South Africa's rand slides as Gordhan comments on allegations

South Africa’s rand slid more than 1.6% against the US dollar as the country’s Finance Minister, Pravin Gordhan, commented on media reports he may be arrested and dismissed.

Shortly before 12pm, the rand was down 1.63% against the greenback.

In December last year, the sacking of then Finance Minister Nhlanhla Nene wiped billions of rands from the markets.

Gordhan faces potential arrest and prosecution for espionage following a police probe into his alleged involvement in a special investigations agency within the South African Revenue Service.

He said, in a statement issued late Tuesday and quoted by Bloomberg, that the reports were extremely distressing.

Gordhan said he would “never have thought that individuals within the very agencies of this government would now conspire to intimidate and harass” him and his family, the news agency reported.