South African watchdog comments on central bank rattle rand

Posted June 20, 2017

In her 355-page report released on November 2 past year, former Public Protector Thuli Madonsela said Zuma and some of his ministers may have allowed the Guptas, who are in business with the president's son, to influence the appointment of cabinet members and given them special treatment to enable them to buy a coal business.

The DA states that Mkhwebane has yet to deliver investigation reports based on complaints laid against the Gupta family almost a year ago and that this silence has led to serious doubts surrounding her objectivity and neutrality.

ME says state capture is not a new phenomenon and everyone, including the Gupta family, should be investigated.

"I am opposing the review by the President, including the Minister Zwane and Minister van Rooyen's applications because remember, they've also applied for judicial review to set aside the whole report", she further said. Mkhwebane said Absa has paid some of the money back, but not the two decades' worth of interest that has accumulated.

"The allegation whether the South African government improperly failed to implement the CIEX report ... after commissioning and duly paying for same is substantiated".

Trump faces new lawsuit alleging he violated the Constitution
The president called an earlier, similar lawsuit about the emoluments issue "without merit, totally without merit". Furthermore, it prohibits the president from accepting gifts or emoluments from state governments.

Mkhwebane has also directed the portfolio committee on justice and correctional services to initiate a process to amend the Constitution.

PRETORIA, June 19 South Africa's rand fell more than 1.5 percent on Monday after the Public Protector, an anti-graft watchdog, recommended constitutional changes to make the central bank promote economic growth rather than currency and price stability. The request was made through the South African Secret Service.

Section 224 deals with the primary object of the South African Reserve Bank.

Ciex released a report soon after, titled Project Spear, which investigated how banks in the Bankorp group were offered R1.5-billion by the apartheid government as a "lifeboat" to offset bad loans.