“The Ax Has Fallen” The beginning of the end of Nhlanhla Nene’s political career came on a warm Monday morning. He was catching up on email in his office in Pretoria’s neoclassical Old Reserve Bank building, where he was serving as South Africa’s minister of finance, when his deputy, Mcebisi Jonas, asked for an urgent meeting. Jonas had been desperate to speak to his boss for days, but what he wanted to tell Nene was far too sensitive to discuss by phone. Nene, a veteran trade union activist, has heavily lidded eyes, the build of a retired rugby player, and a preternatural calm. He suggested to Jonas that they step onto an adjoining balcony, the better to avoid any listening devices. There, Jonas began his tale. The previous Friday, Jonas said, he’d been summoned to a four-mansion compound in Johannesburg owned by the Gupta family—a clan of Indian-born businessmen known to wield substantial influence over South African politics. Ajay Gupta, the eldest of three brothers atop the fami...

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