South Africa: Zuma Launches State Capture Inquiry


On Sunday parliament said it would meet this week and review its rules relating to removing the country's president, after the constitutional court said on December 29 lawmakers had previously failed to hold Zuma to account, further fuelling rumours of an early exit for the 75-year-old leader. It is suspected that kickbacks amounting to US$ 411 million were paid in exchange for state contracts.

Persistent rumours that President Jacob Zuma could be forced to step down before his term ends in 2019 supported some short term gains in the rand, but the rally stalled in the face of technical barriers and economic fundamentals.

"South Africans deserve a capable President who will act in their best interest at all times‚ not someone who abuses their power and steals from the people". Zuma argued that he is concerned that this sets a particular precedent for the office of President and is deserving of legal certainty. He added that "no area of corruption and culprit" should be spared.

But the court last month told Zuma the State of Capture's recommendations were binding and he should abide by them within a month following a ruling against his application for a review of the Public Prosecutor's recommendations.

"I am also mindful of the concerns raised by the public protector in her report, wherein she lamented the lack of resources to conduct a wider inquiry into this matter", said Zuma.

The Deputy President led the delegation to the 2017 Davos meeting as well. It is two years too late, if you look at when the first whistle-blowing happened, and more than a year after I had asked him to establish a commission.

The rand had a brief spike on Tuesday as false reports of Zuma's impending resignation - combined with headlines around the Zuma payload in the SpaceX launch going missing, confusing issues - gave the market some hope that the president would be out.