Tuesday, 20 February, 2018

S.Africa's ruling party says has confidence in finmin Gordhan

Melinda Barton | 01 September, 2016, 14:21

Gwede Mantashe reaffirmed the party's "unreserved confidence" in Gordhan and the work of the National Treasury on Tuesday.

Gordhan is facing a police investigation over a suspected surveillance unit set up years ago when he was in charge of the tax service.

"The minister must cooperate with processes".

Mantashe said the investigation into Gordhan should be carried out in a manner that does not embarrass the minister.

Speaking to the media, Mantashe said that while the ANC is not saying Gordhan is untouchable, the ANC does not agree with the way the matter has been handled.

He says the ANC calls for an investigation by law enforcement agencies into these bribery allegations.

Finance Minister Pravin Gordhan has acted in accordance with the law. On Monday, utility Eskom Holdings SOC Ltd. said it was "shocked and perplexed" after the department said the power producer was resisting a review of its contracts. "Companies and individuals that are duped into believing they are dealing with bona fide representatives of the ANC must report these matters to the ANC to halt this indiscriminate practice that brings the organisation into disrepute", he said.

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. "The Gupta family has no business joint venture with Denel and none of the Gupta family members or relatives are shareholders in Denel Asia", Denel said in a statement.