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Wednesday, August 21 2019 @ 09:16 am UTC

5 THINGS MAKING HEADLINES IN SA TODAY

- IN GENERAL
KPMG apologises over scandals, PIC inquiry to look into Steinhoff BEE deal, ex-Necsa board to challenge removal. Eskom still a concern, rand update.



KMPG is looking to start 2019 on a clean slate. Photo: Moneyweb


1. KPMG apologises for scandals
KPMG is looking to start 2019 on a new note. The auditor is apologising for its misdeeds and scandals it was involved in and is asking for a second chance to reestablish its brand. A number of companies have dropped KPMG as its auditor after reports and probes revealed that the firm did work with the infamous Gupta family and after a probe found that it released a misleading report on the South African Revenue Service. The firm’s chairman is seeking to win South Africa’s trust back.

2. PIC inquiry to look into Steinhoff BEE deal
The inquiry into the Public Investment Corporation is going beyond the fund manager and will be investigating a BEE deal which concerns fallen retailer, Steinhoff. The inquiry is seeking to look into the PIC’s R9 billion loan to Lancaster 101. The Business Day is reporting that this is one of nine investigations that the inquiry is looking into.

3. Ex-Necsa board to challenge removal in courts
Members of the axed Necsa board are not taking their removal by energy minister, Jeff Radebe lightly. According to the Business Report, the members of the ex-board are planning to take the matter to the High Court in hopes of the minister reversing his decision. Last week, Radebe removed the board over concerns regarding governing issues.

4. Load shedding on pause – for now
The case of Eskom remains a concern to South Africa, but in the latest, the parastatal announced a temporary cancellation of load shedding after two of its generating systems came online. The temporary cancellation holds no long-term promise as Eskom is still fighting to maintain its stockpiles and to find ways to fund its debt.

Public enterprises minister, Pravin Gordhan expects to halt load shedding completely, ahead of the festive season.

5. Rand update
The holiday period is upon us, and it’s time for giving, receiving and rejoicing. There is hope that the rand also joins into the festive spirit by lifting gains, but for now, it’s not quite there. At 7:58, the rand was at R14.19 to the dollar.

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