South African Rand Jumps After Fraud Charges Against Finance Minister Pravin Gordhan Are Dropped
31 Oct 2016

South Africa’s currency jumped on Monday after the country’s national prosecutor dropped fraud charges against Finance Minister Pravin Gordhan, the latest chapter in a battle for control of the ruling African National Congress that has rattled markets in Africa’s most-developed economy.

National Prosecuting Authority chief Sean Abrahams said in Pretoria that charges against Mr. Gordhan would be dropped because there was no intention to act unlawfully.

Mr. Gordhan, a respected treasury chief and veteran of the antiapartheid struggle, was due to be prosecuted on Wednesday for approving a generous early retirement deal for a former senior official in the South African Revenue Service.

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