Gupta storm forces South Africa's Finance Minister to resign

Nhlanhla Nene failed to disclose many private meetings with the Gupta brothers

Nhlanhla Nene failed to disclose many private meetings with the Gupta brothers

President Cyril Ramaphosa said he has accepted the resignation "in the spirit of good governance".

According to Maimane, only one minister, Rob Davis, officially met with the controversial family, but since the revelation that finance minister Nhlanhla Nene had met with them several times while deputy finance minister, despite having previously denied this, Maimane wants to grill other ministers under the belief that they too may have met with the Guptas.

"We wish Minister Mboweni well as he journeys through the mammoth task of steering our economy in the right direction".

South Africa's finance minister Nhlanhla Nene has quit after admitting meeting members of the Gupta family, who have been accused of 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.

The inquiry, which opened in August, is investigating allegations that Zuma organised the plunder of government departments and public enterprises in a scandal known as "state capture".

"I was wrong in meeting the Guptas at their residence and not in my office or at least a public place", his public apology letter read.

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"It's a measure of his character and commitment to the country that he has made a decision to resign in spite not being implicated in any wrongdoing", the president said.

Mboweni, the nation's fifth finance chief in less than three years, will have to oversee an economy that's fallen into recession and help Ramaphosa rebuild confidence battered by nearly nine years of mismanagement under former President Jacob Zuma.

"During his tenure as minister of finance‚ Mr Nene served the people and government of SA with diligence and ability".

Rumours of his intended resignation on Monday led to a fall in the value of South Africa's currency, the rand, but it has since recovered its value.

Apart from serving as Reserve Bank governor, Mboweni also served as labour minister under late president Nelson Mandela.

Opposition leaders, however, noted that Mr. Mboweni had been active on social media in the past and had once posted a tweet in which he called for state ownership of 40 per cent of all mining companies.

The rand and the country's bonds gained as traders welcomed the appointment of Mboweni as finance minister.

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