Capitec Bank came went into a tailspin this week following a damning report by the Viceroy Research group, which described the JSE-listed lender as a “loan shark with a massively understated defaults masquerading as a community microfinance provider”.
It criticised the bank for alleged reckless lending practices which included “refinancing delinquencies” and called on the SA Reserve Bank (Sarb) and Finance Minister Malusi Gigaba to place Capitec into curatorship. However, both the Sarb and the National Treasury rallied behind Capitec, with Treasury dismissing the report as “reckless”. But Viceroy stood firm on the allegations, saying it could dish more dirt on Capitec. Click here to read more.
Embattled Eskom head of generation Matshela Koko is fighting efforts to remove him from the parastatal following his immediate suspension on Wednesday pending an investigation of new charges against him relating to “lapses in corporate governance”. The former acting Eskom chief executive is accused of awarding a tender worth about R1 billion to a company of which his stepdaughter was a director. Click here to read more.
SIBANYE - STILLWATER
A TOTAL of 995 mineworkers trapped underground at Sibanye’s Beatrix mine, about 30km away from Welkom in the Free State, resurfaced on Friday morning. They were trapped in the belly of the earth following an electric cable outage which was caused by a heavy storm on Wednesday night. Unions launched a scathing attack on mine management, saying they did not care about the lives of workers, because they were found wanting on their contingency measures. Click here to read more.
LONMIN, the world’s third-largest platinum producer, announced it had increased the salary of its CEO Ben Magara for the first time since 2013. Magara’s salary jumped to £ (475 552) R7 995 870 on October 1, 2017 from 2016’s £462 150. Click here to read more.
PARLIAMENT’s presiding officers announced on Thursday that the State of the Nation Address (Sona) next Thursday would be delivered by whoever is President, to the dismay of opposition parties who are against President Jacob Zuma delivering the Sona. The DA wants the Sona to be removed until Zuma was removed from the Union Buildings. Click here to read more.
- BUSINESS REPORT