Manyi Repays Gupta’s In Full

Mzwanele (Jimmy) Manyi claims he has paid the Gupta family in full for ANN7 and The New Age newspaper. Manyi said in a statement released on Saturday that the original amount owed has been lowered after renegotiations. He said he made full settlement of what he still owed the Guptas. The Gupta’s Oakbay company had sold The New Age and ANN7 to Manyi for R450m.

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Construction Cartels Dealings Exposed

New testimony in the ongoing construction cartel prosecution case has revealed the day-to-day mechanics of rigging tenders on everything from hotels to the Lesotho Highlands Water Project and the Gautrain. A witness for the Competition Commission has even revealed how cartel members fought with each other because other members were trying to “rip out the guts” of the Gautrain by demanding an embarrassingly high cover price from other cartel members.

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Supra’s R1.5m Cattle Gift To Zuma

North West premier Supra Mahumapelo gave Jacob Zuma a herd of cattle worth R1.5-million as a gift – and paid for it using public funds. The cows, which should have gone to emerging farmers in the province, were delivered to Nkandla and signed for by Zuma himself. Now the Hawks are investigating the scandal, which could lead to charges of fraud and corruption against Mahumapelo and the former president. Zuma is already facing 16 charges, including fraud, racketeering and money laundering, stemming from the multibillion-rand arms deal.

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SAP In Software Double Billing Scandal

Software giant SAP and the Department of Water and Sanitation are involved in a “double billing” scandal where hundreds of millions were wasted. The City Press reported that the department purchased R950 million in “unlimited” SAP software licences for itself, all nine water boards, and the Trans-Caledon Tunnel Authority (TCTA). This five-year deal was concluded despite the water boards and the TCTA having contracts with different software companies and paying their own licence, maintenance, and support fees.

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Grace Mugabe In Dangote Bribery Scandal

A cabinet minister asked Africa’s richest man, Aliko Dangote, for a $5-million bribe on behalf of the Mugabe family. Robert Mugabe’s nephew Patrick Zhuwao is said to have allegedly requested the bribe weeks after Dangote visited Zimbabwe in October 2015, the sources said. Zhuwao was the youth development and indigenisation minister at the time. It was allegedly contained in an e-mail from Zhuwao and informed Dangote that “as with all investors which come into Zimbabwe there was a need for him to secure his investments and grease elbows, and therefore a sum of $5-million is requested”.

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High Costs Force Private School Dropouts

South Africa’s top private schools have lost thousands of students over the last year due to rising school fees and other costs. According to a report by the Sunday Times, two of South Africa’s biggest private school chains, Curro and AdvTech, lost 3,881 pupils last year – mainly because parents could not afford to pay fees. In addition, both St John’s College in Parktown and St Stithians College in Sandton confirmed that they had seen a number of drop-outs as well as an increase in students who had fallen behind in school fees.

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Bus Strike Intensifies

The continued strike action comes as a result of failed wage negotiations between unions and employers over the course of a two-day meeting with the Commission of Conciliation, Mediation and Arbitration (CCMA). Workers initially demanded a 12% increase and employers offered 7%. The workers have since rejected an offer of 8% for the first year, and 8.5% in the second year, instead proposing a 9.5% increase in the first year and 9% for the second.

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Currencies: Bcoin R111,818 . Ether R8,002 . R/USD12.11 . R/GBP16.97 . R/EUR14.86

 

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SAP Admits Paying R128Bn Gupta Bribes

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.

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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.

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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.”

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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.

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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.

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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

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