South Africa's finance minister 'summoned on fraud charges'

South Africa's Finance Minister Pravin Gordhan says he's been ordered to appear in court on 2 November in relation to the establishment of a tax service surveillance unit set up a decade ago when he ran South Africa's revenue service.

It reports that it is in connection with an alleged payout made to an employee of South Africa's revenue service (Sars) when Mr Gordhan was in charge.

He has been under investigation in connection with other issues at Sars.

United Democratic Movement leader Bantu Holomisa said Pravin Gordhan should step down while he is fighting the fraud charges against him.

Meanwhile, the country's top state prosecutor has denied that there was any "political mischief" behind the investigation into Mr Gordhan.

That was the way Mr Gordhan described it in an interview a week ago.

This morning, the finance minister has been at a business seminar and said: "It looks like we are in a bit of excitement going forward."

On the markets, the rand has fallen in value by about 3.5% this morning.