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Top 5 on Fin24: McKinsey responds to Eskom, Gordhan on the SA/Venezuela comparison, and the latest on SA's strategic fuel stock

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

McKinsey will pay back Eskom's money on court order

Global consultancy firm McKinsey announced it will pay back in full a R1bn fee to Eskom if a court determines that the power utility had acted unlawfully.

The multinational said in a statement that stood by the work it did for Eskom, even though Eskom has asked for the money back. 

"We believe our work on the turnaround programme created substantial value, helping improve operating performance by, among other things, increasing plant availability and reducing contractor claims on the new build programme," it said. 

READ: McKinsey will pay back Eskom's money on court order

Gordhan speaks out on Nenegate, Zwane and the Venezuela route

Former finance minister Pravin Gordhan. (Photo: Ga

Former Finance Minister Pravin Gordhan doesn't think that South Africa is heading towards the same fate as Venezuela, which is in the throes of an economic and political crisis. 

Speaking at the Independent Financial Advisers symposium in Sandton, Gordhan was asked whether South Africa could face similar economic conditions to the South American country.

“I don’t think we’ll get there,” he said.

READ: Gordhan speaks out on Nenegate, Zwane and the Venezuela route

Mkhize: ANC must decide on Zuma's future

ANC Treasurer General Zweli Mkhize. (Pic: Gallo Im

The ruling ANC must decide whether Jacob Zuma should see out the remaining two years of his term as the president, said party Treasurer-General Zweli Mkhize, a top contender to succeed Zuma as ANC leader in December.

"The ANC will have to take the decision on what happens to the president," Mkhize said in an interview with Bloomberg TV in Johannesburg on Tuesday.

READ: Mkhize: ANC must decide on Zuma's future

Zim announces Cabinet reshuffle as tighter social media controls loom

robert mugabe large

President Robert Mugabe's Zanu-PF government has upped its game in the fight against cyber security, with the creation of a fully-fledged Ministry of Cyber Security, Threat Detection and Mitigation.

This comes as Zimbabwe finalises a new computer and cyber crimes bill. 

Mugabe recently said he would lean on Zimbabwe's allies for technology to deal with cyber threats and "economic subversion" through modern technology. 

This was after food prices spiked and edible oil and fuel supplies ran low, resulting in long queues at filling stations and shops.

READ: Zim announces Cabinet reshuffle as tighter social media controls loom

Strategic fuel reserves still stored in SA tanks

Energy Minister Mmamoloko Kubayi has confirmed that SA's strategic fuel stock - controversially sold off in late 2015 - is still in fact stored in South African tanks, and, that the government has the money it earned from the sale.

Kubayi and a delegation from the Department of Energy were briefing Parliament on the department's financial report for 2016/17 on Tuesday.

“Yes, the fuel stock is still in our tanks... and we have the money,” Kubayi said in response to a question.

The minister also defended her appointment of Thabane Zulu to the Strategic Fuel Fund to serve as the entity’s acting CEO in May. She had been asked by MP's whether she had received proper approval to second Zulu to the position. 

"I won't seek a legal opinion, as I’m confident I did nothing illegal," she said. 

READ: Sold fuel reserves still stored in SA tanks - Kubayi

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