Here’s what is happening in and affecting South Africa today:
- There has been no respite for Steinhoff as German authorities dig deeper with their probe into alleged accounting fraud at the group. There are allegations of inflating earnings and obscuring losses, which could force the company to restate previous financial years’ numbers. Investors are unsure of where to value the company as the full extent of the scandal is not yet known.
- Deputy Public Enterprises Minister Ben Martins is the first sitting MP to be subpoenaed in the Eskom inquiry, after he refused to attend and give evidence in the allegations of state capture. Martins is said to have attended a meeting between Salim Essa, the Guptas, and President Jacob Zuma’s son, Duduzane, relating to Eskom contracts.
- As the ANC’s elective conference approaches, things are starting to heat up. Presidential hopeful Mathews Phosa has claimed that the party’s branch general meetings in Mpumalanga – where premier David Mabuza has emerged as a kingmaker in the race – were rigged. He said he will approach the courts.
- Multichoice is in the hot seat, with debate raging whether the group was lobbying government over its encryption policies, or trying to buy favour through the SABC and ANN7. Former communication minister Yunus Carrim, who was allegedly removed for not favouring Multichoice’s view, says it was clear to him that it was the latter.
- South African stocks fell to their lowest in more than a month on Wednesday after Steinhoff shares plummeted when the company announced an investigation into accounting irregularities and its chief executive officer resigned. The rand retreated. On Thursday the rand was trading at R13.55 to the dollar, R18.11 to the pound and R15.98 to the euro.