5 important things happening in South Africa today
·18 Sep 2017
Here’s what is happening in and affecting South Africa today:
- Former finance minister Pravin Gordhan is considering taking legal action against auditing firm KPMG, after it withdrew a controversial report over the so-called ‘rogue SARS unit’ with apologies to to Gordhan and those affected by it. Gordhan, however, said an apology is not enough and will speak to his lawyers about a way forward.
- A third Transnet kickback contract has been exposed, with amaBhungane and Scorpio reporting that the China Communication Construction Company was awarded a contract to sell cranes to Transnet, but at inflated prices to pay a kickback to a Gupta-owned intermediary. This was on top of the alleged R70 billion in contracts the CCCC scored without public tenders.
- Standard Bank is fighting back against allegations by the Competition Commission that it was part of a rand fixing scandal. Standard Bank was named among at least 12 other banks for colluding on forex pricing. The bank wants to compel the Competition Tribunal to force the Commission to provide evidence of the collusion.
- The splits in the ANC are getting worse as two more provinces head to court to challenge local elective conference results, following a court ruling against the winners of the 2015 KZN conference. The ANC’s National Executive Committee will meet today to decide whether or not to challenge the court ruling in KZN, as provincial leaders warn about a split.
- South Africa’s rand weakened for a sixth straight session on Friday to end a miserable week as a better than expected inflation print in the United States boosted the dollar. On Monday, the rand was trading at R13.15 to the dollar, R17.86 to the pound and R15.70 to the euro.
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