A spokesperson for the premier Vuyisile Ngesi said the provincial cabinet was due to sit before the end of the month and the VBS matter was one of the items on the agenda. Photo: File.

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

1. Denel CFO sent packing in SOE clean-up

The clean-up in struggling state-owned companies has claimed its latest victim with arms manufacturer Denel pulling the trigger on its controversial chief financial officer Odwa Mhlwana.

2. Cape Town Stadium R429m claim set for 2020

The City of Cape Town’s R429.47 million high court civil damages claim against listed construction groups WBHO, Aveng and Stefanutti Stocks related to collusion and bid-rigging on the Cape Town Stadium has been set down to be heard in 2020.

3. Net1’s shares plunge 46% on accounting error over Cell C

Net1 UEPS Technologies' loss of the lucrative contract to distribute billions of rand to social grants recipients and its poor financial reporting on Friday came back to bite the firm, its stock plunging 46 percent. 

4. Zim KFC, OK re-open suspended operations

Fast Foods and other retail operators in Zimbabwe, among them KFC and OK Zimbabwe, have re-opened outlets they had closed down a month ago when the country's economy tipped down, hammered by rising operational costs and shortages of fuel and other raw materials.

5. Municipalities fail to act against VBS-linked bosses

Some of the North West municipalities implicated in the VBS Mutual Bank scandal have ignored directives to act against their municipal managers and chief financial officers who invested millions into the controversial bank without council approval.

6. Unlicensed forex traders in Zimbabwe face 10 years in jail

Unlicensed foreign currency traders in Zimbabwe face up to 10 years in jail if convicted and loss of their money and assets when new exchange control rules are published this week, a senior government official said yesterday. 

7. Banks help Home Affairs issue more smart IDs and passports

Absa, First National Bank, Nedbank and Standard Bank from inception in 2016 have issued 168 724 smart ID cards and 152 261 passports by August, according to the Department of Home Affairs.

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