5 important things happening in South Africa today
·20 Feb 2018
Here’s what is happening in and affecting South Africa today:
- Global ratings agencies have weighed in on the resignation of former president Jacob Zuma, all taking a more positive angle on South Africa’s prospects going forward. The third group to issue a statement was Fitch, which said that with Zuma gone, the country has reduced its policy paralysis risk, and greater focus can now be put on the economy and growth.
- Auditing firm KPMG does not want the report that led to nine of its senior executives resigning to be made public, or submitted to an inquiry into possible illegal practices by the country’s CAs. The report did not find that KPMG and its staff did anything illegal, but did find that the group fell short of its standards. KPMG International wants it to be treated as confidential.
- Gupta brother Atul Gupta has challenged the state capture case being levelled against him and his family. He is challenging the NPA’s preservation order that is freezing R10 million that was paid to him in relation to the Estina dairy project, saying there is no evidence of the money going to him. The NPA said it has bank statements backing its position.
- Meanwhile, there are reports that Ajay Gupta and Duduzane Zuma – both wanted by the Hawks – have fled the country to Dubai. The Hawks have said that they are using every avenue they have available to bring fugitives back into South Africa. The country has extradition treaties with India and China, but it is unclear where it stands with Dubai.
- South Africa’s rand weakened along with other emerging currencies on Monday as the dollar regained ground it lost last week and investors awaited details of new president Cyril Ramaphosa’s plans to revive the economy. On Tuesday the rand was at R11.70 to the dollar, R16.34 to the pound and R14.49 to the euro.
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