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Eight Gupta firms seek insolvency protection in South Africa

South Africa budget a good step, says ratings agency S&P

JOHANNESBURG (Reuters) – At least eight companies owned by the wealthy Gupta family accused of corrupt ties to former president Jacob Zuma, have filed for protection from creditors, documents showed on Friday. The Indian-born billionaire business associates of Zuma, were accused of using their political connections to win state contracts …

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South Africa

South Africa

South Africa’s chief prosecutor has received a recommendation from his office’s investigators on whether to pursue corruption charges against former President Jacob Zuma. National Director of Public Prosecutions Shaun Abrahams “will advise in due course on the way forward,” spokesman Luvuyo Mfaku said by phone on Friday. The country’s appeals …

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Eskom Remains a Key Risk to South Africa

Eskom Remains a Key Risk to South Africa

By February 23, 2018, 8:01 AM EST South Africa’s power utility remains a major risk to the nation’s fiscal targets even as this week’s budget reverses some of the deterioration in the country’s finances, Fitch Ratings Ltd. said. Eskom Holdings SOC Ltd.’s “medium-term finances are under pressure from weak demand …

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How South Africa Is Cleaning House After Zuma’s Eviction

How South Africa Is Cleaning House After Zuma’s Eviction

Even before South African President Jacob Zuma quit under pressure on Feb. 14, having dragged the country through a succession of graft scandals during his almost nine-year tenure, prosecutors were already going after people in his circle. Among the most damning allegations leveled against Zuma during his time in office …

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South Africa Minister Brown ‘Inadvertently’ Misled Lawmakers

South Africa Minister Brown ‘Inadvertently’ Misled Lawmakers

South Africa’s anti-graft ombudsman has found Public Enterprises Minister Lynne Brown inadvertently misled parliament about contracts that existed between the state-owned power utility and a company linked to the Gupta family, and has given President Cyril Ramaphosa 14 days to take action. “By inadvertently misleading parliament, Minister Brown violated” the …

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South Africa

South Africa budget a good step, says ratings agency S&P

JOHANNESBURG (Reuters) – A South African minister inadvertently misled parliament when she said a local consultancy firm linked to business friends of former President Jacob Zuma had no contracts with state power utility Eskom, an anti-graft watchdog said on Thursday. This is the latest criticism of a senior government official …

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South Africa budget casts hopeful light on Moody

South Africa budget casts hopeful light on Moody

CAPE TOWN/LONDON (Reuters) – South African bonds stayed in demand on Thursday as markets priced in expectations that government efforts to reduce the country’s large debt pile will enable it hang on to its last investment grade rating in a Moody’s review due soon. In a budget announced on Wednesday, …

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