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In case you missed it, here's a roundup of Wednesday's top economic and finance reads on Fin24.
Hawks seeks Interpol help with Steinhoff
The Directorate for Priority Crime Investigation (Hawks) has asked Interpol to help investigate financial wrongdoing at Steinhoff International [JSE:SNH] after the global retailer reported a hole in its accounts and the share price collapsed.
There are three existing charges related to Steinhoff and while suspects haven’t yet been named, the police "have got an idea" who they are, Godfrey Lebeya, head of the Hawks, told Parliament's portfolio committee on police on Wednesday.
Moody's sees slower SA fiscal progress than govt does
South Africa’s fiscal consolidation will be slower than the government estimates because of weak economic growth and a higher public-sector wage bill, Moody’s Investors Service said.
Moody’s sees the country’s fiscal deficit at about 4% of gross domestic product in the year through March 2019, the company said in an emailed statement on Wednesday. That compares with the state’s February budget forecast for a 3.6% gap.
Rand rout threatens fuel price stability, warns AA
Substantial rand weakness could undo recent fuel price stability, the Automobile Association (AA) warned on Wednesday.
"Almost two months of modestly improving rand strength ended in a dramatic reversal as the local currency was caught up in the emerging market chaos triggered by Turkey's economic difficulties," the AA said in a statement.
SARB: Auditors were part of VBS Mutual Bank conspiracy
The audited financial statements of VBS Mutual Bank which were submitted to the Reserve Bank were not reliable, Parliament heard.
The Standing Committee on Finance on Wednesday heard from SA Reserve Bank Governor Lesetja Kganyago, Deputy Governor Kuben Naidoo and others about the processes followed in handling VBS Mutual Bank's curatorship.
"It is quite obvious in hindsight that the data that was submitted on a monthly basis or a quarterly basis by VBS was not accurate, even though the auditors approved it," he said. “That is why we were not able to pierce that veil because auditors were part of that conspiracy.”
Gordhan announces whistleblower hotline to boost fight against corruption
Stabilising state-owned enterprises could take six months or longer, depending on the extent of corruption, said Public Enterprises Minister Pravin Gordhan.
“Eradicating corruption is a difficult exercise,” he said. Those who are guilty are trying to find ways to evade taking responsibility for their actions, by drumming up certain narratives in political spaces, in an effort to have others spring at their defense.
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