow by more than one percent next year and hopes to be able to avoid a ratings downgrade, the country's Finance Minister Pravin Gordhan said on Monday. "We predict over one percent next year," Gordhan told reporters on the sidelines of the FT Africa Summit, declining... 

S Africa's political uncertainty, reform of State firms a concern – S&P

By: Reuters     29th September 2016 The slow reform of South Africa's state-owned firms and the upheaval swirling around the Finance Minister pose risks to the country's investment grade credit rating, an executive from Standard & Poor's said on Thursday. "We have said before that we take comfort from the targets set by the... 

‘Slipping’ South Africa contributes to Africa’s big 2016 growth downgrade to 1.6%

By: Terence Creamer     29th September 2016 The World Bank has lowered its 2016 growth forecast for Africa to only 1.6%, a dramatic downward revision from the 3% figure projected in April. The new forecast represents the lowest level of growth for sub-Saharan Africa (SSA) in over two decades and is also below expected regional population... 

Politics to blame as SA hurtles towards downgrade  

By: Aubrey Matshiqi     29th September 2016 South Africa is inching closer and closer towards a downgrade to subinvestment grade. To blame, of course, is the increasingly fractious politics of the ruling African National Congress (ANC). If former US President Bill Clinton had been South African, he would have said: “It’s politics, stupid!”... 

Govt departments spent whopping R35bn despite Gordhan's cost cut plans 

By: News24Wire      27th September 2016 Despite Finance Minister Pravin Gordhan’s stringent cost containment measures, government departments continue to spend vast amounts of money on consultants, travel, catering and entertainment. In a parliamentary question posed by the DA’s David Maynier, Gordhan said preliminary spending for... 

Gordhan insisted Gigaba’s staff fly economy 

By: African News Agency      27th September 2016 National Treasury turned down a request from Home Affairs Minister Malusi Gigaba for staff travelling with him to fly business class, according to a response to parliamentary question. Finance Minister Pravin Gordhan gave details of instances where treasury received requests for permission to... 

BLSA outlines three urgent interventions for restoring confidence

By: Terence Creamer     22nd September 2016 Business Leadership South Africa (BLSA), which is an association of the biggest domestic and multinational businesses in the country, urged government on Thursday to take three urgent steps to demonstrate its commitment to delivering on its promise to support the economy and restore investor... 

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