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LIVE: President Cyril Ramaphosa makes announcement regarding Nhlanhla Nene

President Cyril Ramaphosa. File picture: Hannah Mackay/Reuters

President Cyril Ramaphosa. File picture: Hannah Mackay/Reuters

Published Oct 9, 2018

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President Cyril Ramaphosa is making an urgent announcement on the fate of Finance Minister Nhlanhla Nene.

The announcement, which is being televised from Tuynhuys in Cape Town, follows days of speculation on Nene's future after he admitted at the state capture inquiry that he had met with members of the Gupta family on a number of occasions.

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Earlier on Tuesday, the DA said it had asked Public Protector Busisiwe Mkhwebane to investigate the finance minister over an alleged breach of ethics relating to allegations about a Public Investment Corporation investment in S&S Refinarias which may have benefited the minister’s son, Siyabonga Nene, to the tune of more than R25 million.

WATCH THE PRESIDENT'S ANNOUNCEMENT HERE:

EFF leader Julius Malema on Monday wrote a strongly-worded letter to President Ramaphosa asking him to relieve Nene of his duties due to his association with the Gupta family, saying that the country's economy would not be stimulated under a "compromised minister of finance".

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