South African Finance Minister Pravin Gordhan will face prosecution for fraud.
That’s according to the country’s head of National Prosecuting Authority, Shaun Abrahams.
Gordhan was appointed only late last year to calm panicked investors after President Jacob Zuma sacked two finance ministers within four days.
Since then, Gordhan has frequently clashed with Zuma’s loyalists, after vowing to battle poor governance and graft in a government that has been engulfed by regular corruption scandals.
Abrahams told reporters that Gordhan would be prosecuted over alleged misconduct during his time as chief of the South African Revenue Service (SARS) tax collection department.
Gordhan and two others “must be prosecuted and arraigned on the following crimes: count one, fraud,” Abrahams said.
The rand dropped as much as 3.4 percent against the dollar shortly after the announcement.