Senior Sars executive responsible for employee relations, Luther Lebelo battled to prove to the Nugent Commisssion he had no role to play in the disciplinary charges against former Sars deputy Commissioner Ivan Pillay. Picture: Thobile Mathonsi/African News Agency/ANA

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

1. VBS and Saambou Bank: More in common than having collapsed

In September 2002, the Registrar of Banks placed the management responsibilities of this once proud bank (Saambou Bank) in the hands of a curator.

2. #SARSInquiry to focus on alleged Moyane ‘hitman’

The spotlight of the Nugent ­Commission’s hearings will again focus on the controversial South African Revenue Service's human resources head, Luther Lebelo, and the law firm he allegedly used to purge senior staff members.

3. SA should lead its economic recovery ahead of summit

President Cyril Ramaphosa’s investment envoy, Phumzile Langeni, has said that investors wanted South Africa to lead the recovery of the country's economy ahead of the Presidential Investment Summit this week.

4. Clover share price surges after talks of full acquisition announced

Clover Industries’ share price surged by more than 19 percent on Friday after the group announced that it had entered into talks with a third party with the intention of acquiring the entire issued share capital of the dairy company.

5. Siyabonga Gama fired as Transnet CEO

Siyabonga Gama has been fired as group chief executive officer of Transnet, the state-owned freight and rail company confirmed on Sunday.

6. Court to hear MTN case against Nigeria at the end of October

A hearing in the court case between MTN and Nigeria’s central bank in a dispute over the alleged transfer of $8.1 billion (R116bn) of funds by the telecoms firm, has been set for October 30, a lawyer for MTN said on Friday.

7. SA companies in France for SIAL food exhibition in Paris

A South African business delegation of 38 agro-processing companies has arrived in France on a mission to explore new markets at the 27th Salon International de l’alimentation (SIAL) international food innovation exhibition in Paris from October 21 to 25, the trade and industry department (dti) said on Sunday.

BUSINESS REPORT ONLINE