Zondo Report Recommends Investigating Zuma & Others for Transnet, Denel Corruption

LOCAL NEWS

• Zondo report part 2 recommends investigating Zuma for the reinstatement of Siyabonga Gama as Transnet CEO, despite his track record of tender fraud. ANC chair Gwede mantashe was also involved in Gama’s reinstatement and may be investigated.
  • Also recommends appropriate charges be brought against some directors at Denel: Daniel Mantasha & Lynne Brown. Zondo says politicians are incapable of appointing SOE leaders and that an independent board must be set up to do so
• Eskom to implement stage 2 load shedding today until next week Monday due to a generation shortage. A unit each at Kusile & Kendal power stations tripped while there were delays in returning units at Kusile, Tukut, Duvha, Lethabo & Grootvlei stations.
  • Since the weekend Eskom has been using significant amounts of emergency reserves, which have now been depleted. 3 generating units are expected to return today
• FinMin Godongwana assures parliament that the World Bank loan will be effective in funding the budget deficit at an effective rate that is lower than the current market rate.
  • Notes that there are no conditions attached to the loan, but warned that debt service costs were a concern. The committee is set to meet again next Tuesday
• Grocery store Pick n Pay warns prices are likely to increase in the months ahead and that the company cannot absorb them all with logistics costs rising. Auto Association also warns that more fuel price rises are coming in the next few months