South Africa - []

Here’s what is happening in and affecting South Africa today:

  • The latest from the Gupta leaks has revealed that auditing firm KPMG missed many more red flags in its relationship with the Gupta family and their businesses. The leaks showed that KPMG may have turned a blind eye to as much as R500 million in legitimately questionable payments in three separate transactions. One of these was the Guptas’ Oakbay getting paid millions for stakes in worthless, and obvious shell companies.
  • Public protector Busisiwe Mkhwebane has walked back somewhat on her order that Absa should pay back R1.2 billion for apartheid-era looting, saying that her findings only said the money should be paid back, but not necessarily from Absa – at least not exclusively. Absa and SARB are challenging Mkhwebane’s findings, saying that the money has long been repaid.
  • Eskom’s disciplinary action against former acting CEO Matshela Koko hit a sudden end after witnesses declined to testify against him. Koko has been accused of conflict of interest for failing to declare his step-daughter’s links to a company that was awarded a lucrative contract with Eskom. Koko has also been accused of intimidating witnesses in his case.
  • Cyril Ramaphosa has received the majority nomination to be the ANC’s next president from the party’s branches in the Western Cape. Weekend reports painted a neck-on-neck race between Ramaphosa and Dlamini-Zuma in the lead-up to the elective conference next month. Both candidates have published figures declaring themselves victorious of the leadership position.
  • South Africa’s rand was weaker against the dollar on Friday ahead of ratings decisions that could see the country’s debt downgraded to junk and kicked-out of global indices, triggering a massive selloff of local assets. On Monday the rand was at R14.10 to the dollar, R18.78 to the pound and R16.82 to the euro.