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ICYMI: A roundup of Wednesday's must-read financial news Fin24.
Eskom Inquiry stunned as Tsotsi makes shocking accusations
Members of Parliament listening to evidence by former Eskom chairperson Zola Tsotsi were stunned on Wednesday.
Tsotsi accused ex-SAA chairperson Dudu Myeni of organising a meeting with herself and President Jacob Zuma in 2015, where she advised him to suspend a host of Eskom executives.
This occurred after Public Enterprises Minister Lynne Brown supported the move, he said.
Tsotsi accused the controversial Gupta family and Salim Essa of working with Brown regarding a list of board members that Tsotsi had the responsibility of appointing to head various committees on the Eskom board.
When he went to Brown’s house to finalise the list, he found the Guptas and Essa in her home, he claimed.
“The lapses in good corporate governance that have been occasioned by poor decision making have opened up the company to exploitation by unscrupulous rent seekers,” he said.
Tax Ombud puts questionable SARS practices in spotlight
Dispute resolution and delays in refund payments by the South African Revenue Service (SARS) are the two major issues picked up by the Office of the Tax Ombud, its CEO Advocate Eric Mkhawane said on Wednesday.
Speaking to Parliament’s standing committee on finance, Mkhawane said that in some cases his office has had to intervene to save entities in distress.
A case in point was a business which was about to close down, because SARS had delayed paying a R10m refund. The Office of the Tax Ombud could intervene and save the business.
Mkhawane said the tax ombud identified a system where SARS would place “stoppers” on a refund, although the taxpayer was entitled to it.
#BlackFriday2017 - Your ultimate online shopping guide
Black Friday has become one of the biggest days on South Africa’s shopping calendar.
Retailers around the country are gearing up for tens of thousands of shoppers who will start queuing at crack of dawn on Friday in anticipation of heavily discounted sales.
For those hoping to dodge the bustle of this pre-Christmas rush, Fin24 has scoured the web in search of South Africa’s best online sales at over 50 stores.
To see the comprehensive list of online deals for this Black Friday READ: #BlackFriday2017 - Your ultimate online shopping guide
A week of desperation: Inside Mugabe’s fight to stay in power
It was 04:00 on November 15 in the Zimbabwean capital of Harare. After gunshots had shattered the quiet of the night many were alert.
Troops commanded by Constantino Chiwenga, the head of the armed forces, had rumbled into the city and quietly surrounded the main camps of the police, presidential guard and secret service. President Robert Mugabe was confined to the Blue Roof, his mansion on Harare’s outskirts. Some loyalists were arrested.
Zimbabwe Defence Forces spokesperson Major General Sibusiso Moyo took the newsreader’s seat at the Zimbabwe Broadcasting Corporation. He explained that the military was intervening to rein in criminals surrounding Mugabe.
“We wish to make it abundantly clear that this is not a military takeover,” he said.
That statement revealed the plotters’ Achilles heel in their effort to unseat Zimbabwe's ruler of 37 years. Because the military didn’t want the action to appear to be a coup, it took six more days to get Mugabe out of office via public pressure, impeachment threats and hours of backroom cajoling.
Sachs did not resign, he wanted a transfer, says Finance Minister Malusi Gigaba
Former National Treasury official Michael Sachs, who resigned two weeks ago, did in fact not quit, but requested a transfer to the Gauteng provincial finance department, said Finance Minister Malusi Gigaba.
He was responding to a question from the Democratic Alliance’s (DA) David Maynier, who asked him to specify the reasons for Sachs’ resignation.
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