Zuma Bids to Tighten Grip as S. Africa Police Target Gordhan
- Rand dives as fears mount that finance minister may be fired
- Zuma controls ruling party’s National Executive Committee
South African Market Reels on Finance Minister Probe
Stung by his ruling party’s worst electoral performance since the end of apartheid, South African President Jacob Zuma is going for broke in a battle to maintain his grip on power. The first casualties have been the nation’s rand and bonds.
First came Monday’s announcement that he plans to run a committee that will oversee the nation’s state-owned companies. Then Finance Minister Pravin Gordhan, with whom Zuma has had fractious relationship, said he’d received a letter from a special police unit known as the Hawks to report to it on Thursday in connection with allegations he oversaw an illicit unit to spy on politicians when he ran the state tax agency. Gordhan denied doing any wrongdoing and said he wouldn’t comply with the unit’s instructions.