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Former Steinhoff CEO Markus Jooste, who has been accused of fraudulently inflating the company’s profit numbers over the past decade, is refusing to repay Steinhoff the R850m in salary and bonuses he received since 2009.
The International Monetary Fund (IMF) says South Africa has not asked for its assistance and the country does not need help.
In dollar terms, South African local currency bonds have underperformed all major emerging markets in August except Argentina’s.
Steinhoff CEO Louis du Preez delivered a stark assessment of Steinhoff’s options at the company’s first public investor presentation since the scandal took hold.
Moody hasn’t said it, but investors already think it: South Africa’s credit is junk. That’s according to Bloomberg, which says the market is pricing in a downgrade.
The storm around Cyril Ramaphosa’s presidential campaign funding ratcheted up a level as a weekend newspaper disclosed names of contributors, mostly well-known business personalities.
Former Eskom CEO Brian Molefe has lost his Constitutional Court case over the R30m pension he received from the power utility.
Bloomberg reports that the banking index has dropped 15% since President Cyril Ramaphosa pledged a relentless focus on growth in his June 20 State of the Nation address.
Tencent plans to buy 10% of Universal Music Group from Vivendi SA in a deal that would value the world’s biggest music company at $34bn and help it tap fast-growing Asian markets.
Another government entity is at the centre of a money scandal – this time SA Express, which has sucked up more than R1.5bn in taxpayers’ funds to cover losses.