JOHANNESBURG May 2 South Africa's Financial
Services Board (FSB) is probing certain trades made in the hours
before former Finance Minister Pravin Gordhan was recalled from
an investor roadshow and then dismissed, an official said on
The Johannesburg bourse said in April it was probing the
trades involving currency futures and would forward its findings
to the FSB once they were finalised.
On March 27, news broke that President Jacob Zuma had
ordered Gordhan to return immediately from a trip to Britain and
the United States, roiling local markets. Gordhan was later
dismissed in a cabinet reshuffle.
"The investigation is on-going," Solly Keetse, head of
Market Abuse at the FSB, told Reuters, adding that the FSB would
make its findings known in due course.
The rand weakened about 2.5 percent ahead of the
news, according to Thomson Reuters data, falling further after
the recall was confirmed, while the Banks index on the
bourse fell 4.73 percent.
(Reporting by Nqobile Dludla; Editing by Ed Stoddard and Tom