President Cyril Ramaphosa is hoping a revitalised relationship between business and the government would enable SA to raise $100bn worth of investment over five years. On Monday he announced the appointment of special investment envoys to work at convincing investors of SA’s potential. They are former finance minister Trevor Manuel, former deputy finance minister Mcebisi Jonas and business representatives Jacko Maree and Phumzile Langeni.
Molefe In Court To Fight Pension Repayment Order
The High Court in Pretoria is on Tuesday expected to hear arguments in the appeal application brought by former Eskom CEO Brian Molefe. Molefe wants the court to overturn a January ruling by the full bench of the court that ordered him to repay R11m in pension payments, which had been unlawfully paid to him by the Eskom Pension Fund.
Gupta’s Saxonwald Compound Raided Again
The Asset Forfeiture Unit (AFU) has moved to seize cars, aircraft and properties worth at least R250m belonging to the Guptas and their associates, allegedly bought with looted state funds. Assets include the Guptas’ elusive Bombardier jet, which landed at Lanseria airport on Friday after Export Development Canada (EDC), the Canadian bank that financed it, went to court to have it grounded.
VBS’s Audited Statements Withdrawn
In another blow to two of the country’s top four audit firms, the curator of Venda Building Society Mutual Bank, Anoosh Rooplal, has announced the withdrawal of the bank’s 2017 audited financial statements. PwC was the internal auditor and KPMG the external auditor for the 2017 financial statements. Rooplal said the financial statements were withdrawn because “they contain material misstatements and are no longer considered to be reliable”.
41c Hike Expected In May Petrol Price
On the current data, petrol is set for a rise of 41 cents a litre, diesel 48 cents, and illuminating paraffin 38 cents. In all of these increases, the movement in the exchange rate accounts for just four cents of the rise. Petroleum prices were largely flat in the first week of April, but spiked sharply as tensions escalated in Syria. The Middle East lies near many of the world’s key oil producers, and petroleum prices have historically been sensitive to instability in the region.
Musks Boring Company Gets Hyperloop Funding
Elon Musk’s Boring Co. raised $113 million in equity to dig tunnels and develop a high-speed transportation system known as the hyperloop. The startup disclosed the investment in a U.S. securities filing on Monday. The financing round included 31 unnamed investors, according to the Securities and Exchange Commission document. More than 90 percent of financing came from Musk, and the rest from early employees, the Boring Co. said, adding that no venture capitalists or outside investors participated.
Possible Criminal Record For Not Declaring Taxes
Taxpayers who do not submit their tax returns will end up with a criminal record, the South African Revenue Service (SARS) said on Monday. In its statement, the revenue service said it had embarked on a new initiative with the National Prosecuting Authority (NPA) to prosecute non-compliant taxpayers, including prominent South Africans, who have failed to submit returns.
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