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5 important things happening in South Africa today

Staff Writer

 ·20 Dec 2018

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

• Helen Zille has rejected a finding by the Public Protector that she violated the Executive Members’ ethics code relating to unpaid work done by her son. Busisiwe Mkhwebane said that the Western Cape Premier had violated the Constitution by risking conflict of interest between her public and private interests. [EWN]

• Asset manager Stanlib has been ordered to pay back an undisclosed amount of performance fees to investors. The Financial Sector Conduct Authority fined Stanlib R500,000 after it charged investors in some of its investment portfolios fees that were not disclosed in legal documents. Stanlib has paid back the money. [BusinessDay]

• AfriForum said on Wednesday that a warrant of arrest has been issued against former Zimbabwean first lady Grace Mugabe, who is accused of assaulting South African model Gabriella Engels at a hotel in Sandton in August 2017, allegedly with an electrical extension cord. [News24]

• Brian Dames has informed President Cyril Ramaphosa that while he is prepared to serve the country, he is unable to serve on the Eskom Sustainability Task Team. President Ramaphosa appointed the Eskom Sustainability Task Team on Friday, who will advise government on actions to resolve Eskom’s operational, structural and financial challenges. [SA News]

• The rand rallied late on Wednesday, to R14.14/$ after the US Federal Reserve raised interest rates by 25bps despite the president’s criticism ahead of such a move. On Thursday however, the rand opened at R14.37 with an eye on US jobless expected later. The rand traded at R14.36 to the dollar, R18.14 to the pound and R16.35 to the euro.