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Your top business news: Excessive pricing, Eskom, Guptas...

Jun 13 2017 18:20

The Competition Commission strikes again, the Eskom board shocked by resignation of chairperson Ben Ngubane and Finance Minister Malusi Gigaba admits to signing documents for the Guptas to become South Africa citizens.

Eskom board shocked by Ngubane’s resignation, expects new chair next week

The Eskom board was shocked by the sudden resignation of chairperson Ben Ngubane and said it expects to get a new chairperson next week Friday, when the power utility holds its annual general meeting.

Eskom board spokesperson Khulani Qoma told Fin24 on Tuesday that the meeting has been confirmed for next Friday.

“I only spoke to him (Ngubane) at midnight,” he said, which was an hour after news broke of Ngubane’s resignation. “We did not have a moment with colleagues to reflect.”

“The board was very shocked. They did not expect this,” he said. “His leadership brought a lot of stability to the organisation.”

Late on Monday, Public Enterprises Minister Lynne Brown announced that Ngubane "formally tendered his resignation", which she accepted.

Brown appointed Eskom board member Zethembe Khoza as interim chairperson.

Former Eskom chairperson Ben Ngubane and former CE

Maynier hits back as Gigaba urges SA not to focus on Gupta 'sideshows'

Finance Minister Malusi Gigaba confirming reports that he had personally approved the naturalisation application by the Guptas to become South Africa citizens, which he said was done “within the prescripts of the law”.

Gigaba has requested the Department of Home Affairs to “provide chronological details of how all applications by the Gupta family … (to show that the) whole process has been handled by the book in terms of our laws”, he said in a statement on Tuesday.

His statement comes after the EFF said they were taking the matter to court, as a Home Affairs official had initially denied the Guptas their naturalisation application.

Finance Minister Malusi Gigaba. (Pic: Gallo Images

Collusion probe into cancer meds

The Competition Commission announced it will investigate excessive pricing of cancer medication.

Commissioner Tembinkosi Bonakele was speaking at a briefing at the Department of Trade and Industry headquarters in Pretoria on Tuesday.

"The matter is of grave national importance," said Bonakele. He explained that anti-competitive behaviour the healthcare sector, particularly pharmaceuticals could have a negative impact on consumers, specifically the poor and vulnerable.

The investigation is to be initiated against oncology medicine provider Roche Holding AG, which includes its US-based biotechnology company Genentech Incorporated.

The commission believes the company has engaged in excessive pricing, price discrimination and exclusionary conduct in the provision of breast cancer medicine in South Africa.

The commission will also investigate Pfizer, for suspected excessive pricing of lung cancer medication in South Africa.

Read Fin24's top stories trending on Twitter:

eskom  |  malusi gigaba  |  ben ngubane  |  sa economy


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