JOHANNESBURG (Reuters) ? South Africa's ruling African National Congress kicked its firebrand Youth League leader, Julius Malema, out of the party for five years on Thursday after finding him guilty of sowing division.
The decision dealt a major blow to the political career of the controversial Malema and his push to nationalize mines in the world's biggest platinum producer.
South African stocks extended gains after news of the suspension of Malema, 30, who has unnerved investors with his drive to nationalize mines. The rand also firmed slightly after the announcement.
Derek Hanekom, head of the ANC disciplinary panel, said Malema had been found guilty of sowing serious divisions in the party and of bringing the 99-year-old liberation movement into disrepute.
"Ill-discipline is not a cure for frustration," Hanekom said at a news conference.
The party said Malema had the right to appeal to the ANC disciplinary body and any appeal had to be lodged within 14 days. He can also appeal the outcome to the ANC's National Executive Committee -- headed by President Jacob Zuma.
Suspension of Malema should help pave the way for Zuma to secure a second term as ANC leader -- and hence the country's president -- at a party conference in a year.
"Given that Malema was seen as an important point-person for political factions within the ANC that have been looking to insert a more radical set of policies around land reform and state intervention in the mining sector ... it is likely to be viewed as an important strengthening of President Zuma," said ABSA Capital Chief Economist Jeff Gable.
But the unexpectedly harsh sentence imposed on Malema, a significant power broker in the ANC, could backfire for Zuma.
"Will the sentence provoke a backlash, attempting to build opposition by portraying Malema as a victim? It is obviously possibility," said independent political analyst Nic Borain.
"But most observers are hoping that the grave tones and thorough approach of the ANC Disciplinary Committee might presage a process of repair and renewal in the ruling party."
ANC insiders say Malema is part of a plot to replace Zuma with a leader more sympathetic to the Youth League's desire to nationalize the mines and seize white-owned farms for redistribution to landless blacks.
Malema was writing a university exam on Thursday and was not immediately available for comment.
(Reporting by Jon Herskovitz, writing by Marius Bosch; Editing by Ed Cropley)
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