Nene out, Mboweni in

Nene out, Mboweni in

It had received a battering under Mr Zuma's presidency.

This is after he took to the stand in the judicial commission of inquiry into state capture, and admitted to having met the Gupta family on several occasions - this is contrary to what he told news channel eNCA back in 2015. "I should have disclosed early, and fully, the details of these meetings". "I deeply regret these lapses and beg your forgiveness".

The president said that the Nene had made the request because his testimony at the state capture commission of inquiry would "detract from the important task of serving the people of South Africa... as we work to re-establish trust in government".

Nhlanhla Nene's resignation has been accepted, President Cyril Ramaphosa said on Tuesday and announced the appointment of Tito Mboweni as the new finance minister.

Rumours of his intended resignation on Monday led to a fall in the value of South Africa's currency, the rand, but it has since recovered its value.

Nene, who publicly apologized for not previously reporting the visits to the Gupta brothers, has not made any statements confirming or denying the report by Business Day newspaper.

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The biggest opposition party, the Democratic Alliance, issued a similar call, saying Nene is likely to be the subject of lengthy investigations and that he risks "compromising public confidence" in the National Treasury.

Until the latest revelations, Mr. Nene was widely seen as a hero of the resistance to corruption.

Ramaphosa stressed that Nene "has not been implicated in any act of wrongdoing himself" and hailed him as a minister who had "defended the cause of proper financial management as well as clean governance". The nuclear project was eventually shelved.

Questions have also been raised about a PIC deal involving Nene's son, while he was chairman of the PIC.

Alluding to Nene's refusal to give the green light to the Russian nuclear deal, which was being pushed through by former president Jacob Zuma and which would have indebted South Africa to the European state for years to come, Ramaphosa praised Nene saying: "He served our people under very hard circumstances and often coming under pressure but he consistently defended the cause of proper financial management and clean governance".

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