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Cape Town - In case you missed it, here is a roundup of Friday's top 5 reads on Fin24:
Eskom CFO Anoj Singh officially suspended
Eskom has suspended Anoj Singh, its chief financial officer, pending a disciplinary hearing.
Singh was placed on special leave at the end of July by Eskom's board of directors until an investigation into his conduct had been concluded. His exit followed mounting allegations that he was involved in irregularly awarding contracts to Gupta-linked businesses, while also receiving gifts and trips from the controversial family.
Last minute R3bn bailout for SAA
A day before it had to repay its debt to US lender Citibank, government has bailed out struggling national carrier South African Airways with R3bn.
The cash injection will prevent the airline from defaulting on its loans.
“Government has approved the transfer of funds from the National Revenue Fund (NRF) to SAA to allow the airline to address the debt obligations to Citibank, thereby avoiding a default. Funds will also be used to assist SAA with its immediate working capital requirements,” said National Treasury.
Auditor General retains services of KPMG, for now
The Auditor General has decided to not terminate the services currently provided to it by KPMG SA. But it will limit its relationship with the embattled auditor to audits already allocated to the firm.
"We have agreed to continue to formally engage with KPMG SA as they make progress in the areas already identified for immediate rectification," said AG Kimi Makwetu after meeting with KPMG SA's new leadership team.
It's a tragedy that KPMG allowed itself to be used - Mohale
KPMG allowed themselves to be used for the factional battles of the ANC – and that’s a tragedy, said Bonang Mohale, CEO of Business Leadership South Africa.
Speaking to Fin24 on the sidelines of BLSA’s signing of an employment creation and economic growth “pact” with South Africa in Cape Town, Mohale said the auditing firm let themselves, South Africa and the auditing profession as a whole down.
PIC boss in firing line yet again
After fending off earlier attempts to remove him, Public Investment Corporation boss Dan Matjila may again be in the firing line to explain allegations that he flouted procedures to help a friend.
The state pension company scheduled another special meeting for Friday, where Matjila will be expected to defend himself. This is at least the third special meeting this month, despite the board reportedly rejecting a request to probe Matjila at previous meetings.
As of 17:50, there was no news of whether the meeting had indeed gone ahead.
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