While you were asleep: ANC blocks charged members from leadership positions

The ANC has finally resolved to come to a more concrete definition of the controversial step-aside rule after the party’s national executive committee (NEC) tightened a loophole to the rule.

The NEC has agreed that “‘any member who had stepped aside voluntarily following an indictment to appear in a court of law on any charge” would not be allowed to run for any party positions at branch, regional, provincial or national level.

The decision comes after a slew of party members who have been criminally charged and are awaiting trial were recently elected to leadership positions in the party.

“Former eThekwini mayor Zandile Gumede, who faces fraud, corruption and money laundering charges, was recently elected ANC chairperson of the eThekwini region, while former MEC Mandla Msibi was elected ANC Mpumalanga treasurer despite facing murder charges. They both stepped aside soon after being elected,” reports Daily Maverick.

ANC treasurer-general Paul Mashatile is set to brief the media and answer further questions around the latest NEC decision this afternoon as there is still some confusion over the wording of the move.

The wording of the decision appears to state that any charge would apply not just those related to corruption and serious crimes, which would include former ANC Women’s League president Bathabile Dlamini, who was recently charged with perjury.

Dlamini refused to step aside voluntarily and will now face the ANC’s integrity commission, which will decide if it views perjury as a serious enough offence to punish party members.

In the currency markets, “the stampede into the safe-haven dollar continued yesterday, with the greenback rising strongly against the majors and the rand falling for an eighth consecutive day,” comments TreasuryONE.

The local unit traded close to the R15.99/$ level yesterday before settling at R15.89/$. Since the beginning of last week, the rand has lost over 9% and is currently trading at R15.95/$ against the backdrop of an even stronger dollar in Asia this morning.

This morning gold and platinum are down around 0.5% at $1,877 and $912, respectively, while palladium is trading 1.3% higher at $2,235. The price of Brent crude ended reasonably flat at $105.30 last night but has slipped to $103.80 this morning “as China imposes further Covid restrictions” says TreasuryONE.