South Africa's Gordhan to appear in court over fraud charges

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By Joe Brock PRETORIA (Reuters) - South African prosecutors ordered Finance Minister Pravin Gordhan on Tuesday to appear in court on Nov. 2 to hear fraud charges against him, news that sent the rand and share prices reeling. The rand dropped as much as 3.4 percent against the dollar amid fears Gordhan's legal troubles could damage investor confidence in South Africa, where he has stood out as a reliable figure for financial markets against a backdrop of corruption. The banking index fell as much as 5.12 percent, wiping 46.3 billion rand ($3.3 billion) off the market capitalization of South Africa’s six biggest banks.

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