Joburg council chaos, and Exxaro CEO in trouble

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

• More Joburg council chaos: The City of Johannesburg has been locked in a two-year legal battle over the appointment of city manager Floyd Brink, funded by taxpayers. The Gauteng High Court ordered Brink to step down within 10 days, ruling his reappointment unconstitutional and unlawful. This followed a previous court decision declaring his initial appointment flawed. Despite this, the ANC-EFF-led council reappointed him without proper process, violating court orders and council rules. The court declared the reappointment invalid, citing the City’s “sloppy” and “self-serving” actions. [Daily Maverick]

• Exxaro CEO suspended: Exxaro Resources’ board has placed CEO Nombasa Tsengwa on precautionary suspension with immediate effect, pending the outcome of an independent investigation into allegations related to workplace conduct and governance practice, the company said in a statement. [Times Live]

• Eskom finds home loan company buyer: Eskom has finally found a buyer for its housing mortgage subsidiary, Eskom Finance Company, which has a loan book of R9 billion. The company offers home loans to Eskom employees. The sale was a condition for Eskom to qualify for a R254 billion debt relief package, and its failure to complete the sale resulted in a R4 billion reduction in the relief. [Business Day]

• Swindling lawyer disbarred: A Western Cape High Court judge ruled that attorney Zuko Nonxuba, under whom R188 million in medical negligence payouts disappeared, engaged in “widespread theft” and is unfit to practise law. The judge found that Nonxuba failed to comply with court orders, falsified accounting records, violated LPC rules, and misappropriated funds held in trust for his clients. [News24]

• Markets: The rand slipped on Wednesday as growing tensions in South Korea drove investors to the safe-haven dollar, while markets awaited clues on the interest-rate path of the world’s biggest economy. On Thursday (05 December), the rand was trading at R18.18 to the dollar, R23.09 to the pound, and R19.08 to the euro. Oil is trading at $72.32 a barrel. [Reuters]