Business In The News South Africa

Eskom interim CEO blames “oversight” in friend’s monthly R100k contract

JOHANNESBURG, October 12 – Eskom’s interim group chief executive, Sean Maritz, on Thursday “acknowledged the oversight” in hiring his friend on a R100,000-per-month contract without following proper procedure, but rejected that this was irregular. This comes after weekend media reports that Maritz had previously received a written warning because he did not declare that the lucrative contract was given […]

Business In The News South Africa

Eskom wants Trillian, McKinsey to pay back funds “unlawfully paid” to them

JOHANNESBURG, October 6 – Power utility Eskom on Thursday said it sought consultancy firm McKinsey and Gupta-linked firm Trillian’s “cooperation” in returning the R1 billion and R564 million, respectively, paid to them “unlawfully” in 2016 and 2017. “The interim findings from Eskom investigations, into the circumstances surrounding payments made to both the companies, point to certain decisions by […]

In The News South Africa

ANC’s economic transformation policy ‘patronage politics’, says Maimane

JOHANNESBURG, October 4 –  Mmusi Maimane, the leader of the opposition party in South Africa, the Democratic Alliance, on Wednesday described the radical economic transformation policy of the ruling African National Congress (ANC) as “a poorly disguised extension of lucrative patronage politics”. Maimane said the ANC’s definition of radical economic transformation was a way of legislating the […]

Business In The News South Africa

SA business confidence hit by political uncertainty and corruption – analyst

JOHANNESBURG, September 28 – Business confidence in South Africa was at an all-time low as a result of political uncertainty, poor economic performance, policy confusion and a general lack of leadership, a turnaround strategist said on Thursday. Alastair Macduff, chairman and chief executive of the Turnaround Management Association Southern Africa (TMA-SA), said South African businesses were in […]

Business In The News South Africa

SA board of auditors ‘regret’ declining audit standards

JOHANNESBURG, September 28  – The Independent Regulatory Board for Auditors (IRBA) has expressed regret over South Africa’s dramatic decline in rankings for auditing standards. The World Economic Forum’s (WEF) Global Competitiveness Report 2017-2018 released on Wednesday showed South Africa lost the number one spot it held for the past seven years. South Africa was now ranked number 30 in the strength […]

In The News Opinion South Africa

Gayton McKenzie takes legal advice on the “Gupta” label and defamation by Sunday Times

 Sello Theletsane Business man, Gayton McKenzie on Sunday lambasted Sunday Times’s claims linking him with the “Guptas” and has promised to take legal actions again the Sunday Time for defamation. This comes after Sunday Times published an article of which he finds defamantory. He has since met with his lawyers for advices and a way forward regarding […]

In The News South Africa

DA hands over KPMG International’s statement to the Hawks to assist with ongoing investigation into the Guptas

CAPE TOWN, September 17 (ANA) – The Democratic Alliance has handed over audit firm KPMG International’s statement to the Hawks to assist with their ongoing investigation into the wealthy, politically connected Gupta family, the party said on Sunday. The DA welcomed the investigation conducted by KPMG International into work performed on behalf of the Gupta […]

In The News South Africa

Eskom board meets, disciplinary processes against four senior executives continue

CAPE TOWN, August 30 – The Eskom board met on Tuesday, to deliberate on progress in various investigations and disciplinary processes, including disciplinary processes against four senior executives, the power utility said. “Eskom Board met today and deliberated on progress in regard to the various investigations and disciplinary processes underway. The “Technical Review” matter will attract […]