5 important things happening in South Africa today
·24 May 2018
Here’s what is happening in and affecting South Africa today:
- President Cyril Ramaphosa has outlined the scope of the commission of inquiry into SARS, which includes whether or not politically-connected people or SARS management benefited from policy changes. Ramaphosa wants an interim report on the matter by September, and the final report by November. [EWN]
- Tiger Brands has reported a decline in revenue for the six months ended March 2018, which includes a R415 million loss due to the listeria outbreak linked to its facilities. This excludes ongoing losses, and a potential further write-off of R80 million. The group said it expects its testing to be completed, and meat facilities back up and running by September. [Tiger Brands]
- Former president Jacob Zuma is expected to use every tactic at his disposal to delay his corruption case, with his lawyer Michael Hulley saying that the issue over whether or not he’s entitled to have his legal battles funded by the state, will be key in accomplishing this. Lawyers have said it is unlikely Zuma will face the charges by the projected November trial start date. [Times Live]
- Transnet – which has been seen as a state capture cash cow – is facing a deep corruption purge under new interim chairman, Popo Molefe. Molefe said corruption is a pervasive problem at the SOC, with ‘claws’ that run deep. He said as evidence of wrongdoing emerges, the board will take action, he said. [Bloomberg]
- South Africa’s rand weakened on Friday as surging US Treasury yields and a continued dollar rally sent emerging markets tumbling. On Thursday the rand was trading at R12.48 to the dollar, R16.67 to the pound and R14.61 to the euro.
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