Business

5 important things happening in South Africa today

Luke Fraser

 ·30 May 2023

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

• Steinhoff plan: Steinhoff’s financial creditors have accepted a three-year debt repayment holiday in exchange for over 80% and 100% of the group’s equity. The new plan will see the embattled company delist from the Johannesburg and Frankfurt stock exchanges. Steinhoff said that three classes of creditors had backed the restructuring plan, despite the group’s shareholders voting against it. The group added that it is approaching the Dutch court, where it is registered, to confirm the deal. [News24]

• Eskom employees return: 16 out of 22 Eskom employees who were caught stealing fuel from the Tutuka Power Station two years ago have returned to their positions. However, four employees were fired, and another two were suspended pending disciplinary hearings due to their involvement in the crime. In his recently released book, Former Eskom CEO Andre de Ruyter said fuel syndicates could collect R100 million per month via fuel delivery scams. [City Press]

• Putin arrest worries: The South African Defence Force’s chief Rudzani Maphwanywa says the organisation will not arrest Russia’s Vladimir Putin when he attends the BRICS summit in August. Although the International Criminal Court has issued an arrest warrant for Putin regarding the war in Ukraine, Maphwanywa said that the army does not have the power to arrest him. The Department of International Relations and Cooperation announced yesterday that all foreign attendees of the BRICS summit will have diplomatic immunity. [eNCA, BusinessTech]

• School safety: The Gauteng Department of Education says it has identified 275 schools as a security risk to students. Gauteng Education MEC Matome Chiloane said that most of the schools are in the province’s townships, adding that Gauteng crime wardens and other resources will be sent to these high-risk schools to protect children. His comments follow the brutal murder of a grade 12 pupil from Ntsako Secondary School. [EWN]

• Markets: The South African rand, battered by crippling power cuts and a U.S. diplomat’s allegation of supplying weapons to Russia, was flat on Monday, after hitting a record low last week. The central bank on Monday warned of risks to the country’s financial stability due to capital outflows and the possibility of sanctions following the U.S. allegations. On Tuesday (30 May), the rand was trading at R19.70/$, R21.09/€, and R24.24/£. Brent crude is trading at $76.56 a barrel. [Nasdaq]