Treasury Director-general Dondo Mogajane has told the judicial commission of inquiry into allegations of State capture that when Nhlanhla Nene was removed in 2015 there was a reduction of about R378-billion in market capitalisation on the JSE.
"Business confidence was at its lowest following Nene's removal," he told inquiry chairperson, deputy chief justice Raymond Zondo on Friday.
At the time, Mogajane was the deputy director general for public finance at National Treasury.
"148 000 jobs were lost in terms of the model we ran. We saw a reduction of about R378-billion in the JSE markets capitalisation. We also costed the impact of at least 1.1 % of GDP by the end of that year 2017," he said.
"Can you in national treasury confirm the extent of business and associated revenue the Gupta owned entities received from government. Can you model that revenue stream especially in 2015?" evidence leader Vincent Maleka asked.
Mogajane said he would not be able to give the cost structures, but: "I have already actioned what came through yesterday – I have asked our chief procurement office together with our financial management office to model the cost and the revenue that would have been accrued to the Gupta empire as an when it is available I will certainly make it available to the commission."
Nene was replaced by Des van Rooyen, who in turn was replaced by Pravin Gordhan just days later.