Business

5 important things happening in South Africa today

Staff Writer

 ·9 Nov 2018

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

• A leaked submission by Pravin Gordhan to the Zondo commission shows the extent of the minister’s involvement with the Guptas. Gordhan said that he only ever saw the brothers at government events, and on occasion exchanged pleasantries. He said former president Jacob Zuma introduced him to the brothers. [EWN]

• President Jacob Zuma cost South Africa R500 billion when he fired Nhlabhla Nene as finance minister in late 2015. Submission after submission at the Zondo commission has put the former president at the centre of the state capture scandal – however, Zuma maintains that state capture does not exist. [702]

• An investigation into the 2014 collapse of African Bank has found that professional services group Deloitte knew of the bank’s dodgy practices at least 4 years before it led to the collapse – and did nothing to prevent it. African Bank was overstating the size of its loan book while understating impairment charges by billions. [Business Day]

• MTN is said to be getting close to a deal with Nigeria’s central bank over the $8.1 billion the bank claims is owed to it. A settlement is expected to be announced by Monday, with a possibility it could come as early as today. [Fin24]

• South Africa’s rand weakened on Thursday as a dollar rally dimmed investor appetite for riskier assets with investors taking profits ahead of the US Federal Reserve meeting later in the day. On Friday the rand was at R14.18 to the dollar, R18.51 to the pound and R16.10 to the euro.