Mkhwebane Wants Constitution Changed

The Rand yesterday fell to R13 to the US dollar after Public Protector Busisiwe Mkhwebane earlier in the day called for the Constitution to be amended so that the mandate of the South African Reserve Bank could be changed. Mkhwebane yesterday released a number of reports, including one on her office’s investigation into the Reserve Bank’s bail-out, to the tune of R1.125billion, of Bankorp, which Absa took over 25 years ago. Mkhwebane has ordered the Special Investigating Unit to recover the funds. At a press conference on the reports, Mkhwebane took aim at the Reserve Bank. She said the Reserve Bank and the government had failed in their constitutional duty by not acting on the matter. She proposed amending the Constitution, to remove a clause  designed to protect the currency.

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Reserve Bank Asks Courts To Review Public Protector Findings

The Reserve Bank is set to challenge the public protector’s recommendation on changing its mandate. The Bank said in a statement on Tuesday that the ordered remedial action directing Parliament to change the Constitution to amend the Reserve Bank’s powers, had had an immediate and negative impact on the markets and the exchange rate of the rand.

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Absa Refuses To Pay

Banking group Absa on Tuesday, explained why it believes it does not owe any money to the South African government, as recommended  by the Public Protector. Absa said in a statement on Tuesday that it received the Public Protector’s report on her investigation into the SA Reserve Bank’s assistance to Bankorp between 1985 and 1995. “We are currently studying the report and will consider our legal options including seeking a High Court review. “Absa met all its obligations in respect of the loan provided by the SA Reserve Bank by October 1995. It is our firm position that there is no obligation to pay anything to the SA government,” the bank said.

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More Taxi Strikes Planned

The Taxi industry, whose protests last week resulted in many of the streets around Johannesburg and Midrand becoming gridlocked, is planning to embark on a national strike and protests next month. MP Filtane, a spokesperson for Mass Taxi Industry Protest Action Committee, a taxi industry splinter group that last month organised the blockade at Toyota South Africa’s manufacturing plant in Prospecton in Durban in protest at its total exclusion from the industry’s value chain, confirmed yesterday that the industry would be going on strike on July 15.

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Rooibos Ltd To Be Prosecuted For Price Fixing

South Africa’s largest rooibos producer Rooibos Limited has been referred to the Competition Tribunal for prosecution, for allegedly abusing its dominance and engaging in uncompetitive behaviour. Historically, rooibos tea processors obtained their supply from farmers through one-year supply agreements. in 2014, Rooibos Limited introduced two exclusionary contracting strategies to lock-in or foreclose the supply of rooibos tea from farmers, starving its competitors of access to a product that only grows in a small geographic region.

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Barclays And Former CEO Charged With Fraud

British prosecutors have filed criminal charges against Barclays and four former bank executives over investments from Qatar that helped save the bank during the financial crisis. The bank and its former executives have been charged by the U.K.’s Serious Fraud Office with conspiracy to commit fraud by false representation over a June 2008 investment made by Qatar’s sovereign wealth fund. The executives charged include former CEO John Varley and Roger Jenkins, Barclays’ former head of investment banking in the Middle East. The pair also face a second conspiracy to commit fraud charge over an October 2008 deal with a group of Qatari investors.

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Indicators : Oil 47.12 – Rand/USD 13.02 – Rand/GBP 16.58 – Rand/EUR 14.52


Author: The Turk Report

Simplifying complex money matters

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