Tito Mboweni appointed new finance minister after Nhlanhla Nene’s abrupt resignation

Nhlanhla Nene claims he was initially fired in 2015 for refusing to compromise his position

Nhlanhla Nene claims he was initially fired in 2015 for refusing to compromise his position

The Sunday Times reported that when Nene was reappointed to the Cabinet in February this year, he did not disclose to President Cyril Ramaphosa that he had had seven meetings with the Guptas during his previous Cabinet stint.

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.

Mboweni, who went into exile during apartheid, trained as an economist and served for four years as labour minister in former President Nelson Mandela's cabinet after apartheid ended in 1994.

"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.

It said the issue was likely to be raised at a meeting of the ANC later on Monday.

Ramaphosa, who has pledged to clean up corruption and revive South Africa's struggling economy, has appointed Tito Mboweni, a former head of the South African Reserve Bank, as the new finance minister. Jonas, Mboweni and Kganyago didn't answer calls to their mobile phones. Ramaphosa has said combating graft is one of his top priorities, and he's replaced a number of other officials implicated in wrongdoing.

Treasury spokesperson, Jabulani Sikhakhane, said the finance minister was expected to arrive in Indonesia on Wednesday.

One common theme that has emerged is visits to the family's sprawling Johannesburg property, which is why there has been public anger regarding Nene's revelations.

At the graft inquiry, Nene accused Zuma of pushing policies created to benefit the Guptas, including a massive nuclear power expansion programme.

"Public servants at all spheres and levels of government will have no obligation to responsibly manage state fiscal resources under a compromised minister of finance".

The finance minister apologised on Friday for his visits to the Gupta family, who are placed at the centre of the state capture allegations.

There are fears however that a new finance minister, three weeks before the tabling of the Medium Term Budget Policy Statement - the so-called mini-budget - could lead to more political turbulence.

He must also reassure investors and credit-rating companies of credible plans to stabilise the debt and revive growth in the mid-term budget on October 24.

South Africa's finance minister has resigned after acknowledging missteps during the scandal-tainted tenure of former president Jacob Zuma while testifying in a corruption inquiry.

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