5 important things happening in South Africa today
·11 Oct 2018
Here’s what is happening in and affecting South Africa today:
- Former Steinhoff CEO Markus Jooste is facing a fresh scandal, after Bloomberg reported that text messages it has seen shows the exec warning friends and advising them to sell Steinhoff stock ahead of the group’s crash. Jooste has testified that he knew nothing of Steinhoff’s problems, and that his resignation had nothing to do with the crash. [Bloomberg]
- KPMG is once again in the spotlight after a senior partner was implicated in the latest report on VBS bank, where it was found he was one of over 50 people who looted millions of rands from the group. KPMG was the bank’s auditor. [IOL]
- Testimony on state capture by Pravin Gordhan and Barbara Hogan has been postponed to November, to give those implicated in their statements – including former president Jacob Zuma – time to give their own version of events. Implicated people need to be given 2 weeks’ notice. [Daily Maverick]
- The ANC wants the Zondo commission into state capture to extend its investigations beyond just looking at the Gupta family. The party said that it hopes that, once the Gupta investigations are complete, the commission will turn its attention to government corruption at a local government level. [EWN]
- South Africa’s rand weakened on Wednesday, giving back gains it made following Tito Mboweni’s appointment as finance minister, with investors banking profits ahead of a ratings decision on Friday. On Thursday the rand was trading at R14.73 to the dollar, R19.48 to the pound and R17.02 to the euro.
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