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Cyril Ramaphosa to reveal Nhlanhla Nene's fate

Cyril Ramaphosa to reveal Nhlanhla Nene's fate”

Embattled finance minister Nhlanhla Nene resigned on Tuesday, following a public outcry sparked by his public apology last week over his multiple meetings with the Gupta family at their private home.

"Mr Nene served the people and government of South Africa with diligence and ability", Ramaphosa told reporters in Cape Town.

Both Zuma and the Guptas have denied any wrongdoing.

The party said his experience will put him in an advantageous position of being able to hit the ground running.

"It's a measure of his character and commitment to the country that he has chose to resign in spite not being implicated in any wrongdoing", the president said.

"Mr Mboweni is a veteran who served as Minister of Labour under President Nelson Mandela from May 1994 to July 1998 and as such, he is the right person to steer the country out of the financial challenges that we now face", BBC president Sandile Zungu said.

Nene, who publicly apologized for not previously reporting the visits to the Gupta brothers, has not made any statements confirming or denying the report by Business Day newspaper.

"I was wrong in meeting the Guptas at their residence and not in my office or at least a public place", his public apology letter read.

The Guptas brothers - Ajay, Atul and Rajesh - have been accused of using their friendship with Zuma, Ramaphosa's predecessor, to siphon off billions of rand in state funds and of inappropriately influencing cabinet appointments. Ramaphosa promised to curb corruption that has contributed to South Africa's economic problems, though critics question whether he has the will and clout to scrutinize top levels of the ruling African National Congress party ahead of elections next year.

Mboweni, the nation's fifth finance chief in less than three years, will have to oversee an economy that's fallen into recession and help Ramaphosa rebuild confidence battered by nearly nine years of mismanagement under former President Jacob Zuma.

"I can confirm that he has been in engagement with Mr Nene and I can also confirm that there has been correspondence that has been exchanged between them and they have spoken on the phone... so they have had ongoing conversations". His major achievement at the central bank was building the nation's foreign-exchange reserves to nearly US$40-billion from less than $10-billion. He became the first black governor of the SA Reserve Bank in August 1999 and served for just more than 10 years until November 2009.

This was Nene's second stint as finance minister.

Nene was seen as one of Ramaphosa's closest allies and a leading figure in the government's efforts to tackle graft that allegedly flourished under former president Jacob Zuma, who was ousted in February.



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