SA banks including Absa, Standard Bank and Investec are investigated by the Competition Commission with 15 international banks for colluding in foreign exchange. Currency trading involving the rand and the US dollar accounts for $51billion of global daily trade. Citibank and Absa settle while Standard Bank demands more information. The matter will be heard next month. The commission says that if found guilty, the banks will be fined 10 percent of annual turnover.
German multinational software group SAP is accused of paying R100million in kickbacks to a Gupta-owned company for helping it score contracts worth R1bn with Transnet.
Auditing firm KPMG finds itself in a storm as reports emerge that its audits of companies linked to the Gupta family fell short of standards. Top executives like chief executive Trevor Hoole, chairman Ahmed Jaffer, chief operating officer Steven Louw and five senior partners resign.
Steinhoff International shares fall more than 80 percent after the company admits to accounting irregularities. The admission is followed by the resignation of chief executive Markus Jooste and board chairman Christo Wiese.
Multichoice, a unit of Naspers, is accused of paying millions to the then Gupta-owned ANN7 as a proxy for Multichoice to push through a decision in favour of unencrypted set-top boxes.
Markets go into a tailspin after
President Jacob Zuma fires former Finance Minister Pravin Gordhan and replaces
him with Malusi Gigaba. The rand falls 2.51percent against the US dollar, at R13.36 following the reshuffle.
The JSE defies cabinet reshuffles, credit ratings downgrades, a technical recession and a volatile exchange rate to enjoy a bullish run, breaking records. The all share index breaches the 55000 point mark for the first time to reach 61211.52 in November.
- BUSINESS REPORT