5 important things happening in South Africa today
·22 Oct 2018
Here’s what is happening in and affecting South Africa today:
- The Auditor General and his team are coming under extreme pressure, with threats of violence being made against personnel in provinces where they work. Municipal officials are doing what they can to intimidate AG staff, and there has reportedly even been a hostage situation. [Business Day]
- Ajay Gupta has not ruled out appearing at the state capture commission, but says he will not do so right not – fearing “wrongful arrest”. The Gupta family have been fingered as the core pillar of state capture in South Africa. However, Gupta says he wants to clear his name. [IOL]
- The case between MTN and the Nigerian authorities over a $8.1 billion payment the latter says is owed will be heard before the end of the month. The Nigerian central bank has accused MTN of illegally moving billions of dollars out of the country. The hearing date is set for 30 October. [Reuters]
- Embattled retail group Steinhoff has again asked creditors for an extension to start implementing its turnaround strategy. The group wants time until 20 November to get its affairs in order. It says 85% of its creditors have agreed to the extension. [IOL]
- South Africa’s rand firmed on Friday, tracking a broad rally in emerging markets, as investors awaited the new finance minister’s medium-term budget speech and consumer price inflation numbers due this week. On Monday, the rand was at R14.35 to the dollar, R18.76 to the pound and R16.53 to the euro.
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