Gordhan, Pillay and Magashula charged with fraud
The rand has slumped 3% against the dollar and the JSE’s banking index fell by the same amount as the news broke
FINANCE Minister Pravin Gordhan has been summonsed to appear in court on fraud charges relating to the early retirement of former SARS deputy commissioner Ivan Pillay. The rand weakened more than 3% against the dollar and the JSE’s banking index dropped by the same amount as National Director of Public Prosecutions Shaun Abrahams began making the announcement on Tuesday. At 11.05am the rand was 3.2% weaker and the banking index was off more than 5%. The finance minister is expected to appear in court on November 2, Abrahams said. Gordhan was accused of acting corruptly in granting an early retirement to Pillay with full retirement benefits, and then re-employing him.Former SARS commissioner Oupa Magashule and Pillay were also being charged, Abrahams said. “On the recommendation of the prosecutor and having perused the evidence … [it was decided] that Mr Pillay, Mr Magashule and Mr Gordhan must be prosecuted and arraigned,” he said. All three were being charged with fraud for alleged...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.