South Africa’s ruling African National Congress (ANC) has confidence in Finance Minister Pravin Gordhan, the party’s Secretary General Gwede Mantashe said on Tuesday.
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The AA predicted on August 15 that the petrol price would continue its downward trend, with an estimated drop of 69 cents a litre based on the rand’s strength.
Finance Minister Pravin Gordhan has acted in accordance with the law.
The main opposition party Democratic Alliance said last week the police investigation into Gordhan was a “witch-hunt”.
The warning statement – which is often a precursor to charges being brought against a suspect – related to the spy unit and an early retirement package and reappointment, Gordhan is said to have approved in contravention of legislation for the former deputy commissioner of the tax collection agency, Ivan Pillay. “If he has no case to answer he can only prove that through processes”, Mantashe told a news conference.
Zuma – who has said he backs Gordhan but can not stop the investigation – has denied warring with the finance minister. The Eskom contract probe and Denel’s Asian joint venture involve companies with ties to the Gupta family, who are friends with Zuma.
In response to the allegations, Eskom said it had cooperated fully with Treasury.
The utility later said it sent the report to the Treasury.
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Futuregrowth Asset Management, the continent’s biggest private fixed-income money manager, will stop lending money to six of South Africa’s largest state companies because it’s concerned about how they are being run, government infighting and threats to the independence of the Finance Ministry, Chief Investment Officer Andrew Canter said.
