Eskom Gave Guptas Huge Discount On Optimum Coal Fine

In terms of a confidential settlement‚ Eskom has slashed to a tenth a nonperformance penalty of R2.1bn it had levied on Optimum Coal — now that it is owned by the Guptas. Eskom levied the fine on the then Glencore-owned coal supplier for what it said at the time were coal supplies failing to meet agreed specifications. It demanded payment and refused to negotiate the quantum‚ forcing Glencore to place it on business rescue‚ later selling it to the Gupta family. The utility went on to make significant discounts to the new owners‚ who are close associates of President Jacob Zuma and in business with his son Duduzane. On March 14‚ Eskom agreed to accept a payment of R255.4m from Optimum Coal‚ slashing its original claim 88.3%‚ according to a settlement document leaked to Business Day.

Source :

SA Bans Sale Of Live Chickens

The sale of live chickens in South Africa has been suspended until South African veterinarians can verify that the country’s chickens are free from the highly pathogenic Avian Influenza, said Agriculture, Forestry and Fisheries Minister Senzeni Zokwana. Zokwana said the blanket trade ban will be in place for as long as it takes to declare the country free from the disease. On Monday night the department confirmed a second case of avian flu in Standerton, after the first outbreak in a broiler breeder site near Villiers last Thursday.

Source :

Rand Rigging Probe Hits A Snag

The Competition Commission mixed up the legal entities of some banks named in a currency manipulation probe and delayed hearings to reconsider the case, according to people familiar with the matter. The commission may have to devise a new strategy that could see it charge lenders individually rather than as a group, one of the people said.

Source :


ANC Takes Back Mogale City 

The ANC’s Patrick Lipudi was elected Mogale City mayor on Wednesday evening, with 39 votes, beating the DA’s Michael Holenstein, with 36 votes; two ballots were spoilt. Lipudi is the third mayor elected in the city since last year’s local government elections as the council has struggled with party politics after a DA mayor was elected in August alongside an ANC speaker and ANC chief whip of council. Former DA mayor Holenstein lost his job after a successful motion of no confidence earlier in the month, which was blamed on a DA member voting against the party. DA councillors voluntarily underwent lie detector tests. The party thought they’d found the culprit and before Wednesday’s sitting had replaced two councillors

Source :

Motor Industry Economic Transformation Plan Revealed

South Africa’s vehicle manufacturers are to create a transformation fund that would allocate funds to develop black ownership in the supply chain and vehicle dealership network. The industry has also developed a vision and master plan to 2035. Details of the transformation fund and the master plan were disclosed at a media briefing yesterday that was addressed by ANC treasurer-general Zweli Mkhize and several industry executives. The briefing follows following discussions between the parties ahead of the ANC’s policy conference.

Source :

FNB TO Eliminate Data Fees When Using The App

FNB announced on Thursday it has slashed data charges for its banking app, meaning that customers who use its banking app will no longer need data to access it via their smartphones from 1 July. This follows an agreement with all major mobile network operators in South Africa to zero rate access to the FNB Banking App, allowing all customers to use it at no cost. The bank already offers free access to its app to all FNB Connect customers, and offers free WiFi in most FNB branches for customers in order to download the app

Source :

Indicators : Oil 47.73 – Rand/USD 12.98 – Rand/GBP 16.82 – Rand/EUR 14.80


Author: The Turk Report

Simplifying complex money matters

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s