Rand Falls on Reports Pravin Gordhan to Be Charged

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October 11 -- South African prosecutors said they will prosecute Finance Minister Pravin Gordhan for fraud and have summoned him to appear in court amid allegations that he illegally authorized an early retirement and established a illicit investigative unit when he headed the national tax agency almost a decade ago. The rand fell by as much 3.5 percent against the dollar, the most since June 24. The case is politically motivated and South Africans need to ask why it was filed just weeks before the delivery of the mid-term budget, Gordhan said in a speech delivered in Midrand near Johannesburg on Tuesday. “There is no case,” he said. He is due to appear in court on Nov. 2. Bloomberg's Mark Gilbert reports and DS Economics Founder & CEO Diane Swonk discusses with Francine Lacqua on "Bloomberg Surveillance."