5 important things happening in South Africa today
Here’s what is happening in and affecting South Africa today:
SARS commissioner Tom Moyane has been suspended with immediate effect, on concerns that public finances have been compromised, and due to a break down of public trust in Moyane and the revenue service. Mark Kingon has been appointed as acting commissioner. [Reuters]
Auditing group KPMG has made big changes to how it conducts its business in the wake of its association with the Gupta family. In an attempt to be more ethical in business and restore some of its credibility, the company now has a central client acceptance process, where prospective clients are vetted and assessed for risk – among other changes. [Daily Maverick]
Public enterprises minister Pravin Gordhan says he will be making wide-sweeping changing to South Africa’s state-owned companies, and at Eskom in particular, where the power utility can expect a new CEO by mid-April. He also aims to find a solution to Sanral’s financial woes. [Bloomberg]
Steinhoff International is reportedly considering the sale of part of a R58 billion stake in the separately listed Steinhoff Africa Retail (STAR), to help raise funds to resolve its ongoing accounting crisis. It cannot sell its 77% stake outright, and will first sell off smaller stakes, insiders said. [Bloomberg]
South Africa’s rand slipped to its weakest in more than a month on Monday as a broad sell-off of emerging markets triggered by an impending US Federal Reserve meeting and fears of a global trade war added to worries about a ratings review this week. On Tuesday the rand was at R12.02 to the dollar, R16.87 to the pound and R14.83 to the euro.
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