A lifetime in the money business

GIGABA’S DEPUTY: BUTHELEZI IN THE SPOTLIGHT

New deputy finance minister has struggle credentials and close ties to Zuma.

President Jacob Zuma has replaced respected Deputy Finance Minister Mcebisi Jonas with Sfiso Buthelezi, in a politically-charged Cabinet reshuffle.

But who is the new man tasked with the public purse strings together with new Finance Minister Malusi Gigaba, the ex-home affairs and public enterprises minister?

Although not much is known about Buthelezi’s political pedigree, he was sworn in as an ANC MP last year. He was believed to have been intended to replace Jonas, after Zuma appointed backbencher Des van Rooyen as finance minister for four days in 2015.

The KwaZulu-Natal-born Buthelezi is in the finance portfolio committee in parliament and was involved in the ongoing public hearings into the transformation of the financial services industry.

In order to assume a new role in parliament, Buthelezi resigned as the chief operating officer of Makana Investment Corporation, which is an investment vehicle for ex-political prisoners and their dependents.

Arguably, the standout fact about Buthelezi is that he has close ties to Zuma.

According to a profile on Bloomberg, he served as an adviser to Zuma when he was the economic development MEC in KwaZulu-Natal between 1994 and 1999. He was also an adviser to Mathews Phosa when he was Mpumalanga’s premier.

Buthelezi has struggle credentials. According to a City Press article, he joined the ANC at the age of 20 in 1981, setting up the first military bases for the party in SA. He was arrested and sent to Robben Island for eight years.

Buthelezi’s other corporate stints between 2004 to 2010 include him being the executive chairman of Autshumatu Investments, the director of Transnet and Cadiz Holdings, and the first CEO of the National Gambling Board.

He was recently at the Passenger Rail Agency of SA for 10 years as the chairman and left in 2014 when Prasa was facing maladministration investigations.

Buthelezi holds an M.Com. in Economics, a B.Com (Unisa) in Economics – with honours (UCT) – and a Corporate Governance Diploma.

The rand continued to extend its losses. The local unit plummeted to R13.39 against the US dollar at 00:00 from an intra-day low of R12.80 at 5.40pm.

JZ has finally achieved the transformation he really wants – the Zanufication of the ANC. Weep the beloved country for the lights have finally gone out. John, Benoni

Does the appointment of a new minister of transport mean that government will finally address our road carnage crisis? Richard Benson

Everything Gordhan refused to sign in order to protect the country will now surely be signed by puppet Gigaba. Theo Smith

Zuma says what he is doing is to help the poor and the working class! Rather resign and help everyone in South Africa! Sandie

Oh Zuma, what a palooka. Resign! Brian M

I’m sure Gigaba will do to finance what he did to home affairs. And I’m also sure he knows where the Saxonwold shebeen is. Tony