5 important things happening in South Africa today
·3 Oct 2017
Here’s what is happening in and affecting South Africa today:
- Former Finance Minister Trevor Manuel has hit out at KPMG, saying the firm should produce documents showing how it reached the conclusions it did, regarding the controversial SARS rogue unit. He also said that people should be jailed for allowing corruption – in relation to the Gupta companies – to continue the way it has.
- Treasury’s Director-General, Dondo Mogajane has defended the decision to bail out SAA with another R3 billion, saying that it would be irresponsible not to. He also said it would be irresponsible to ‘throw money into a black hole’, but assured that treasury has faith in the struggling airline, and that it’s ‘long term turnaround strategy’ would start bearing fruit.
- Absa says it is ‘continuously reconsidering’ its relationship with the embattled KPMG, following reports that the South African Reserve Bank told major banks they cannot drop the auditor. Absa said news that is out there about KPMG is against its values, but it is waiting for the completion of a few independent investigations before it makes any decisions.
- Divisions in the ANC’s biggest support provinces have grown so deep that the party’s top six have been locked in meetings with the branch leaders to try and resolve them. The ANC’s KZN branch – it’s biggest support base – has been split by a court ruling that its leadership was elected illegally. The province is split between supporters for Cyril Ramaphosa and Nkosazana Dlamini-Zuma.
- South Africa’s rand weakened on Monday as the currency along with fellow emerging markets strained under pressure from a stronger dollar and a dim local economic outlook. On Tuesday the rand was trading at R13.62 to the dollar, R18.04 to the pound and R15.95 to the euro.
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