5 important things happening in South Africa today
·17 Oct 2018
Here’s what is happening in and affecting South Africa today:
- The Nugent Commission has called for president Cyril Ramaphosa to fire SARS chief Tom Moyane. In an interim report, the commission blamed Moyane for reckless management and said he needed to be removed without delay, so that SARS could focus on correcting his missteps. [Reuters]
- Those implicated in the looting of almost R2 billion from VBS Mutual Bank are doing their best to shake the heat. Vele Investments’ former CEO Robert Madzonga said all the money he received he worked for, and shifted blame to the group’s former chair – while the EFF has denied getting any money from the bank, and is standing behind its deputy. [702]
- Moody’s rating review for South Africa will be published after the medium-term budget policy briefing next week. It was initially expected before the speech, but National Treasury has met with the group and received confirmation that it will wait for the budget review. [CNBC]
- The Sunday Times will be subject to an investigation by the South African National Editors’ Forum (Sanef) looking into the paper’s editorial integrity. The Sunday Times has faced a number of scandals, having published sensational stories on the so-called Cato Manor death squad, based on ‘tainted scoops’ that proved to be false. [EWN]
- South Africa’s rand firmed against a softer dollar on Tuesday, its strongest since the start of the month, in line with other emerging-market currencies which have slowly restored gains after recent sharp losses. On Wednesday the rand was at R14.21 to the dollar, R18.73 to the pound and R16.43 to the euro.
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