South African finance minister to face fraud charges, rand plunges
11 Oct 2016

South African prosecutors on Tuesday ordered Finance Minister Pravin Gordhan to appear in court on Nov. 2 over allegations he broke public finance rules by granting a colleague early retirement, news that sent the rand and share prices reeling.

The currency dropped as much as 3.4 percent against the dollar on the latest legal problems for the finance minister who says he has been the victim of a politically motivated campaign over the last few months.

Prosecutor Shaun Abrahams said Gordhan, in his previous role as head of the South African Revenue Service (SARS), had cost the tax agency around 1.1 million rand ($79,000) by approving early-retirement for tax agency deputy commissioner Ivan Pillay and re-hiring him as a consultant.

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