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Cape Town - A roundup of Wednesday's top economic and finance reads on Fin24.
MultiChoice will not renew contract with ANN7
Naspers’ [JSE:NPN] MultiChoice has decided to rid itself of Gupta-linked ANN7, after an internal investigation found that the media company made critical mistakes. However, the investigation found no explicit wrongdoing or corruption.
This follows News24's #GuptaLeaks report in November, in which it was detailed how MultiChoice agreed to pay the Guptas' Infinity Media Networks a "once-off" payment of R25m in 2015. The payment was not deemed as corruption in the internal investigation, headed by MultiChoice board member Don Eriksson.
In December it emerged that MultiChoice had also agreed to increase its annual payment for Infinity's ANN7 news channel from R50m to just over R140m, documents showed.
READ: Naspers won't renew contract with Gupta-linked ANN7
#Auditing regulator to start Deloitte investigation over Steinhoff
IRBA's chief executive officer Bernard Agulhas said the regulator was set to start its investigation into Deloitte's auditing of Steinhoff in February.
Agulhas said that he understood that there was a public interest in the Steinhoff case, and IRBA would make an effort to complete its investigation quickly.
He said Deloitte had delivered a "massive" cache of electronic files.
He said the investigation would cover whether the Deloitte missed any accounting irregularities, and/or broke IRBA's code of ethics.
#EskomInquiry: Martins opens up on Tony Gupta, Waterkloof saga and Suzanne Daniels
The Eskom Inquiry on Wednesday heard that Rajesh (Tony) Gupta is not a friend of Deputy Minister of Public Enterprises Ben Martins.
Martins appeared before the portfolio committee of public enterprises, which is investigating the mismanagement of funds at state power utility Eskom.
During a cross examination by Advocate Ntuthuzelo Vanara, the deputy minister clarified the nature of his relationship with the Gupta brother.
“Mr Gupta has never been my friend,” he said. As an authority figure in government, Martins said he meets many individuals and interacts with them “as far as work is concerned”.
5 Prasa bombshells Lucky Montana dropped
Lucky Montana, former CEO of the Passenger Rail Agency of South Africa (Prasa), appeared before the portfolio committee on public enterprises on Tuesday, in an effort to “set the record straight” and help the inquiry do its work.
In a 65-page submission, Montana described how the Guptas and even ANC officials tried to influence the rail company. He said he has witnesses and documents as proof, and that if anyone wants to contest his testimony they should approach the inquiry.
Fin24 compiled a list of the five main items you need to know from Montana’s testimony.
Eskom's Sean Maritz placed on permanent suspension
Eskom chief information officer Sean Maritz has been placed on permanent suspension pending an investigation into allegations of impropriety, the power utility said on Wednesday.
“He was placed on temporary suspension last Friday, which has now been converted into a permanent suspension,” according to a tweet by Eskom spokesperson Khulu Phasiwe.
The former interim CEO of Eskom faced scrutiny for his role in signing off on a questionable R400m payment from Eskom to a Hong Kong bank account, against all legal advice.
The R400m is widely viewed as a kickback and was apparently made to secure a $2bn (or R25bn) loan from China's Huarong Energy Africa to build or refurbish power stations last year.
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