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Cape Town - A roundup of Friday's top economic and finance reads on Fin24.
Ramaphosa fiercely defends SARB's independence
President Cyril Ramphosa has given the strongest indication to date that he wants the independence of the country’s central bank protected, and he is ready to defend it.
"I was one of those who participated in the crafting of the clause that deals with the Reserve Bank in our Constitution, and can confirm and testify that to me that remains an unassailable provision in our Constitution," Ramaphosa said.
SA Bitcoin platform claims 'super shy' founder has stolen all its money
A company promising massive returns to investors via Bitcoin, and which is under investigation by the Hawks, has claimed its "super shy" founding trader has absconded with all the money and they don’t know where he is.
But investors who have been fleeced for what the Hawks estimate may amount to a total of R1bn have been claiming for months on social media support groups that the whole thing is an elaborate Ponzi scheme and the shy man never existed.
Moyane: Disciplinary can start tomorrow, provided process is fair
Suspended South African Revenue Service (SARS) commissioner Tom Moyane’s legal advisers have told President Cyril Ramaphosa that "obstacles to fairness" remain regarding the inquiry into their client’s conduct at the revenue service.
Given a "fair" process, however, he wants the disciplinary proceedings to get under way as soon as possible.
Joburg's budget cuts capital spending amid cost saving by Treasury
The MMC for Finance in Johannesburg Funzela Ngobeni tabled a R59bn budget on Thursday, which will see an increase in the operating budget to R51bn but a cut of just under R1bn in capital expenditure to R7.8bn.
The country’s economic hub is under financial pressure, with National Treasury cutting municipal grants for 2018/2019 as part of the February budget’s plan to reduce the fiscal deficit.
Hawks investigating massive R1bn investment scam
The Hawks are investigating an alleged investment fraud scheme of more than R1bn.
The investigative unit said in a statement on Friday that the Serious Economic Offences Unit is investigating "massive alleged fraud" involving Bitcaw Trading Company after more than 28 000 investors are believed to have suffered losses of more than R1bn.
Bitcaw Trading is also known as BTC Global.
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