South Africa: 'It's the Economy, Stupid!' - Gordhan Explains His Retort, Amid a Cacophony From EFF Protesters Outside


Judge Zondo is concerned about how the noise of the EFF protests outside the commission of inquiry is interrupting its proceedings by making it difficult to hear Pravin Gordhan's testimony.

Public Enterprises minister Pravin Gordhan says that government pensioners alone lost R50-billion in two days following the axing of former Finance Minister Nhlanhla Nene by then President Jacob Zuma in December 2015.

Giving testimony before the Zondo Commission of Inquiry into State Capture in Johannesburg on Tuesday, Gordhan added to the R500-billion price-tag he had initially put on the cost of capture. In addition, new information provided to him by Bloomberg showed that the impact on the currency (in terms of the rand/dollar exchange) had been worse than initially predicted.

"This is just the impact the over two business days. The devastating impact is estimated to be R500-billion. The market value of the country's biggest financial and property shares fell by R290-billion. The market value of pension funds would have dropped substantially and this figure excludes the remainder of the equities market.

"The rand depreciated sharply...

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