5 important things happening in South Africa today
·11 Oct 2019
Here’s what is happening in and affecting South Africa today:
- Listed ICT group EOH says that it has ‘substantially completed’ its investigations into about R1.2 billion worth of irregular transactions at the group, and is going to start pressing charges against employees found guilty, so that it can recoup some of the money lost. Criminal and legal proceedings are already underway, it said, with the help of law firm ENSafrica. [EOH]
- The US Treasury has sanctioned three members of the Gupta family and their business associate for their involvement in corruption in South Africa. The Treasury said that the Gupta family leveraged its political connections to engage in widespread corruption and bribery, capture government contracts, and misappropriate state assets. [Reuters]
- While four candidates are vying for the position of DA Federal Chair (akin to CEO, or Secretary General of the party), the real contenders to emerge are Helen Zille and Athol Trollip. Zille and Trollip are the most well-known faces within the party, and have been campaigning in private and in public – with the other two contenders, Mike Waters and Thomas Walters, campaigning directly with voters. [Mail & Guardian]
- Former president Jacob Zuma will learn today whether his corruption trial around the arms deal will continue or not. Zuma applied to the Pietermaritzburg High Court to have his corruption charged dropped, arguing the case was politically motivated, while also pleading poverty. Earlier in the year the courts set aside the whitewashed findings of the Seriti Commission, which found that there was no corruption in the arms deal. [ENCA]
- South Africa’s rand firmed on Thursday, as the dollar retreated on global markets, with safe-haven demand for the US currency waning as investors grew optimistic about a trade deal between the United States and China. On Friday, the rand was at R15.02 to the dollar, R18.71 to the pound and R16.55 to the euro.
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