Guiding consumers since 2009

Minister of Finance summonsed for fraud

By Jessica Anne Wood

Pravin Gordhan, Minister of Finance, has been issued with a court summons for fraud by the National Prosecuting Authority (NPA). The announcement was made this morning at a press briefing by NPA head Shaun Abrahams.

The summons is the latest development in the investigation into the ‘rogue unit’ which Gordhan established at the South African Revenue Service (SARS) when he was head of the tax body.

Andre Botha at TreasuryOne, a treasury service company, responded to the ‘shocking revelation’ of Gordhan being summonsed following the ongoing case with the Hawks and the Rogue SARS Unit.

“The timing of everything is rather strange with the NPA declaring last week that there was no case against Gordhan. Could this be the first shot fired with the release of the state capture report by Thuli Madonsela on Friday? Honestly one does not wish so as this could be detrimental to South Africa in the long run, as this would have pricked the ears of the rating agencies and one can expect South Africa to have negated all the good work of the past few months with this,” said Botha.

Not only may this affect the country’s credit rating later this year, but has already impacted the Rand. “The Rand has lost 35 cents in the matter of 10 minutes following the news and it seems that nothing is standing in the way of it moving higher. A higher Rand means higher inflation which means that the SARB (South African Reserve Bank) will have to re-look at their interest rate hiking cycle and more hikes could be in [on the horizon] should the Rand slip to R15 and beyond.”

Recent Articles

Featured Scared to get a personal loan? Find out the facts first

Taking out a personal loan can be daunting. When you borrow a large sum of money, you may fret over whether you’ve done the right thing and whether you’ll manage to pay it off. But sometimes the best way to deal with fears is to face them head-on.

5 Ways to borrow: Choose carefully

There are many ways to obtain credit. It’s up to you to choose which form is suitable for your needs. But before you make that choice, it’s important to weigh the pros and cons of each.

Four steps to rethinking your budget

We all think about budgeting at the end of each month. But before we know it, the new month has started. When last did you actually sit down and consider your spending habits?

Why can fund managers only invest 30% of pension funds offshore?

When you invest in your pension fund or retirement annuity, it will be placed in various asset classes. Of this, you cannot invest more than 30% of your retirement abroad. We find out why.


Clicks Covid antibody test for R199

Price: R199
When: Daily
Where: Nationwide

2 Steaks for the price of 1 at Tiger’s Milk

Price: From R159
When: Thursdays
Where: Cape Town

Da Vinci's Monday Wings Special

Price: R145
When: Mondays
Where: Cape Town

Latest Guide

Guide to debt rehabilitation solutions