5 important things happening in South Africa today

 ·30 Jan 2024

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

  • Deputy minister to be suspended from parliament: On Tuesday, Deputy Minister of Small Business Development, Dipuo Peters is set to be suspended from parliament. Last year, a parliamentary committee found that she had breached the code of ethical conduct during her tenure as transport minister. Her suspension and sanction are related to her dismissal of the Prasa board, after it had discovered R14 billion in irregular expenditure and initiated investigations into corruption at Prasa. [Business Day]

  • Transnet National Ports Authority CEO corruption investigation: Amid allegations of corruption and mismanagement, Pepi Silinga, the CEO of Transnet National Ports Authority, has decided to take a leave of absence from his position. The nature of the allegations against him has not been fully revealed yet, but they are being investigated by an independent law firm appointed by Transnet, the state-owned transport group. [Daily Maverick]

  • KPMG and VBS reach botched audit deal: Anoosh Rooplal, the liquidator of VBS Mutual Bank, has agreed to a confidential, out-of-court settlement with KPMG after suing them for almost R864 million. The bank collapsed back in 2018 due to alleged looting by its own directors. [News24]

  • ANC suspends former president Zuma: On Monday evening, the ANC confirmed that it had suspended its former president Jacob Zuma from the ruling party. The party’s secretary-general briefed the media saying that the ANC national executive committee (NEC) had done this to “protect and preserve its integrity” following Zuma’s “vitriolic attacks” on the ANC and its leadership since he announced he would back the MK [uMkhonto weSizwe] party. [Daily Maverick]

  • Markets: South Africa’s rand was steady on Monday as investors turned their focus towards the Federal Reserve’s policy meeting this week for fresh clues on its interest rate trajectory. On Tuesday (30 January), the rand was trading at R18.81 to the dollar, R23.87 to the pound, and R20.47 to the euro. Oil is trading at $82.65 a barrel. [Reuters]
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