5 important things happening in South Africa today
·11 Dec 2017
Here’s what is happening in and affecting South Africa today:
- The latest in the Multichoice ‘capture’ scandal are allegations that the pay-TV group threatened to drop eNCA from its channel offerings, if e-tv did not drop its pursuit of encrypted set-top boxes. Multichoice has been accused of trying to ‘pay off’ the likes of the SABC and Gupta-linked ANN7, to influence government policy on STBs.
- Embattled retail group Steinhoff has entered into survival mode as it appoints PwC as an independent investigator into its business operations, with Deloitte working on its financials, and Moelis & Co as advisors in its dealings with investors. Steinhoff’s value tanked last week on the back of an apparent fraud scandal.
- Known supporters and allies of president Jacob Zuma are attacking the country’s judiciary following Friday’s ruling that NDPP Shaun Abrahams should be removed from office, and that deputy president Cyril Ramaphosa should appoint his successor. Zuma allies say the biggest issue with the ruling is removing the president’s powers.
- An agreement between the South Africa Post Office and Sassa has been reached over the payment of social grants in the country, following months of alleged delaying tactics by social development minister Bathabile Dlamini. The payments will be handled in a hybrid model, which will incorporate banks, commercial retailers, and small businesses.
- South Africa’s rand strengthened on Friday after a court ruled that President Jacob Zuma’s appointment of a state prosecutor to decide whether to reinstate corruption charges against him was not valid, while shares in Steinhoff plunged further. On Monday the rand was at R13.64 to the dollar, R18.27 to the pound and R16.07 to the euro.
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