5 important things happening in South Africa today
·10 Oct 2017
Here’s what is happening in and affecting South Africa today:
- The Foschini Group (TFG) is the latest company to dump KPMG as auditor, as the embattled firm restructures its top management in the wake of the Gupta and SARS scandals that has rocked its halls over the past month. TFG’s move comes as Telkom puts its relationship with KPMG on hold, while a slew of other companies have already cancelled contracts.
- The transport department has amassed R1.3 billion in irregular expenditure between 2014 and 2017, Auditor-General Kimi Makwetu has said. The department has been flouting supply chain processes, and struggling with the eNatis system. There are also currently 5 internal investigations going on at the department over dubious contracts.
- The BBBEE Commission is expected to issue preliminary findings against at least 50 companies for contravening South Africa’s BEE Act, the group said, warning that one of the biggest contraventions has been fronting, which commissioner Zodwa Ntuli said remains a major proble in the country.
- UDM leader Bantu Holomisa says that president Jacob Zuma’s apparent backing of Nkosazana Dlamini-Zuma as his successor is just a smokescreen, and that treasurer general Zweli Mkhize – seen as the ‘compromise’ or ‘third way’ option for the ANC – is Zuma’s real ‘chosen one’. Holomisa said that Zuma’s support for Dlamini-Zuma has been misconstrued.
- South Africa’s rand slumped to a new six-month low on Monday as emerging market currencies suffered a broad sell-off linked to rising U.S. Treasury yields. On Tuesday the rand was trading at R13.76 to the dollar, R18.12 to the pound and R16.19 to the euro.
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