Business

5 important things happening in South Africa today

Staff Writer

 ·19 Feb 2019

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

• South African billionaire Patrice Motsepe says that he won’t touch Eskom, if its assets were put up for sale. The billionaire said he does not support the privatisation of the power utility, and rejected speculation that his company ARC was going to buy a stake in the group. [Reuters]

• SAA says that it is not unbundling its different units into three separate companies – but the plan is to restructure its business into three separate departments. Tbe plan was mentioned by the group’s CEO, but the airline said that the message was lost in translation. [IOL]

• Former National Treasury director-general Lungisa Fuzile has told the state capture commission that former president Jacob Zuma’s nuclear energy plans would have blown the country’s budget – and if things went south, it would make the arms deal saga look like a picnic. [Times Live]

• Bosasa whistleblower Angelo Agrizzi says he’s only revealed about 20% of the corruption involving South Africa’s high profile officials and their families. Agrizzi has ceased testimony in corruption cases since the Hawks moved to arrest him. Bosasa, meanwhile, has applied for liquidation. [Daily Maverick]

• South Africa’s rand weakened in late afternoon trade on Monday as investors awaited Wednesday’s budget, when the finance minister is expected to unveil plans to shore up state-owned power utility Eskom. On Tuesday the rand was at R14.14 to the dollar, R18.25 to the pound and R15.98 to the euro.