The Phala Phala problem is back, and Lotteries Commission in hot water

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

• ConCourt to hear EFF Phala Phala report application: The Constitutional Court will hear the EFF’s application against the Speaker of the National Assembly over the Section 89 panel report on the Phala Phala matter. In 2022, the National Assembly rejected a motion to refer the report to an impeachment committee. The report, led by retired Chief Justice Sandile Ngcobo, investigated allegations against President Cyril Ramaphosa following a foreign currency theft at his Phala Phala farm. It found a prima facie case requiring the President’s response. [SABC]

• Public Protector to investigate National Lotteries Commission: The Public Protector, Kholeka Gcaleka, is investigating allegations of conflicts of interest within the National Lotteries Commission (NLC) board. A whistleblower complaint filed in May accuses the board of violating the Public Finance Management Act in the appointment of the NLC commissioner. The complaint alleges that they were appointed despite not being on the original list of candidates and that her appointment was influenced by a close relationship with her former boss. [City Press]

• Boxer labeled listing of the year: Pick n Pay’s value chain, Boxer, has seen its initial public offering (IPO) heavily oversubscribed by both local and international investors ahead of its JSE listing on Thursday. Market analysts have called it the most anticipated listing of 2024, with Boxer set to debut at R54 per share—at the top of its expected range—valuing the company at nearly R25 billion. Despite the listing, Pick n Pay will retain about 65% of Boxer. As portfolio manager Casparus Treurnicht notes, “It is THE listing of 2024.” [News24]

• SA ambassador sees US trade partner of choice: South Africa’s newly appointed ambassador to the US, Ebrahim Rasool, stressed the importance of addressing the “worrying” full review of bilateral relations between the two countries. This review, initiated by the US House of Representatives, follows concerns over South Africa’s shifting foreign policy and its growing ties with China, Russia, and Iran. Rasool, set to return to the US next month, emphasised that the US remains South Africa’s key trade and investment partner, and he views his role as defending South Africa’s interests in this context. [Business Day]

• Markets: The rand strengthened on Monday, as investors started the week on the front foot ahead of a slew of month-end economic data releases. On Tuesday (26 November), the rand was trading at R18.08 to the dollar, R22.67 to the pound, and R18.97 to the euro. Oil is trading at $73.24 a barrel. [Reuters]