The forensic investigator who looked into the rot of VBS Mutual Bank has concluded that the rot in the bank ran too deep to salvage it. Photo: file.

CAPE TOWN –  Good morning. This is all the latest business news that you need to know today.

1. DA to lay charges against those implicated in VBS scandal

The Democratic Alliance (DA) Shadow Minister of Cooperative Governance and Traditional Affairs, Kevin Mileham MP, and the DA National Spokesperson, Solly Malatsi MP, will lay criminal charges on Thursday against the 50 individuals who allegedly syphoned billions from VBS Mutual Bank.

2. SA gets R516 billion in investment

South Africa has investment commitments of $35 billion (R516bn) as part of plans by President Cyril Ramaphosa to attract $100 billion over the next five years to revive the country’s flagging economy, his economic adviser told Reuters on Wednesday.

3. Old Mutual unbundling cited for Old Mutual Decline

Old Mutual (OMU) fell more than 26 percent in early trade on the JSE yesterday, a move analysts attributed to the managed separation it embarked on last year. 

4. KPMG must pay SA back over VBS scandal - SARB

South Africa should seek damages from global auditor KPMG for the role it played in a corruption scandal that saw at least R1.9 billion stolen from local bank VBS, a central bank investigation published on Wednesday said.

5. Tax Ombud saves taxpayers millions of rand

Close to R450 million in tax refunds was paid to the first top 10 taxpayers – thanks to the intervention of the Office of the Tax Ombud (OTO), and more than 99 percent of recommendations made by the Tax Ombud Judge Bernard Ngoepe were implemented by the SA Revenue Services (Sars). 

6. SA missed golden opportunity in unemployment fight

The latest research conducted by the Bureau for Economic Research (BER) showed that the country missed out on a golden opportunity to reduce unemployment in the past eight years, with most of the economic stagnation self-inflicted.

7. Huawei unveils new AI chips

China’s Huawei Technologies, unveiled an AI chip on Wednesday that will power its servers, in a push to boost its nascent cloud-computing business.

BUSINESS REPORT ONLINE