Business

5 important things happening in South Africa today

Staff Writer

 ·19 Apr 2018

Here’s what is happening in and affecting South Africa today:

• Absa is being targetted by foreign groups for its role in creating the prospectus for Steinhoff, which has tanked amid a far-reaching accounting scandal that has made several years’ audited results unreliable. A Dutch non-profit, VEB, is seeking settlement deals with Absa and Deloitte, among others, for contributing to the mess around Steinhoff. [City Press]

• Pressure on KMPG South Africa continues with another big client – Nedbank – considering reviewing its relationship with the firm, following yet another auditing scandal. The Auditor-General this week announced that it was cutting all ties with KPMG. [702]

• Former president Jacob Zuma is still costing the government millions with failed legal battles, after the presidency was ordered to pay costs after withdrawing an application for leave to appeal former Public Protector Thuli Mandonsela’s report on state capture – launched by Zuma. Zuma’s legal bills already total over R24 million – with the latest order taking it to R34 million. [M&G]

• The Guptas, who are currently on the run from police, have called the Hawks and the NPA incompetent, saying they are on a witch hunt against them. The brothers are wanted by police to appear on charges of fraud relating to the Estina dairy project. They have also been summoned to appear before parliament for their role in state capture, but refuse to show up. [Huffpo SA]

• South Africa’s rand strengthened and bonds rallied on Wednesday after better than expected inflation and retail data reactivated investor optimism that has bolstered the currency this year. On Thursday the rand was trading at R11.92 to the dollar, R16.94 to the pound and R14.76 to the euro.