• Keep it clean

    Changes to the law are part of an ongoing effort to keep auditing credible, says Bernard Agulhas.

  • National death insurance?

    A new report shows Life Esidimeni isn't an isolated case, and NHI won't help, says Marius Roodt.

  • Silence of the scram

    Absa and FNB testify on why they refused to meet ministers over Gupta account closures.


Top 6 on Fin24: Bank to keep Gupta accounts open, Zuma denies poison claim, and new leadership for KPMG SA

Oct 09 2017 17:42

Cape Town - In case you missed it, here is a roundup of Monday's top 6 reads on Fin24:

Bank of Baroda ordered to keep Gupta accounts open for now

The high court ordered the Bank of Baroda on Monday to keep the accounts of Gupta-linked companies open, pending a final application which must be launched in 15 days.

Pretoria high court judge Tati Makgoka granted the requested interdict against the bank, prohibiting the bank from deactivating or closing the banking accounts of the Gupta businesses, or from terminating the banker-customer relationship.

READ: Bank of Baroda ordered to keep Gupta accounts open for now

Zuma does an about-turn on Brics poison claims

President Jacob Zuma said in a reply to a Parliamentary question that he was "not aware" of any threats on his life from poisoning due to his stance on radical economic transformation or because of South Africa’s decision to join Brics. 

This is in contradiction to what he told ANC supporters in KwaZulu-Natal on August. “I was poisoned and almost died just because South Africa joined Brics under my leadership,” Mail & Guardian, IOL, other media outlets quoted him as saying.

Cope MP William Madisha had asked Zuma whether, with reference to his advocacy of the radical economic transformation policy as well as his role in leading the country Brics economic partnership, he has at any stage found his life to be under threat as a result of poisoning attempts.

“I am not aware of a conspiracy to poison me because of the decision of South Africa to join Brics or because of the radical economic transformation policy of government,” Zuma replied.

READ: Zuma does an about-turn on Brics poison claims

Why the rand is weakening

Fin24 asked a number of economists and financial analysts to explain why the rand has been weakening against the dollar.  In early afternoon trade on Monday, the rand stood at R13.79 to the greenback.

Analysts included Nick Downing of Overberg Asset Management, Andre Botha of TreasuryOne, John Cairns of Rand Merchant Bank and Evan Walker of 36ONE. 

READ: Why the rand is weakening

KPMG SA announces its new leadership 

Embattled auditor KPMG SA on Monday announced its new executive leadership team,  just short of a month after its former leadership team was cleared out.

It has also created a special executive position - Head of Risk - to manage client acceptance and retention within the firm. 

Nhlamu Dlomu, KPMG South Africa’s CEO said in a statement that the new position was part of KPMG SA's plan to improve its governance and risk management.  

She said she hoped the firm's new SA leadership would restore public trust. An hour before she made the announcement, however, the Foschini Group cut its ties with KPMG SA

READ: KPMG hopes for clean start with new SA leadership team

Sasol ditches funding plan to settle old BEE scheme debt

Sasol has ditched its preferred method to settle outstanding debt regarding the black economic empowerment scheme it is disbanding, it announced on Monday.

“Following extensive engagement with shareholders, Sasol is now undertaking to explore, in consultation with the external banks and Inzalo FundCos, different funding options to settle the relevant financing obligations," the petrochemicals giant said in a media update. 

“Sasol will therefore no longer pursue the preferred funding option, as described in the first announcement, of issuing up to 43 million ordinary shares through an accelerated book-build process."

READ: Sasol ditches funding plan to settle old BEE scheme debt

Car safety firm agrees to pay hefty Competition Commission fine

Autoliv, one of the world’s largest manufacturers of car safety systems, has agreed to pay an administrative penalty of just under R150m for contravening the Competition Act.   

In a statement issued on Monday, the Competition Commission said the Swedish firm concluded a settlement agreement for its involvement in “prohibited practices like price fixing, market division and collusive tendering” with competitors, including TRW, the Takata Group, Toyoda Gosei and Tokai Rika.

READ: Car safety firm agrees to pay hefty Competition Commission fine

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