5 important things happening in South Africa today
·17 Jan 2018
Here’s what is happening in and affecting South Africa today:
- The Asset Forfeiture Unit says that it will be pursuing at least 17 different cases related to state capture, where it hopes to seize as much as R50 billion. The group has prioritised six cases which are before the courts, with freeze orders waiting in the wings.
- The National Prosecuting Authority is charging global consultancy McKinsey with collusion in the R1.6 billion Eskom saga, where it says the group abused its relationship with the power utility to allow it and the Gupta-linked Trillian to drain the funds. An affidavit filed in the High Court shows that McKinsey is also being charged with fraud in relation to Eskom’s processes.
- The woes for Gupta linked companies do not end there, as the Companies and Intellectual Property Commission has now laid criminal charges against McKinsey, as well as other global firms KPMG and SAP. The charges are related directly to the companies’ activities with the Guptas, and from the details found in the Gupta leaks.
- SARS has denied claims from British MP Peter Hain that the revenue service is corrupt. Hain claimed that SARS and law firm Hogan Lovells covered up corrupt activity related to second in command, Jonas Makwakwa. SARS said Hain’s claims are baseless.
- South Africa’s rand rose to its strongest since July 2015 on Tuesday as it crossed crucial technical points and ignited offshore buying interest. Stocks climbed to 8-week highs, as robust retail sales and solid earnings forecasts drove investor optimism about economic growth. On Wednesday, the rand was at R12.30 to the dollar, R16.94 to the pound and R15.06 to the euro.
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