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Cape Town - A roundup of Friday's top economic and finance reads on Fin24.
Eskom in court bid to recover R1.3bn from McKinsey and Trillian
Eskom has confirmed that it has approached the court in a bid to recover funds from global consultancy McKinsey, and is looking into ways of recovering money from Gupta-linked company Trillian.
The power utility is trying to get R1.3bn from the two companies which were paid out for consultancy work after they were found to be irregular.
According to an Eskom spokesperson, Trillian maintains it supplied services to Eskom and honoured its obligations, and does not see the need to repay the power utility.
SARB commissions forensic investigation into VBS Mutual Bank
The South African Reserve Bank said on Friday it has commissioned a forensic investigation into VBS Mutual Bank, nearly a month after placing the beleaguered bank under curatorship.
The process, to be conducted by SizweNtsalubaGobodo Advisory Services, will probe if any of VBS business was conducted “with the intent to defraud depositors or other creditors of the bank, or for any other fraudulent purpose”.
It would also investigate if VSB was involved in questionable and/or reckless business practices.
Rand steady above R12/$ as markets focus on geopolitics
The rand held fairly steady on Friday as the focus of global markets remained on geopolitical events, from the Trump/China trade tariff dispute to the situations in Syria and North Korea.
"Geopolitics remains the core focus for the USD/ZAR pair," said Bianca Botes, corporate treasury manager at Peregrine Treasury Solutions.
"The current global market resembles a playground filled with boys playing 'mine is bigger than yours', with Donald Trump being the lead instigator," she said.
Davis Committee says wealth tax needs more work and consensus
The Davis Tax Committee says poor and middle class South Africans should be protected from having to pay a wealth tax.
In its latest report released on Thursday, the committee – chaired by Judge Dennis Davis – released a report updating the public on the work it has been doing investigating the feasibility of various tax measures for the country.
The wealth tax is a levy imposed on the personal assets of wealthy individuals to generate additional tax revenue.
Nkonki CEO Mitesh Patel resigns after amaBhungane exposes Gupta fronting deal
Nkonki chief executive Mitesh Patel resigned this week after amaBhungane revealed that his R107m “management buyout” of the pioneering black auditing firm eighteen months ago was funded by Gupta lieutenant Salim Essa.
Patel wrote in a letter to staff on Tuesday: “My resignation is amicable and was reached in consultation with the Executive Committee of the firm which is in the best interests of Nkonki, its employees and clients…
“I implore each and every Nkonki employee to continue to walk with their heads held high and continue to provide high quality services to their clients.”
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