Business

5 important things happening in South Africa today

Staff Writer

 ·26 Jul 2018

Here’s what is happening in and affecting South Africa today:

• Finance minister Nhlanhla Nene has ordered an independent inquiry into the Public Investment Corporation following allegations of corruption involving senior executives. the PIC is Africa’s largest fund, with over R1.9 trillion in assets under management. [Reuters]

• Following a spate of scandals involving chartered accountants, the South African Institute of Charted Accountants is now set to investigate VBS Mutual Bank chief executive Andile Ramavhunga for again bringing the profession into disrepute. Ramavhunga was implicated in the R1.5 billion looting at the bank, but claimed he knew nothing of it. [City Press]

• Almost a third of all insurance claims are fake – and it’s costing the South African economy R10 billion a year, a new study reveals. The South African Fraud Prevention Services revealed that in 2017 new fraud cases registered on its databases increased by 30%. [Times Select]

• SARS’ number two Jonas Makwakwa has been warned to stop threatening witnesses in an ongoing inquiry into SARS. Makwakwa’s legal team has been threatening to sue witnesses for what he calls false testimony. The retired judge presiding over the inquiry said this must stop as it is interfering with the business of the inquiry. [News24]

• South Africa’s rand extended earlier gains to a one-week high on Wednesday on renewed interest from foreign investors, especially those forced to cover bearish bets following Tuesday’s surprise rally on news of massive investment by China. On Thursday the rand was at R13.13 to the dollar, R17.35 to the pound and R15.42 to the euro.