Published: Wed, October 10, 2018
Worldwide | By Myra Stephens

Black Business Council: Mboweni is right person to steer SA finances

Black Business Council: Mboweni is right person to steer SA finances

Nene, who was widely respected by investors, served as finance minister from 2014 to 2015 until he was sacked by Zuma and was re-appointed by Ramaphosa earlier this year.

The decision, made by President Cyril Ramaphosa, comes after Nene chose to resign from the post on Tuesday morning following a public outcry sparked by his public apology last week over his multiple meetings with the Gupta family at their private home.

The office of the Public Protector said on Tuesday it would look into a complaint by the main opposition Democratic Alliance party about the investment, carried out when Nene was chairman of the fund and deputy finance minister.

Although Nene has since apologised for lying about meeting the Guptas, he made a decision to step down from his role.

"After due consideration of the circumstances around this matter and in the interest of good governance, I have chose to accept his resignation", said Ramaphosa.

The three Gupta brothers, who are allies of former President Jacob Zuma, were implicated by the former anti-graft ombudsman in influencing government appointments and the award of state contracts - allegations they and Zuma deny.

Zuma has also denied any wrongdoing.

Former SA Reserve Bank governor and newly appointed Minister of Finance Tito Mboweni is highly accomplished and should be able to hit the ground running. "I deeply regret these lapses and beg your forgiveness".

Nene was born on December 5, 1958, and appointed finance minister on February 27, 2018.

She said there had been ongoing engagements between the two and that Nene had briefed him on the details around his testimony.

"The ANC further commends Comrade Nene for the commitment he has shown to the well-being of the country", ANC national spokesperson Pule Mabe said.

The party said it would have been better if Nene had acknowledged all the Gupta meetings from the onset but said the important thing was that he had taken responsibility for his weakness and resigned.

He also came under pressure to step down after it emerged that his son may have derived financial benefit from the Public Investment Corporation (PIC) at a time when he was the organisation's chair. Jonas, Mboweni and Kganyago didn't answer calls to their mobile phones.

"(He) will have the advantage of being able to hit the ground running and is, at least, known to market participants, ratings agencies and worldwide financial institutions", it said.

Nene apologised on Friday for his previously undisclosed meetings with Guptas, but it seems many South Africans are divided on what his future should be.

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