Rand tumbles most among peers as Zuma seeks to dodge exit calls

13 January, 2018, 05:19 | Author: Brenda Erickson
  • FILE President Jacob Zuma addresses delegates at the ANC's 54th national conference at Nasrec on 16 December 2017

The rand sank 1.2% to 12.49 per dollar as of 1:07 pm in Johannesburg on Wednesday after Zuma said he will appoint a commission of inquiry into allegations his friends were allowed to influence state decisions.

A scandal erupted after documents leaked to the South African press past year revealed the close ties between his family and the secretive, well-connected Gupta's, who numerous allegations revolve around. It is suspected that kickbacks amounting to US$ 411 million were paid in exchange for state contracts.

Stocks were little changed with South African-listed Steinhoff shares weighing on the market.

President Jacob Zuma has wished the delegation well in the annual meeting which provides an important platform to market and showcase the country to global business and other key worldwide stakeholders. "But this one is specifically about the Gupta family, the president and his son".

The inquiry into state capture - when private interests are able to dictate parts of government policy in accordance with their interests - will be directed by Deputy Chief Justice Raymond Zondo after his recommendation from Chief Justice Mogoeng Mogoeng.

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"There should be no area of corruption and culprit that should be spared the extent of this commission of inquiry", he added.

Zuma is set to attend the African Peer Review Mechanism / New Partnership for Africa's Development sessions on January 27, in addition to the thirtieth Ordinary Session of the Assembly of the Heads of State and Government of the AU, which is scheduled to take place on January 28 and 29.

The South African Presidency said South Africa and Kenya enjoy very warm bilateral relations underpinned by strong historical and political bonds.

The sources all agreed that it was now a matter of when, and not if, Zuma stepped down. "But better late than never".

The rand has swung between R12.2275 and the upper R12.50s for the first two weeks of the year, pushed and pulled by mostly rumour-fuelled bets of a Zuma resignation before his term ends next year. Now, however, he has been forced into offering it his full support.

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