5 important things happening in South Africa today
·26 Jun 2019
Here’s what is happening in and affecting South Africa today:
- Former president Jacob Zuma has confirmed that he will appear at the state capture commission from 15 to 19 July, even though his legal team believes the entire process is biased against him, and is setting him up for an ambush. Zuma was denied advanced views of the questions that the commission wants to put before him, and it is still unclear whether he will be sitting in the hot seat himself. [Daily Maverick]
- State company Denel will receive a small reprieve through a loan, which will allow it to pay salaries this month – however, staff will only be receiving 85% of their usual pay. Public enterprises minister Pravin Gordhan says substantial damage was done to the group through state capture, which has now put strain on the company’s finances and 3,500 employees. [IOL]
- The PIC will reportedly take disciplinary action against staff involved in the group’s investment in a R4 billion deal with AYO Technologies. The commission of inquiry into the matter was told how former PIC chief executive Dan Matjila kept the incoming CEO in the dark about the deal – which saw the PIC acquire a 29% stake in the ICT company at R43 a share. [Business Day, M&G]
- Eskom will be unbundled, and the plan to accomplish this is making progress, the department of public enterprises has said. Contrary to murmurs of the plan being scrapped, or there not being government support for the plan to split the struggling power utility, the department said there has been no deviation from the plan. A full roadmap of how Eskom’s unbundling will happen has still not yet been released. [ENCA]
- South Africa’s rand firmed on Tuesday as the prospect of monetary easing by the Federal Reserve knocked demand for the US currency, which in turn supported developing world currencies. On Wednesday the rand was at R14.35 to the dollar, R18.19 to the pound and R16.29 to the euro.
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