South Africa Finance Minister faces potential arrest

South Africa Finance Minister Pravin Gordhan faces potential arrest and prosecution for alleged “espionage” after the country's Directorate for Priority Crime Investigation (DPCI) handed a case docket to the National Prosecuting Authority for a decision, a local newspaper has reported.

DPCI – also known as The Hawks – apparently wants Gordhan prosecuted in a case linked to the activities of a South African Revenue Service (SARS) rogue unit established while he was commissioner, the newspaper reported, citing sources.

The docket also includes eight other former SARS officials that are said to have been either involved in or had knowledge of the unit’s activities, the newspaper said.

SARS has been accused of illegally gathering intelligence and spying on taxpayers.

The move is seen as likely plunging markets back into the turmoil seen in December 2015 when South Africa’s President, Jacob Zuma, fired Nhlanhla Nene as finance minister.

In London, shares in South Africa-linked insurer Old Mutual sagged when Nene was fired. That company was far from alone in being affected by the fallout -- the sacking wiped billions of rands from the markets.

DPCI targets organised crime, economic crime, corruption, and other serious crime referred to it by the President or the South African Police Service (SAPS).