Rand and banking shares plummet on Gordhan NPA summons
This is its worst level in four weeks
The rand slid more than 3% against the dollar on Tuesday morning after the National Prosecuting Authority (NPA) summonsed Finance Minister Pravin Gordhan to court to answer to fraud charges over an incident during his tenure as the head of the South African Revenue Service (SARS).The charges relate to an early retirement payout made by SARS to its former deputy commissioner Ivan Pillay."The timing of everything is rather strange with the NPA declaring last week that there was no case against Gordhan. Could this be the first shot fired with the release of the state capture report by [Public Protestor] Thuli Madonsela on Friday?" TreasuryOne dealer Andre Botha asked.He said this was unfortunate because it could be detrimental to SA in the long run as the rating agencies would be following the case closely. "One can expect SA to have negated all the good work of the past few months with this [news]."In its biggest one-day drop since the results of the Brexit vote were announced on June...
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