Here’s what is happening in and affecting South Africa today:
- UK Banking group HSBC is shutting down accounts associated with the Gupta family, as it continues to investigate its exposure to the growing state capture and money laundering scandal which is sweeping through. The bank first closed some Gupta-linked accounts in 2014, when its internal processes picked up on questionable transactional activity.
- A new investigation by Scorpio has revealed how SARS second in command, Jonas Mkwakwa dodged being fired for allegedly siphoning off R1.2 million with his girlfriend – all aided and abetted by SARS commissioner Tom Moyane and law firm, Hogan Lovells. The firm has admitted it never actually investigated the things Mkwakwa was accused of.
- Disgraced Eskom CEO Brian Molefe will get his chance to address the myriad of accusations against him, as he prepared to face the parliamentary portfolio committee probe today. Molefe will answer questions around his employment contract with Eskom, as well as his relationship with the Gupta family, and his role in state capture.
- Some ANC branches in KwaZulu Natal have missed the deadline set by the party, and will not be attending this year’s crucial elective conference. About 100 of 870 branches in the province are lodging appeals against the nomination process that is taking place. Members are split on who to support, and KZN could sway the vote either way.
- South Africa’s rand weakened on Monday, bowing to a firming dollar and growing concerns over possible credit downgrades of the country’s local-currency bonds to ‘subinvestment’ at the end of the week. On Tuesday the rand was at R14.05 to the dollar, R18.61 to the pound and R16.49 to the euro.