Here’s what is happening in and affecting South Africa today:
- Power utility is denying that it is broke, following reports that the group would be paying two former CEOs multi-million rand bonuses amid a cash crisis. Sunday reports said that Eskom only had enough money to operate for three more months, and that the reason behind it delaying its annual report is because the revelation that it cannot pay its debts would lead to a call-in for outstanding loans. Eskom denies this.
- Human settlements minister Lindiwe Sisulu has accepted a nomination to stand in the running to be the ANC (and likely South Africa’s) next president. Sisulu joins a growing pool of candidates which includes front-runners, deputy president Cyril Ramaphosa and Nkosaza Dlamini-Zuma. Other names thrown in are ANC chair Baleka Mbete and NEC member, Mathews Phosa.
- New details around former Eskom CEO Brian Molefe’s “retirement” have come to light, with leaked emails showing that the stage had been set for a R30 million payout at least a year before he “resigned”. Documents show that Molefe’s retirement was calculated on him being employed for 156 months (his contract was for 60 months) with a 10 year history at the group. The leaks also confirmed that Molefe was “retrenched” to give him immediate access to a third of his retirement money.
- The new SABC board is on a mission to recover R11.4 million paid to former COO Hlaudi Motsoeneng as bonus he received in 2016, and is considering pressing criminal charged against him. Motsoeneng was paid the bonus for securing a R533 million contract with Multichoice, where the latter gained access to the SABC’s archives without the permission of the SABC board.
- South Africa’s rand extended its gains against a weak dollar on Friday, lifted by technical factors and comments by senior U.S. central bank officials about “gradual” tightening, which also helped ignite stocks. On Monday the rand was trading at R13.04 to the dollar, R17.07 to the pound and R14.95 to the euro.