Zuma's Nene sacking cost SA 148 000 jobs, 1% of GDP
Treasury Director-general Dondo Mogajane has told the judicial commission of inquiry into allegations of State capture that when Nhlanhla Nene was removed in 2015 there was a reduction of about R378-billion in market capitalisation on the JSE.
"Business confidence was at its lowest following Nene's removal," he told inquiry chairperson, deputy chief justice Raymond Zondo on Friday.
At the time, Mogajane was the deputy director general for public finance at National Treasury.
"148 000 jobs were lost in terms of the model we ran. We saw a reduction of about R378-billion in the JSE markets capitalisation. We also costed the impact of at least 1.1 % of GDP by the end of that year 2017," he said.
"Can you in national treasury confirm the extent of business and associated revenue the Gupta owned entities received from government. Can you model that revenue stream especially in 2015?" evidence leader Vincent Maleka asked.
Mogajane said he would not be able to give the cost structures, but: "I have already actioned what came through yesterday – I have asked our chief procurement office together with our financial management office to model the cost and the revenue that would have been accrued to the Gupta empire as an when it is available I will certainly make it available to the commission."
Nene was replaced by Des van Rooyen, who in turn was replaced by Pravin Gordhan just days later.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation