Here’s what is happening in and affecting South Africa today:
- The NPA and the Hawks are close to finalising their draft probe into the collapse of VBS Mutual Bank, which saw over 50 people loot R1.9 billion from the bank. The NPA and Hawks will meet next week to finalise the process it will follow in bringing those implicated to justice. [EWN]
- New evidence has emerged linking EFF deputy president Floyd Shivambu to his brother Brian’s business – which was one of the implicated parties in the VBS looting. Brian issued a statement this week trying to distance himself from his brother and the VBS scandal, but text messages have emerged showing how they are linked – Floyd, Brian, VBS and the PIC. [M&G]
- South Africa may see yet another banking option enter the market, as Momentum eyes transactional banking, tied to its rewards programme. Unlike Discovery, which will launch its own full service bank in the coming months, Momentum is looking to partner with another bank, through which it can access its banking licence. [Moneyweb]
- Insurer Sanlam has made its largest-ever deal, acquiring Moroccan firm SAHAM Finances for R16 billion. The deal will expand the group’s footprint, giving it access to 26 more countries, and making it the biggest insurer in Africa. [IOL]
- South Africa’s currency firmed on Thursday, trading back at a one-week best as weak inflation numbers from the United States compounded a sharp Wall Street rout, re-igniting rand bulls ahead of Moody’s rating decision. On Friday the rand was at R14.55 to the dollar, R19.26 to the pound and R16.87 to the euro.