Latest news with #JacobZuma
Bloomberg
10 hours ago
- Business
- Bloomberg
Investec Says Sluggish Growth Has Cost South Africa $251 Billion
South Africa's economy is 37% smaller than it would have been had the country tracked its emerging-market peers and sustained annual growth of 4.5% since 2010, a report by Investec Wealth & Investment International said. It calculated that matching those expansion rates would have lifted the country's nominal gross domestic product to almost 12 trillion rand ($670 billion) last year, from 7.5 billion rand. The slow growth partly coincided with an era of endemic government corruption — known in South Africa as state capture — under former President Jacob Zuma, which his successor Cyril Ramaphosa estimates cost the economy at least 500 billion rand.
Russia Today
11 hours ago
- Business
- Russia Today
We don't need American solutions – former South African president
Former South African president Jacob Zuma has issued a pointed rebuke of President Cyril Ramaphosa's recent diplomatic outreach to the United States, suggesting that foreign involvement in domestic matters undermines national sovereignty. Addressing a crowd of his uMkhonto weSizwe (MK) Party supporters in KwaMaphumulo over the weekend, Zuma questioned the legitimacy and wisdom of appealing to international actors, particularly the United States, for assistance with South Africa's internal challenges. 'Why must we expect strangers, sitting in Washington, to understand what we are going through?' Zuma asked during his speech. 'We know our problems better than anyone else. We should be the ones to solve them.' The comments come just weeks after President Ramaphosa led a high-profile ministerial delegation to Washington, D.C., to mend strained diplomatic ties with the Trump administration and attract investment amid growing economic pressures at home. The visit included meetings at the White House and with key business stakeholders, with the South African delegation seeking to promote technology partnerships and quell rising tensions over land reform and crime. Relations between Pretoria and Washington have recently soured over controversial remarks from US officials alleging human rights violations and accusing the South African government of mismanaging key sectors. Ramaphosa's team used the visit to push back against what they termed 'inflammatory rhetoric' and to reaffirm South Africa's commitment to democratic principles. Zuma, however, painted the outreach as a desperate move by an administration out of touch with its people. He stopped short of naming Ramaphosa directly but left little doubt about whom his remarks were aimed at. 'You can hold your meetings with Americans all you want, but we will not accept solutions from people who have never set foot in our townships,' Zuma said, to applause from the crowd. Zuma has been steadily ramping up his public appearances under the MK Party banner in recent months, positioning himself as an alternative voice to the ruling African National Congress (ANC), which he once led. His critique reflects growing frustration in parts of the electorate over the country's stagnant economy, persistent inequality, and rising crime levels. Political analysts say Zuma's remarks tap into a wider sentiment of scepticism toward foreign influence and the perceived failure of the government to address urgent local needs.'This is classic Zuma,' said political commentator Thandi Maseko. 'He is playing to a base that feels abandoned by the current leadership and distrustful of foreign agendas.' While Ramaphosa's office has not formally responded to Zuma's comments, government officials have continued to defend the US trip as a necessary step to rebuild investor confidence and foster international cooperation. Whether Zuma's rhetoric will translate into broader support for the MK Party remains to be seen. But as the country inches closer to the next general election, his re-emergence on the national stage is once again stirring the political published by IOL
Eyewitness News
12 hours ago
- Business
- Eyewitness News
Zuma, Thales lose bid to have arms deal charges against them dropped
PIETERMARITZBURG - Former President Jacob Zuma has lost his bid to have charges related to the controversial arms deal filed against him dropped. The Pietermaritzburg High Court on Tuesday dismissed an application brought by French arms company, Thales, and Zuma, to be acquitted of the criminal charges. Thales filed the application in May. It argued that since two of its key witnesses had died, it would not be guaranteed a fair trial. Zuma joined Thales in its bid to have the charges dropped. The Pietermaritzburg High Court found that the former president and Thales did have a case to answer to. They face charges of corruption, fraud, racketeering and money laundering linked to the 1999 arms deal. Judge Nkosinathi Chili delivered his judgment on Tuesday. "There is no justification for the grant of order sought by Mr Zuma in the alternative in accordance with section 172 1 (b) of the Constitution. I therefore make the following order - the application by both Mr Zuma and Thales is dismissed." Chili added that Zuma's right to a fair trial would not be affected by the absence of Thales' two key witnesses.
Eyewitness News
12 hours ago
- Business
- Eyewitness News
Zuma's corruption trial to resume in December 2025
PIETERMARITZBURG - Former president Jacob Zuma's corruption case is set to resume in December. Zuma and French arms deal company Thales are charged with fraud, corruption, racketeering and money laundering linked to the controversial arms deal. On Tuesday, the Pietermaritzburg High Court dismissed their application to have all charges against them dropped. ALSO READ: Zuma, Thales lose bid to have arms deal charges against them dropped Judge Nkosinathi Chilli ruled that the matter would continue in December. 'This matter is adjourned to 4 December this year, 2025. The court will set aside two dates that is the 4th and 5th of December. Mr Zuma and Thales do not have to appear in court on that day.' At the same time, Zuma has taken his fight to have State prosecutor Advocate Billy Downer removed from the case to the Supreme Court of Appeal. In April, Justice Chilli dismissed Zuma's application for Downer's recusal.
The Herald
12 hours ago
- Business
- The Herald
Zuma and Thales continue on their losing streak
French company Thales and co-accused, former president Jacob Zuma, have lost their bid to have the arms-deal related corruption trial against them stopped. However, followers of this long saga should not hold their breath. Both indicated on Tuesday they would consider appealing the ruling made by Pietermaritzburg high court judge Nkosinathi Chili, and new trial dates, possibly only in the second half of 2026, will be determined in December this year when the parties appear in court again. Earlier this year Chili heard an application by Thales that it would not get a fair trial because key witnesses, including former company executives Pierre Moynot and Alain Thetard, had died. It was submitted that because of this Thales would not be able to adduce and challenge evidence. Zuma piggybacked on the application, saying if the prosecution was halted against Thales then he should also be acquitted for similar reasons. However, on Tuesday Chili dismissed the applications. In essence, he said if there was any trial prejudice, that should be dealt with and assessed by the trial court. He said the court could 'only shut the door' on the prosecution's legal right to prosecute if an accused could show exceptional circumstances and the court was satisfied the accused would suffer irreparable and insurmountable trial prejudice. Thales had failed to do so and had, instead, relied on 'hypothetical prejudice'. He also noted Thales had changed tack, in particular to the issue of Thetard. In its (failed) 2018 application for a permanent stay, it had said Thetard was not prepared to assist in the matter in any forum in any way. Now it claimed it was prejudiced because he had died. 'It would have been expected Thales would have put up evidence to indicate at a certain point of time he (Thetard) had changed his mind (about giving evidence). Without such evidence, one is inclined to conclude it conveniently moved the goalposts to bolster its case,' Chili said.
