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S. Africa’s Gordhan to Be Charged; Rand Plunges Most Since June

  • South African rand weakens against dollar by most since June
  • Head Prosecutor Abrahams denies case is politically motivated
Bloomberg business news

S. Africa's Gordhan Summoned to Court, Faces Charges

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South African Finance Minister Pravin Gordhan was summoned to appear in court on fraud charges next month, the latest twist in a struggle with President Jacob Zuma that could cause South Africa’s credit rating to be downgraded to junk. The rand weakened against the dollar by the most in more than three months.

Gordhan on Tuesday called the summons politically motivated and said “there is no case,” adding that South Africans need to ask why the prosecutors took the decision to charge him over approving a retirement package, two weeks before the delivery of the mid-term budget. He’s due to appear in court on Nov. 2. Shaun Abrahams, the head of the National Prosecuting Authority, said there had been no political interference.