Share

Top 5 on Fin24: Cabinet reshuffle reaction, Eskom state capture inquiry starts, and McKinsey denies corruption

Cape Town - In case you missed it, here is a roundup of Tuesday's top 5 reads on Fin24.

David Mahlobo, the nuclear deal's new best friend?

New Energy Minister David Mahlobo could make it much easier to realise South Africa’s nuclear ambitions, several commentators warned on Tuesday following has appointment as Minister of Energy. 

They voiced the opinion that Mahlobo's abilities as a spy will be a handy tool to cast a veil of secrecy around critical deals.

Concerns were raised that President Jacob Zuma’s Cabinet reshuffle, moving Mmamoloko Kubayi from the energy portfolio to communications and replacing her with the former state security minister, was a definite shift towards nuclear.

READ: David Mahlobo, the nuclear deal's new best friend?

Rand drops on Zuma's surprise 'pro-nuclear' Cabinet reshuffle

iStock_sa economy large

The rand this morning lost more than 0.5% within minutes of President Jacob Zuma's announcement of yet another surprise Cabinet reshuffle.

In addition to Mahlobo being named Minister of Energy, other changes include Hlengiwe Mkhize moved to Minister of Higher Education and Training, Ayanda Dlodlo as the new Minister of Home Affairs, Bongani Thomas Bongo the new Minister of State Security, and Buti Manamela as the Deputy Minister of Higher Education and Training.

READ: Rand drops on Zuma's surprise 'pro-nuclear' Cabinet reshuffle

Business Unity South Africa, meanwhile, said that Zuma's 12th Cabinet reshuffle would undermine SA's economic growth prospects.

As it happened: Unpacking state capture at Eskom

Parliament's public enterprises committee commenced its first ever state capture inquiry on Tuesday, beginning with allegations of corruption and capture at state power utility Eskom.

Get an overview of the day's events as they happened by reading the live feed from our reporter on site

READ: As it happened: Unpacking state capture at Eskom

McKinsey admits lapse in judgement, but denies corruption

Global consultancy firm McKinsey has admitted that it found violations of its professional standards, as its probe into the firm neared completion. But it denied that the firm was involved in any acts of bribery or corruption, or had made payments to Gupta-linked company Trillian.

In a statement on Tuesday, McKinsey said it never made payments "directly or indirectly" to secure contracts, nor aided others in doing so. It also stated it did not introduce Trillian to Eskom, nor vice versa.

Tom Barkin, McKinsey’s global chief risk officer, said McKinsey rejected the notion that it was involved in any acts of bribery or corruption related to its work at Eskom, or through its interaction with Regiments or Trillian.

READ: McKinsey admits lapse in judgement, but denies corruption

PIC's Dan Matjila: We haven't closed the door on SAA

PIC CEO Dan Matjila. (Photo: Gallo Images)

The Public Investment Corporation, responsible for managing government employees' pension money, said it will still consider investing in ailing national carrier South African Airways, provided the airline meets certain conditions.  

PIC CEO Dan Matjila told members of Parliament on Tuesday that the fund manager has not "closed the door on SAA", but added that the struggling state-owned entity would need to turn around its finances and governance. 

The PIC and the Government Employees Pension Fund (GEPF) were appearing before Parliament's standing committee on finance regarding their annual reports for the 2016/2017 financial year, their investment mandates and general performance. 

READ: PIC's Dan Matjila: We haven't closed the door on SAA


SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.

Read Fin24's top stories trending on Twitter:

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.45
+0.1%
Rand - Aus dollar
12.35
+0.0%
Rand - Yen
0.13
-0.2%
Platinum
904.58
+0.9%
Palladium
1,012.82
+1.1%
Gold
2,219.17
+1.1%
Silver
24.82
+0.7%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.9%
Resource 10
57,251
+2.9%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders