The Brothers Who Bought A Country ​​​​​​​

The most important economy in Africa, and a government built by the light of Mandela, may now function for the benefit of one powerful family.

- Matthew Campbell And Franz Wild

The beginning of the end of Nhlanhla Nene’s political career came on a warm Monday morning. He was catching up on email in his office in Pretoria’s neoclassical Old Reserve Bank building, where he was serving as South Africa’s minister of finance, when his deputy, Mcebisi Jonas, asked for an urgent meeting. Jonas had been desperate to speak to his boss for days, but what he wanted to tell Nene was far too sensitive to discuss by phone.

Nene, a veteran trade union activist, has heavily lidded eyes, the build of a retired rugby player, and a preternatural calm. He suggested to Jonas that they step onto an adjoining balcony, the better to avoid any listening devices. There, Jonas began his tale.

The previous Friday, Jonas said, he’d been summoned to a four-mansion compound in Johannesburg owned by the Gupta family—a clan of Indian-born businessmen known to wield substantial influence over South African politics. Ajay Gupta, the eldest of three brothers a top the family, was direct: Nene was becoming a problem. He explained that Jonas would soon replace Nene as finance minister and, in that capacity, would remove some senior officials who were also standing in the family’s way. Gupta spoke in the future tense, presenting Jonas’s appointment as a fait accompli.

Jonas was staggered. The Guptas have no governmental role, and ministers serve solely at the discretion of the president, Jacob Zuma. Jonas said as much and made his way toward the door. As he did, Jonas would later tell investigators, Gupta said his family could put 600 million rand, or about $43 million, into an account of Jonas’s choice. And if Jonas happened to have a bag with him, he could have 600,000 rand in cash right away. (The Gupta family denies the meeting occurred.)