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Cape Town - A roundup of Friday's top economic and finance reads on Fin24.
Disciplinary charges served on Tom Moyane
The Presidency announced on Friday that it has served suspended South African Revenue Service Commissioner Tom Moyane with disciplinary charges.
The charges relate to alleged misconduct in violation of his duties and responsibilities in terms of the South African Revenue Service Act, Public Finance Management Act and SARS Code of Conduct.
KPMG bleeds another client
Redefine Properties [JSE:RDF] has joined a growing list of companies and institutions to cut its business with auditing firm KPMG short.
CEO Andrew Konig said: "Redefine’s reputation is everything and our decision was made for this reason. We will have a new auditor on board for the 2019 financial year".
Steinhoff acting CEO repays share-backed loan taken days before plunge
Steinhoff International [JSE:SNH] said acting chief executive officer Danie van der Merwe repaid a R26.4m loan backed by company shares that he took out a week before the retailer’s stock collapsed because of an accounting scandal.
The timing of the loan raises questions about how much Van der Merwe knew about the financial malpractice that has brought the company to the brink of collapse.
PMI drops on the back of listeria outbreak and VAT hike
The impact of the recent listeria outbreak, labour strikes and a VAT hike contributed to a dip in the purchasing managers' index, the latest PMI data from Standard Bank released on Friday showed.
The headline Standard Bank PMI which is an indicator of changes in private sector business conditions, dipped from 51.1 the previous month to 50.4 in April.
MPs hear why Auditor General's office ditched KPMG, Nkonki
Auditor General Kimi Makwetu told Parliament’s standing committee on the auditor general that uncertainty of independent leadership at Nkonki Inc and the contagious effect of eroded trust in KPMG drove his office to cut ties with the two auditing firms.
Briefing the committee on the auditor general’s decision to cut ties with the two auditors, Makwetu told Parliament on Friday that to continue enlisting the firms to assist in the audit of government departments and entities in all spheres of government would undermine trust in the chapter nine institution and in the South African auditing profession.
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