11th June 2018
An elite South Africa police unit raided offices of India’s Bank of Baroda (BOB.NS) on Friday and seized documents as part of an investigation into state corruption under former president Jacob Zuma, a police spokesman said. Bank of Baroda, which is winding down its operations in South Africa, was thrust… Read More
29th May 2018
A South African court ordered 250 million rand ($20 million) in assets belonging to former president Jacob Zuma’s allies the Gupta brothers be unfrozen, the EWN news network and other local media reported. The Guptas, who are Indian nationals, and Zuma have denied any wrongdoing in a series of scandals… Read More
4th May 2018
KPMG’s scandal-hit South African arm lost another major client on Thursday when Barclays Africa Group (BGAJ.J) dropped it as joint auditor, raising questions about the firm’s future. Barclays, one of KPMG’s major financial customers and South Africa’s second-biggest lender by market value, joins more than 10 other clients, including the… Read More
17th April 2018
South Africa’s Auditor General said on Tuesday he is terminating all contracts with auditing firm KPMG over a string of recent scandals that have cast doubt over the international audit firm’s professional and ethical conduct. The global auditor has been under close scrutiny since 2017 over work done for a… Read More
2nd April 2018
Anti-apartheid icon Winnie Madikizela-Mandela has died at 81 following an illness. The former wife of South Africa’s first black president Nelson Mandela, Winnie put up a notable fight against apartheid, and was considered as “the Mother of the Nation” by some. Her life, however, was also dogged by controversy. Winnie… Read More
27th March 2018
Gold castings of the hands of South Africa’s first black President Nelson Mandela have been sold for $10m (£7m) in bitcoin. Canadian crypto-currency exchange firm Arbitrade bought four casts from South African businessman Malcolm Duncan. The firm said it planned to launch a global “Golden Hands of Nelson Mandela” tour… Read More
18th March 2018
AP — Former South African president Jacob Zuma will face old charges of fraud, racketeering and money laundering, prosecutors announced Friday, deepening the legal woes of a leader whose tenure was marked by scandals. Shaun Abrahams, head of the National Prosecuting Authority, noted the “long history” of the reinstated… Read More
7th March 2018
A bank in South Africa has denied re-opening the accounts of companies belonging to the controversial Gupta brothers. The companies could be liquidated if banking facilities cannot be found. Earlier today it had looked as if the South African banking giant, Standard Bank, was throwing the Gupta-owned companies a lifeline… Read More
1st March 2018
South Africa’s chief prosecutor, who was ordered to step down by a court that found it improper that a Jacob Zuma-appointee should decide if the then-president should be prosecuted, appealled that ruling on Wednesday. The Constitutional Court, the country’s highest, heard the appeal by Shaun Abrahams against the Dec. 8… Read More
27th February 2018
New South African President Cyril Ramaphosa has announced his cabinet, making substantial changes to ministerial positions. He reappointed Nhlanhla Nene as finance minister, reversing his sacking by the former President Jacob Zuma. Mr Zuma, who is facing charges of corruption, was forced to stand down earlier this month by his… Read More