The Gupta family have been spying on some of South Africa’s top banking executives‚ their family members‚ a former cabinet minister and a rival in a lucrative tender deal‚ the Sunday Times reported. It said the family – unmasked as the masterminds behind an intricate network of influence and corruption – were in possession of sensitive information‚ including detailed travel itineraries of banking bosses‚ dating from 2015. Absa CEO Maria Ramos and her husband‚ former finance minister Trevor Manuel‚ are among the executives kept under surveillance‚ according to the report. Others include Rand Merchant Bank founders GT Ferreira‚ Paul Harris and Laurie Dippenaar‚ and Investec CEO Stephen Koseff. Leaked documents reveal that Ashu Chawla‚ a senior Gupta executive‚ is in possession of a spreadsheet documenting the identity numbers and international travel dates of these top executives‚ Sunday Times reported.
Source : https://goo.gl/NXWNbT
Eskom Rigged R4bn Tender
Eskom sneaked an inflated advance payment of R600m to Chinese firm Dongfang for a controversial R4bn tender to supply a new boiler at its Duvha power station in Mpumalanga. This emerges from a report by audit firm KPMG, seen by Business Day. Eskom decided to award the tender to the state-owned Chinese company even though its offer was R1bn more expensive than rival bids, just days after the bids were reviewed at the 11th hour by Trillian, an advisory firm majority-owned by Gupta lieutenant Salim Essa. The advance payment provides further evidence for claims made in court proceedings by losing bidders Murray & Roberts (M&R) and General Electric (GE) that the tender was rigged to favour Dongfang.
Source : https://goo.gl/hgXXm5
Banks Skeptical Of Mining Charter Deals
“The charter will have an effect on our ability to finance the mining industry in South Africa,” said Ursula Nobrega, a spokesperson for Investec, one of South Africa’s five biggest banks. “We already exercise caution as to who and what projects we finance.” South Africa is pushing to increase black ownership as it seeks to redress economic imbalances caused by apartheid. The introduction of the latest charter triggered a selloff in mining stocks and a drop in the rand amid concerns that the new rules will deter investment when the country is already in recession.
Source : https://goo.gl/DvT4cs
Mozambican SOE’s Cant Explain $500m Loss
“At least $500million of expenditure of a potentially sensitive nature remains unaudited and unexplained,” Kroll said in the report, commissioned last year by Mozambique’s attorney-general. Credit Suisse Group and VTB Bank were paid almost $200m in fees for arranging the loans, the New York-based investigator said. The International Monetary Fund (IMF), which has said the probe was necessary for it to resume funding to the country.
Source : https://goo.gl/8nuHPx
Britian Turns To Emerging Markets As Brexit Negotiations Start
Britain is turning to the world’s poorest countries to shore up trade as Brexit puts existing deals on an uncertain footing. The government promises improved access to U.K. markets for the world’s poorest countries and to maintain existing duty-free access for “everything but arms” for 48 countries including Bangladesh, Sierra Leone and Haiti, according to an emailed statement from the prime minister’s office. Britain will also seek to expand relationships with nations including Jamaica, Pakistan and Ghana.
Source : https://goo.gl/Fch8mq
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