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The Assault on the Rand: Kevin Wakeford and the Battle to Save a Currency

ISBN: 9781770225541
Publisher: Random House Struik
Publication Date: 2014-03-15
Number of pages: 304
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  • Regular price $31.98

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When the rand collapsed from 7.60 to 13.84 to the US dollar in 2001, Kevin Wakeford blew the whistle, accusing three big corporates and one global bank of being party to manipulation in the currency markets.

Wakeford predicted that the rand was on its way to 20, 30, 40 and possibly 50 to the dollar, which would have thrown the seven-year-old democracy into economic and political turmoil. As a result of his intervention, a Rand Commission was set up by President Mbeki to investigate his claims, and the rand’s collapse was arrested and reversed.

The Rand Commission, was, however, shut down prematurely and Wakeford was fired as CEO of the South African Chamber of Business. While the Enron and WorldCom scandals in the United States triggered comprehensive corporate reform, it seemed that South African authorities were determined to cover up any wrongdoing.

Sergeant exposes the role of a major global bank, which foreshadows the banking scandals that have rocked the world more recently. Written with the full cooperation of Kevin Wakeford, one of South Africa’s most inspirational business leaders, and who has made all his information available to the author.

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