5 important things happening in South Africa today
·23 Feb 2018
Here’s what is happening in and affecting South Africa today:
- Today is the deadline for the NPA to give its decision on whether or not it recommends reinstating fraud and corruption charges against former president Jacob Zuma. After that decision – which might not be made public – NPA head Shaun Abrahams will then announce by when he will make his final decision on the matter.
- Finance minister Malusi Gigaba has again delayed the tabling of financial results for the cash-strapped South African Airways – whose results are now 5 months overdue. According to Gigaba, SAA needs to sort out some technical issues with the Auditor-General. SAA announced last year it expected to report a higher-than-estimated R4 billion loss.
- The Gupta-linked Optimum Coal mines, at the centre of a state capture scandal involving the controversial family and mineral resources minister Mosebenzi Zwane, is entering into business rescue. The Guptas’ Tegeta is said to have acquired Optimum by pushing the operation into business rescue previously, with the help of Zwane and former Eskom CEO Brian Molefe.
- The NPA says it has evidence that Atul Gupta scored R10 million from the Estina dairy project in the Free State. The state prosecutors were responding to the Guptas’ lawyer who said that no evidence existed of the charge. However, the NPA said it had eight files of documents supporting the charge, including evidence that the funds went directly into his personal bank account.
- South African stocks fell on Thursday led by precious metals producer Sibanye-Stillwater reporting an annual loss and cutting its dividend, while the rand remained range bound amid risk-on sentiment in emerging assets. On Friday the rand was at R11.68 to the dollar, R16.29 to the pound and R14.37 to the euro.
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