Updated Mon, October 31st 2016 at 14:41 GMT +3{Photo:Courtesy}Johannesburg:South Africa's state prosecutor dropped fraud charges on Monday against Finance Minister Pravin Gordhan, the latest twist in a police investigation that has rattled financial markets in the continent's most industrialized economy. Worries that Gordhan could be prosecuted or even removed from his job have also increased the risk that credit rating agencies would downgrade South Africa to "junk" status, undermining efforts to revive economic growth. Gordhan, who is widely respected in financial markets, said the accusations were politically motivated. The charges triggered a backlash from opposition political parties, civil society, big business and some senior members of the ruling African National Congress (ANC). The president has denied that he is in conflict with Gordhan.

Source: Standard Digital October 31, 2016 11:53 UTC