Finance Minister Nhlanhla Nene is expected to testify before the State Capture Commission of inquiry on Wednesday.
Nene is expected to publicly admit to meeting with the Guptas during his testimony. This after the Economic Freedom Fighters (EFF), in a statement, claimed that Nene was given the position of Finance Minister by the Guptas, and they called for his axing when he would no longer co-operate.
In 2015, markets reacted aggressively, sending the rand into free fall when Former President Jacob Zuma fired Nene and replaced him with little known minister, Des Van Rooyen.
Nene is reported to have also met with the Guptas when he was Deputy Finance minister and Chairperson of the Public Investment Corporation (PIC).
It’s alleged that the Guptas demanded Nene’s intervention to include them in the PIC deal that funded Dr Iqbal Surve’s, Sekunjalo Investment Holdings.
In the two days following Nene’s axing, South Africa’s capital market lost up to R 170 billion.
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