They bought luxury BMWs, Jeeps, Mercedes Benzes, and even houses for cash, and were unable to explain how they managed to afford it. Forensic reports show billions of rands’ worth of kickbacks as well as wasteful expenditure by even relatively junior staff who lived beyond their means.
Ramos Tipped To Head Eskom Unbundling
Former Absa CEO, Maria Ramos, has been tipped to head up the unbundling of Eskom into three different components. Ramos is the favourite to take up the new role of chief reorganisation officer (CRO) at the power utility. In this role, she would be responsible for representing the government in overseeing Eskom’s finances, contracts, and maintenance of facilities. The CRO will report directly to the board and the ministers of finance and public enterprises.
Battle Over National Lottery
National lottery operator Ithuba and Hosken Consolidated Investments (HCI), the owners of Tsogo Sun, are embroiled in a bitter legal battle for control of the lucrative lottery business – with HCI demanding R5 million a month from Ithuba in management fees. At the heart of the dispute is the multimillion-rand loan that HCI granted to Ithuba in 2015 when it won the contract to operate the national lottery. HCI in 2015 stepped in to provide investment capital to Ithuba to the tune of R325m after Ithuba struggled to get funding from banks due to a legal challenge from erstwhile lottery operator Gidani, which wanted the courts to set aside the government’s decision to award Ithuba the licence to operate the lottery.
Red Tape Delays Solar Projects
Applications to generate more than 1000MW of small-scale solar power are sitting on the desks of the authorities but red tape and “political wrangling” are holding up the process of getting this new electricity onto the grid. Experts say this clean energy would not only bring some financial relief to sectors such as agriculture, which cannot pass on the 380% electricity tariff increase over the last 10 years to the consumer, but would also be a buffer against Eskom’s rolling black-outs that cost the economy billions.
Samsung Delays Galaxy Fold Public Launch
Samsung has delayed the launch of its new Galaxy Fold smartphone after reviewers around the world. Reviewers reported several problems with the Galaxy Fold, including the display breaking and flickering for unknown reasons. Some users, such as YouTuber Marques Brownlee, tried to peel off what looks like a screen protector on the Galaxy Fold’s display only to find that peeling off this layer completely breaks the display. Others reported the displays of their devices flicker and turning off after only a few days, even when this protective film was left undisturbed on the device.
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