SAP SE said a probe into its dealings with South Africa’s Guptas found that the German software giant paid about R128.6 million ($10.7 million) to businesses linked to the family to win contracts with state-owned companies. Three senior executives who were suspended last year have now quit.
MTN TO Try Banking Services Again
After pulling the plug on its mobile money business in SA in 2016, MTN wanted to have another crack at financial services in its home market, CEO Rob Shuter said on Thursday. “But we’re building quite a lot of new features around that: loan products, investment products, insurance.… It’s different across the different markets, but [advanced financial services] is a big focus of ours”. The group was looking at “all markets”. MTN had 22-million mobile money customers in 14 markets at the end of 2017.
CCMA Rules Against Eskom On Suzanne Daniels
The CCMA has found that Eskom’s suspension of its head of legal and compliance, Suzanne Daniels, was an unfair labour practice. In an arbitration award, dated March 6, the CCMA commissioner Prince Kekana said: “The respondent party Eskom is ordered to uplift the suspension with immediate effect and take (Daniels) back into its employ with effect from March 18, 2018.”
Jeff Radebe To Sign Renewables Deals
South Africa will sign long-delayed agreements with 27 independent power producers next week, according to Energy Minister Jeff Radebe. The signing, scheduled for March 13, will breathe life into a national renewable-energy program that was once the world’s fastest growing but has since stagnated. The deals to be concluded next week will release 56 billion rand ($4.7 billion) of investment over the next two to three years, the minister said in Cape Town Thursday.
SAA Made Nett Loss Of R5.6Bn In 2017 Financials
South African Airways may not be able to continue to operate as a going concern, while the struggling state-owned airline has failed to properly record financial information and the value of assets, according to the Auditor General. SAA made a net loss of about R5.6 billion ($471 million) in the year through March 2017, according to a document signed by AG Kimi Makwetu. Liabilities exceeded assets by about R17.8 billion, it said.
Sanlam TO Buy Moroccan Insurer For R1 Billion
Sanlam is to acquire 100% of Moroccan insurance group SAHAM Finances, effectively rendering it the largest non-banking financial services group in Africa. It has announced plans to buy out the remaining 53.37% shareholding in SAHAM for $1.05 billion. Sanlam, together with subsidiary Santam, first acquired a joint 30% stake in SAHAM in 2016 and upped that stake by further 16.6% in 2017