Finance

5 important things happening in South Africa today

Staff Writer

 ·5 Nov 2019

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

• Public protector Busisiwe Mkhwebane has been accused of whitewashing her latest report into corruption at Prasa. Civil society group Unite Behind has submitted a review application for the report, after it found that Mkhwebane had ignored important accusation in the saga. It said that she turned a blind eye to allegations of financial mismanagement, procurement irregularities and improper expenditure amounting to billions of rand in public funds. [Daily Maverick]

• Transport MEC, Jacob Mamabolo says that a comprehensive and convincing proposal to put an end to the protracted e-toll saga has been tabled – and he is confident that it will be a successful middle ground for government and motorists alike. However, the plan is still being looked at, and no further information on it is yet available. Government has officially backed the user-pays principle. [702]

• Former cabinet members Jeff Radebe, Derek Hanekom and Elizabeth Thabethe have been named as special envoys to help president Cyril Ramaphosa with his plan to draw billions in investment to the country, ahead of an investment summit. Radebe will focus on the energy sector, while Hanekom and Thabethe will focus on drawing attention to the tourism sector. [TimesLive]

• Former president Jacob Zuma is now fighting three court battles simultaneously. He is trying to get his corruption charges dropped, accusing the prosecutors in his case of being ‘unprofessional’ – while he is also fighting against a court order that he must pay Derek Hanekom R500,000 for calling him a spy. Zuma is also fighting to keep his Nkandla home, after defaulting on loan repayments to VBS bank. [IOL]

• The South African rand and government bonds jumped on Monday after ratings agency Moody’s kept the country’s last investment-grade credit rating intact, but many investors expected the rally could fade soon. On Tuesday the rand was at R14.79 to the dollar, R19.05 to the pound and R16.45 to the euro.