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Five things making headlines in South Africa today

Graft inquiry summons Duduzane Zuma, home handover speeds up, SAA suspends executives, ELB results are out, and commuter train hijackings are rife.

Here’s what caught our attention on Wednesday

1. Graft inquiry calls Duduzane Zuma 

Parliament’s portfolio committee on public accounts has summoned former President Jacob Zuma’s son, Duduzane Zuma, in an effort to probe allegations of his involvement with the controversial Gupta family and the mismanagement of state funds at state-owned enterprises. The inquiry also expects former South African Airways chairwoman Dudu Myeni to testify.  

2. Treasury continues home hand-over

Treasury announced on Tuesday that it plans on speeding up the process of handing over homes and assets worth R180 million, to at least one million South Africans from disadvantaged backgrounds, at the start of April. 

3. ELB interim results

ELB, a solutions and equipment supplier, released its interim results for the year ended December 31 2017. The group, which has operations in Africa and Australasia, reported growth in sales and profitability across all its sectors, with an increase in profit to R52 million, and an increase in headline earnings per share to 158 cents. It declared an interim dividend of 32 cents per share.

4. SAA suspends two executives

On Tuesday two South African Airways (SAA) executives were suspended, after unspecified findings from a forensic probe made into the state-owned airline. The executives are chief financial officer Phumeza Nhantsi and ex-CEO Musa Zwane. Bloomberg reported that this move may well be part of President Cyril Ramaphosa’s resolution to clean state-owned entities.

5. Train heists

An exclusive Moneyweb investigation has found that rail services in South Africa are in dire straits, with train hijackings taking place almost weekly. Passenger Rail Agency of South Africa has failed to comment on or address the situation. The United Nations Transport Union spokesperson, speaking at a press briefing, said commuter trains are also in a bad condition.


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