The Johannesburg Chamber of Commerce and Industry (JCCI), the preeminent business association representing the interests of key sectors of the South African economy, notes with concern the latest developments involving Finance Minister Pravin Gordhan.

On Tuesday the National Prosecuting Authority (NPA) served Gordhan with summons relating to fraud charges stemming from his previous role as the commissioner of the South African Revenue Service. Gordhan is due to appear in court on 2 November 2016.
Whilst this action does not come entirely as a surprise amid the NPA’s previously announced investigation into Gordhan, it raises concerns about the short-to-medium term stability at the National Treasury, especially at a time when the economy remains fragile.

“As the Chamber we would like to urge all involved in this matter to follow due process in order to quickly return the national focus to issues that will assist business, government and labour to expedite efforts to revive growth, restore confidence in the financial markets and put the economy on a sustainable path,” said Ernest Mahlaule, president of the Johannesburg Chamber of Commerce and Industry (JCCI).

“It is of paramount importance to ensure that due care is taken as the legal processes unfold so that investors are reassured about the rule of law in South Africa and that the country’s reputation as a viable investment destination is not harmed,” Mahlaule added.

Issued by Johannesburg Chamber of Commerce and Industry