5 important things happening in South Africa today
·29 May 2018
Here’s what is happening in and affecting South Africa today:
- The High Court has overturned an asset preservation order against the Gupta family, where assets were seized to the value of R250 million by the NPA. The state lost the case because the NPA did not present all the facts available, and did not present enough evidence to keep the order standing. [EWN]
- A bitcoin company that has been identified by the Hawks as running a scam operation, is now threatening to take legal action against the SAPS unit. Bitcaw Trading Company claims that it has nothing to do with BTC Global, the company identified as the scam operation by the Hawks. The group wants the statement retracted – but the Hawks are sticking to it. [M&G]
- Listed group Net1’s subsidiary CPS has secured what it calls an “interim fee” of R45 per beneficiary for its services rendered in the ongoing social grants saga. CPS is still handing the social grants payments, despite the contract being ruled as invalid. However, the group has not been paid for services since April 2018. [Daily Maverick]
- Telkom CEO Sipho Maseko has been quoted saying that government is no longer looking to sell some of its stake in the telco group to raise funds to fill a budget gap. Talk of selling part of Telkom emerged late 2017, with the plan to use the funds to bail out SAA. [BusinessLive]
- South Africa’s rand sustained gains on Monday after Friday’s affirmation by S&P Global Ratings of the country’s sub-investment credit rating. On Tuesday the rand was trading at R12.46 to the dollar, R16.60 to the pound and R14.49 to the euro.
Loading ...