Here’s what is happening in and affecting South Africa today:<\/p>\n
SARS commissioner Tom Moyane has been suspended with immediate effect<\/a><\/strong>, on concerns that public finances have been compromised, and due to a break down of public trust in Moyane and the revenue service. Mark Kingon has been appointed as acting commissioner. [Reuters]<\/p>\n Auditing group KPMG has made big changes to how it conducts its business in the wake of its association with the Gupta family<\/a><\/strong>. In an attempt to be more ethical in business and restore some of its credibility, the company now has a central client acceptance process, where prospective clients are vetted and assessed for risk – among other changes. [Daily Maverick]<\/p>\n Public enterprises minister Pravin Gordhan says he will be making wide-sweeping changing to South Africa’s state-owned companies, and at Eskom in particular, where the power utility can expect a new CEO by mid-April<\/a><\/strong>. He also aims to find a solution to Sanral’s financial woes. [Bloomberg]<\/p>\n Steinhoff International is reportedly considering the sale of part of a R58 billion stake in the separately listed Steinhoff Africa Retail (STAR)<\/a><\/strong>, to help raise funds to resolve its ongoing accounting crisis. It cannot sell its 77% stake outright, and will first sell off smaller stakes, insiders said. [Bloomberg]<\/p>\n South Africa\u2019s rand slipped to its weakest in more than a month on Monday as a broad sell-off of emerging markets triggered by an impending US Federal Reserve meeting and fears of a global trade war added to worries about a ratings review this week. On Tuesday the rand was at R12.02 to the dollar, R16.87 to the pound and R14.83 to the euro<\/a><\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":" SARS has a new acting CEO after Tom Moyane was suspended late last night; KPMG has dropped some clients and changes its business processes in the wake of the Gupta scandal; Gordhan wants to make wide-sweeping changes to South Africa’s SOCs; and Steinhoff is looking to sell some of its stake in STAR.<\/p>\n","protected":false},"author":10,"featured_media":80497,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872,23],"tags":[],"class_list":["post-232907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-government"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/232907","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=232907"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/232907\/revisions"}],"predecessor-version":[{"id":232913,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/232907\/revisions\/232913"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/80497"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=232907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=232907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=232907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}