5 important things happening in South Africa today
·12 Apr 2018
Here’s what is happening in and affecting South Africa today:
- KPMG has suspended a top executive that led the team on the VBS Bank account. The South African Reserve Bank has flagged VBS and placed it under curatorship, for R900 million which cannot be accounted for. KPMG said it is investigating the matter. [EWN]
- The listeria outbreak in South Africa is costing the pork industry R800 million a month, and has already cost over 2,000 jobs. The outbreak has claimed the lives of 170 people and infected hundreds more. The source of the outbreak was traced back to Enterprise factories which were shut down. Brand owner, Tiger Brands is facing a class-action lawsuit over the outbreak. [TimesLive]
- Steinhoff is making its next move to try and reduce its mountain of debt amid an accounting scandal, with plans to reduce its stake in the local arm of Steinhoff Africa Retail (STAR). Its current majority stake of 77% is worth R50 billion, meaning the sale could bring in around R4 billion for the group. [Reuters]
- After previously denying he had ever met them, ANC Youth League leader Collen Maine has now admitted that he was put in contact with the Gupta family – and says he was introduced by North-West premier Supra Mahumapelo. Maine has been one of the Guptas’ biggest defenders amid the state capture scandal, but appears to now have turned on them. [eNCA]
- South Africa’s rand firmed in late trade on Wednesday as the dollar slipped on fears of possible Western military action against Syria and tensions between Russia and the United States soared, subduing risk appetite. On Thursday the rand was at R11.96 to the dollar, R16.97 to the pound and R14.79 to the euro.
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