SARS commissioner Tom Moyane has been suspended with immediate effect. According to the presidency, President Cyril Ramaphosa has cited among his reasons the “deterioration in public confidence in the SARS and public finances being compromised” due to the ongoing controversy at the tax agency under Moyane’s leadership. Earlier Business Day reported that Moyane had refused to step down after he was asked to resign by President Cyril Ramaphosa. Mark Kingon has been appointed as Acting Commissioner
Deloitte Disciplinary Hearing On ABIL Conduct Begins
Public disciplinary hearings into Deloitte’s audit of African Bank Investments Limited (Abil) began on Monday, in what is the biggest case the Independent Regulatory Board for Auditors (IRBA) has handled since its formation in 2006. IRBA is also reviewing Deloitte’s audit files on Steinhoff for 2014 to 2016.
Busses And Taxis Suspended In Ekhurhuleni
Public transport will grind to a halt in Ekurhuleni on Tuesday as the taxi industry will go on strike over the planned roll-out of the bus-rapid transport (BRT) system. As a result of the anticipated protest, the City of Ekurhuleni said that Harambee bus services will be suspended as a precautionary measure for the day following a threat of violence.
Tiger Brands Sets Aside R425Million For Class Action
Tiger Brands is recalling yet another batch of products, a move that could cost it up to R800m, twice the R324m in operating profit generated by its snacks, treats and beverages division for the financial year to end-September. About R377m of the costs arising from the listeria crisis are attributable to the sales value of contaminated products and the destruction of the items returned. This includes the reimbursement for the recall of products produced at the Germiston, Clayville and Polokwane sites. The remainder of the costs could serve as a payout of an estimated R425m that could be sought in a looming class action case.
Third Of SA’s Water Lost To Poor Infrastructure
Over a third of SA’s water supply is being lost due to aged and leaking infrastructure before it can be used. That’s according to CSIR principal researcher and research group leader for resource-specific scientific measures Marius Claassen. Claassen, speaking during a panel discussion on Thursday ahead of World Water Day, said countrywide an average of 37% of SA’s water supply was lost before it reached users due to leaks.
Pick n Pay and Absa Launch New Stokvel Product
The Grocery Stokvel account is the product of a collaboration between Absa Bank and Pick n Pay stores. The aim is to give communities or groups with a common savings goal an opportunity to make purchases of better value and earn interest on their savings at the same time. With the new Grocery Stokvel Account, stokvels are able to earn a very competitive interest rate on balances of as little as R50, and spend their money safely and conveniently at Pick n Pay, where they receive further savings on groceries.
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