SIU’s R92 million win, and 11-week strike ends

Here’s what is happening in and affecting South Africa today:

• SIU scores R92 million win: In 2013, Amahlathi Local Municipality in the Eastern Cape bought R92 million worth of road fleet equipment despite lacking a budget, diesel, or skilled operators. The purchase, made through a “piggyback” contract with Kwane Capital, led to a decade of litigation. Now, the Supreme Court of Appeal ruled the purchase was illegal, with the Special Investigating Unit (SIU) winning the case. The court also ordered a high court review to determine how much Kwane Capital should repay. [Daily Maverick]

• Mister Sweet strike ends: Over 300 workers at Premier’s Mister Sweet branch in Germiston will return to work on 11 November after an 11-week strike. The Simunye Workers Forum confirmed the workers accepted Premier’s offer of a 7% pay increase for operators and 6% for general workers this year, with future increases of 6% for operators and 5% for general workers in 2025 and 2026. The workers had originally demanded a minimum monthly wage of R19,500. [GroundUp]

• Dondo Mogajane resigns from all boards: Dondo Mogajane, chair of the Government Employees Pension Fund (GEPF) and CEO of the Moti Group, has resigned from all his professional roles following allegations made in an affidavit by convicted fraudster Tshifhiwa Matodzi. Matodzi, the former chair of VBS Mutual Bank, claimed Mogajane accepted a R1 million bribe to retract a letter advising municipalities to stop depositing funds with the bank. Mogajane denies the allegations.  [Business Day]

• US presidential election: American voters go to the polls on 5 November to choose the next president of the world’s largest economy. US election results have sometimes been declared within hours of the polls closing, but this year’s incredibly tight contest between Republican Donald Trump and Democrat Kamala Harris could mean a longer wait.

• Markets: The rand gained on Monday against a weaker dollar, as investors geared up for the U.S. to elect its next president and the Federal Reserve’s interest rate announcement this week. On Tuesday (05 November), the rand was trading at R17.52 to the dollar, R22.67 to the pound, and R19.04 to the euro. Oil is trading at $75.17 a barrel. [Reuters]