5 important things happening in South Africa today
·16 Oct 2018
- South Africa’s economy suffered a R1 trillion loss under the leadership of former president Jacob Zuma, according to the Bureau for Economic Research. The report found that economic opportunities were missed and millions of jobs could have been created. [eNCA]
- The halting of the modernisation programme at the South African Revenue Service, along with a breakdown of the consultation process has left the tax body with inadequate IT infrastructure, the Nugent Commission of Inquiry has heard. IT Strategy Executive Andre Rabie said that the infrastructure is outdated. [EWN]
- Vele Investment chief executive Robert Madzonga accused former VBS Mutual Bank chairperson Tshifhiwa Matodzi of deception and betrayal over an alleged looting of R1.8 billion at the bank. Madzonga’s remarks came after Vhavenda King Toni Peter Mphephu-Ramabulana said he is willing to pay back money he received from the Venda Building Society (VBS) if it proved to be proceeds of illegal activities. [IOL]
- The suspension of the South African Weather Service (SAWS) chief executive Jerry Lengoasa hangs around the question of why he spent R63 million for a four-year office lease when the SAWS had only made R53 million available on the tender for five years. “The process of the appointment of the preferred bidder by Jerry Lengoasa is now under review by the Internal Audit Unit and a legal opinion is being sought on the possible irregular appointment of the bidder‚ due to a material deviation from procurement processes‚ in that the signed lease by Mr Jerry Lengoasa differs materially in terms of cost and lease period from the amount that was approved by the Board‚” SAWS said. [TimesLive]
- The rand strengthened against major global currencies Monday after US data revealed lower than anticipated retail sales, which weakened dollar. On Tuesday the rand was flat against the major currencies, at R14.38 to the dollar, R18.92 to the pound and R16.65 to the euro.
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