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Five things making headlines in South Africa today

KPMG comes clean on dealings with VBS Bank, Eskom assumes 2% tariff increase, AngloGold Ashanti CEO resigns, Consol maps out plans, and EOH shareholders unhappy.

Here’s what caught our attention on Monday:

1. KPMG comes clean on VBS dealings

Two senior partners at auditing firm KPMG resigned on Friday, after the firm said it was misled by their dealings with VBS Bank. Sipho Malaba and Dumi Tshuma did not disclose details of their dealings with the bank. Moneyweb reported that VBS Bank made loans to the senior partners and the partners misled KPMG on the nature of the loans. The South African Reserve Bank placed VBS Bank under curatorship over fears of it facing a liquidity crisis. A forensic investigation is underway.

2. Eskom wants an additional 2% to recover 

Eskom said it could do with an additional 2% tariff increase on an annual basis for the next five years in an attempt to recover R66 billion in unforeseen expenses and unrealised revenue for the three years ended March 31 2017, Moneyweb reported. The National Energy Regulator of South Africa (Nersa) is also expected to start its public hearings into Eskom’s application for the additional R66 billion on Monday.   

3. AngloGold’s Venkat resigns

The CEO of AngloGold Ashanti Srinivasan Venkatakrishnan has handed in a resignation, effective in August. Bloomberg reported that Venkatakrishnan has been with AngloGold Ashanti for 18 years and has held the position as CEO for five years. He is to take up the position of CEO at Vedanta Resources.

4. What to expect from Consol’s listing

Glass packaging company Consol, due to list on the JSE next month, aims to raise R3.4 billion by way of a private placement. It is to offer up 34.2% of the total issued ordinary shares in Consol at a price range of  R1.50 to R6.50 a share. 

5. EOH shareholders express grievances

EOH shareholders voted against five executive directors and resisted its remuneration policy at the annual general meeting on Thursday. The CEO himself, Zunaid Mayet who was newly appointed, had 15.4% of shareholders vote against his appointment as EOH executive director, Moneyweb reported.

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You missed this?
The Gauteng health department paid out R521-million in medical negligence claims between January 2017 and March 2018 in respect of 138 cases with a further 1‚597 cases totaling more than R22-billion currently before the courts (excluding the Life Esidimeni murders). “This was revealed by Gauteng health MEC Gwen Ramokgopa in response to questions by Democratic Alliance (DA) health shadow MEC Jack Bloom‚ who has expressed concern over the claims which will cost close to half of the department’s R46.4-billion budget”

Apart from the financial cost, the human suffering is incalculable.
No wonder Madam Madikizela-Mandela chose private, rather than the state health her party provides the Nation.

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