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Cape Town - A roundup of Wednesday's top economic and finance reads on Fin24.
Eskom investigating 239 cases of misconduct by officials
Eskom is investigating 239 cases of misconduct by officials, the committee on public enterprises heard on Wednesday.
Members of Eskom’s board, including deputy chair Sindi Mabaso-Koyana, acting CEO Phakamani Hadebe and acting CFO Calib Cassim, briefed the committee on the utility’s annual performance and turnaround plan.
Mabaso-Koyana spoke on the steps Eskom is taking to address corruption at the power utility. Eskom is finalising investigations into suspended officials and the board is working on instilling a new tone of corporate governance at the power utility.
“The organisation is determined to clear the company of corruption of all its forms. We are investigating 239 cases that come through whistle-blowing channels,” she said. By the end of March 2018, 75 of the investigations had been completed and 39 were already undergoing disciplinary processes.
Ramaphosa's five fin-doctors: Meet the team tasked with selling SA to investors
Fin24 looks at the five people the president has tasked with creating buzz around new investment opportunities in SA ahead of a major summit he hopes will contribute over R1trn to the economy over five years.
On Monday evening, before flying out of OR Tambo International Airport to a Commonwealth heads of government meeting, Ramaphosa announced that a major investment conference would take place in August or September.
"New investment in productive sectors of the economy is [...] vital to our efforts to reduce poverty and inequality," he said.
The president also announced the names of five people - four special envoys and one new economic adviser - tasked with seeking out and meeting with investors before the conference kicks off.
Johan van Zyl steps down from Steinhoff board ahead of AGM
Johan van Zyl, a member of Steinhoff’s [JSE:SNH] supervisory board, has stepped down just days before the global retail group’s annual general meeting.
According to a notice issued to shareholders on Wednesday afternoon, Van Zyl withdrew his candidacy for re-election to the Steinhoff supervisory board, even though he had sufficient support.
The elections are set to take place at the conglomerate's annual AGM at the Sheraton Amsterdam Airport Hotel and Conference Centre in the Netherlands on Friday.
Lamberti victim Adila Chowan speaks out
It is unfortunate that Imperial's internal governance process was compromised and that this has had such serious repercussions for the company's CEO Mark Lamberti.
This was the reaction on Wednesday of chartered accountant Adila Chowan to news that Lamberti had resigned as Imperial CEO after four years at the helm.
She recently won her race and gender discrimination case against the Imperial Group, its subsidiary Associated Motor Holdings and Lamberti.
Rand gains as consumer price inflation drops for March
South Africa's annual consumer price inflation rate for March has come in at 3.8%, 0.2% lower than in February, Statistics SA announced on Wednesday.
This is the lowest rate for an annual CPI increase since February 2011. On average, prices increased by 0.4% between February 2018 and March 2018.
TreasuryONE said in a snap note that the CPI data was lower than the expectations of economists of around 4.1%.
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