STATE TREASURER SUSPENDED AFTER DRUG CHARGES

Gov. Mark Sanford has suspended state Treasurer Thomas Ravenel after
it was announced Tuesday the Charleston Republican had been indicted
by a federal grand jury on charges of conspiracy to possess with the
intent distribute cocaine.

Federal and state authorities made the announcement in a news
conference at SLED headquarters this afternoon.

According to the indictment, beginning in 2005 - before he was elected
state treasurer - Ravenel conspired with Michael L. Miller to possess
with intent to distribute cocaine.

If convicted, Ravenel faces up to 20 years in prison and a fine of up
to $1 million.

"Given the grave nature of these charges and what is alleged in this
indictment, we're left with no choice but to suspend Treasurer Ravenel
immediately," Sanford said in a news release. "These are obviously
very serious allegations that we're constitutionally bound to act
upon, and they'll ultimately be decided by the courts."

Sanford said he plans to make a decision on an interim appointment as
soon as possible

Ravenel raised millions of dollars to unseat long-term Democratic
incumbent Grady Patterson in November. He ran unsuccessfully for the
GOP nomination for the U.S. Senate in 2004.

Ravenel in April was named the state chairman for former New York
Mayor Rudolph Giuliani's presidential campaign.

Ravenel, 44, is a multi-millionaire real estate developer and the son
of Arthur Ravenel Jr., a powerful South Carolina politician who
formerly was a member of the General Assembly and the U.S. House.

As treasurer, Ravenel is responsible for handling the state's finances
and investments. He also holds a seat on the powerful State Budget and
Control Board, which controls much of the state bureaucracy. His
salary is $92,007.

Check back throughout the evening and in Wednesday's editions of The
State newspaper for updates on this story.