Post by cjm on Apr 8, 2016 11:53:20 GMT
www.biznews.com/sa-investing/2016/04/08/another-zuma-weekend-special-treasury-dg-contract-expiry-raising-concern/
After Deputy Finance Minister Mcebisi Jonas went public, it’s now well accepted that Nenegate was sparked by an attempted takeover of South Africa’s National Treasury. So, too, is that one of the four dedicated professionals set to be relieved of duty by President Jacob Zuma’s “Weekend Special” Finance Minister is respected Director General Lungisa Fuzile. The Treasury takeover plan was a repeat of what happened at the SA Revenue Services where a painstakingly assembled top team was rapidly replaced once the Zupta appointee was parachuted into the top job. Although the Zupta nemesis Pravin Gordhan was reappointed Minister of Finance after Nenegate, the war for control of National Treasury isn’t over. That brings into stark focus the fact that Fuzile’s five year employment contract expires next month. In the normal times, it would be simply be rolled over. But these are anything but normal times in SA – and investors are starting to fret about another looming battle in the State Capture engagement. The Zuptas have been weakened by recent disclosures and Zuma’s lashing by the Constitution Court, but even those setbacks might not stop another tilt at acquiring this most critical of State institutions. – Alec Hogg
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After Deputy Finance Minister Mcebisi Jonas went public, it’s now well accepted that Nenegate was sparked by an attempted takeover of South Africa’s National Treasury. So, too, is that one of the four dedicated professionals set to be relieved of duty by President Jacob Zuma’s “Weekend Special” Finance Minister is respected Director General Lungisa Fuzile. The Treasury takeover plan was a repeat of what happened at the SA Revenue Services where a painstakingly assembled top team was rapidly replaced once the Zupta appointee was parachuted into the top job. Although the Zupta nemesis Pravin Gordhan was reappointed Minister of Finance after Nenegate, the war for control of National Treasury isn’t over. That brings into stark focus the fact that Fuzile’s five year employment contract expires next month. In the normal times, it would be simply be rolled over. But these are anything but normal times in SA – and investors are starting to fret about another looming battle in the State Capture engagement. The Zuptas have been weakened by recent disclosures and Zuma’s lashing by the Constitution Court, but even those setbacks might not stop another tilt at acquiring this most critical of State institutions. – Alec Hogg
More