Today's Big Stories

A third party cashed in when Nhlanhla Nene was axed - SACP

The South African Communist Party (SACP) says it's possible that an individual or party unduly benefited from the axing of former Finance Minister Nhlanhla Nene and recent reports of Pravin Gordhan's so-called looming arrest.

According to SACP's Jeremy Cronin, this may have been achieved by shorting the rand (selling a currency and buying it back later at a lower price, expecting the exchange rate to be in one's favour).

Cronin claims that well-placed sources in financial circles can corroborate the allegations.

There seems to be clear evidence that there was shorting of the rand just ahead of the December events.

Jeremy Cronin, SACP Deputy General-Secretary

In addition, it is alleged that the rand was shorted before the Sunday Times published an article on the apparent prosecution of Gordhan.

Though the claims could be difficult to prove, Cronin says that they may be as a result of insider information.

He suggests that these events are related to the corporate capture of the state.

Listen to the full conversation from The Midday Report with Stephen Grootes:

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