Mkhwebane Backtracks On Reserve Bank

The Reserve Bank intends continuing its legal action against Public Protector Busisiwe Mkhwebane, despite her backing off from an attempt to rewrite the Constitution. The central bank said it had noted Mkhwebane’s statement released on Monday, but would nevertheless “proceed with a separate application for the review of the public protector’s report [on the bailout of failed bank Bankorp 30 years ago] and evidential factual inaccuracies therein”. On Monday, Mkhwebane said that on the advice of her senior counsel, she had decided not to oppose the Reserve Bank’s application to the high court for the urgent review of her remedial action directing Parliament to effect a constitutional amendment to the Reserve Bank’s powers.

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SAP Implicated In R100m Gupta Leaks Scandal

An investigation by investigative journalism units amaBhungane and Scorpio, which draws on information contained in the so-called “Gupta Leaks” e-mail trove, claims to show that in August 2015, SAP signed a “sales commission agreement” with the Gupta-controlled CAD House, a small company that sells 3D printers. “The terms suggest a thinly disguised kickback arrangement: if the Gupta company were the ‘effective cause’ of SAP landing a Transnet contract worth R100m or more, it would get 10%,” the report stated.

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Eskom To Take Action Against Koko

The board of Eskom will on Tuesday announce disciplinary measures against its former acting CE in a bid by the power utility to clean up its corruption-tainted image. The disciplinary measures stem from an investigation into allegations of conflict of interest involving hundreds of millions or rand on the part of Matshela Koko. The investigation found substantial evidence of wrongdoing and irregularities in contracts involving a company in which Koko’s stepdaughter has an interest.

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SASSA To Engage SAPO On Grants Payments

The South African Social Services Agency has scrapped the advisory groups that were set up to plan for the future of the country’s more than $11 billion of annual welfare payments. Letters were sent to the so-called “work streams” last week informing them of their termination. The government is pushing to find a new system to pay welfare grants to more than 17 million recipients after the Constitutional Court in March allowed for a 12-month extension to the contract with Net1 UEPS Technologies Inc., after earlier finding the deal was invalid. The Post office has come up as the only bidder for the project.

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SA Banks To Set Up National Blockchain

The South African Financial Blockchain Consortium (SAFBC), comprising 22 industry heavyweights, the South African Reserve Bank and the Financial Services Board as observers, is currently exploring the technology powering the US$41bn bitcoin market. Blockchain technology is widely expected to up-end the global economy by revolutionising the way in which companies and consumers transact with each other. SAFBC is examining the technology with a view to make the current system more efficient and give rise to significant cost savings over the long term.

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Indicators : JSE 52’427 – Oil 46.54 – Rand/USD 13.56 – Rand/GBP 17.46 – Rand/EUR 15.4

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Author: The Turk Report

Simplifying complex money matters

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