S/Africa”s Finance Minister Gordhan warns state firms

South Africa’s new finance minister has warned that state-owned companies should not be used as “personal toys”. Pravin Gordhan, the country’s third finance minister in less than a week, was making his first comments since he was appointed on Sunday. He refused to mention any names but there are concerns that some state-run firms are […]

South Africa’s new finance minister has warned that state-owned companies should not be used as “personal toys”.
Pravin Gordhan, the country’s third finance minister in less than a week, was making his first comments since he was appointed on Sunday.
He refused to mention any names but there are concerns that some state-run firms are being poorly managed.
In a bid to reassure the markets, he said that the country “will stay the course of sound fiscal management”.
Last week, President Jacob Zuma sacked previous Finance Minister Nhlanhla Nene in a widely criticised move that sent the rand to record lows.
Mr Gordhan replaced David van Rooyen who had only been in the job since Thursday.
He told journalists that “it’s time that individuals, or groups of individuals, stop playing with state entities… as if [they’re] a personal toy from which you can extract money when you feel like”.