The 5 Important Things Happening in South Africa

Wondering what’s going on this week? We will be taking a look at political news, finance news as well as other interesting tidbits. For instance, did you know that Betway mobile app available on both Android and Apple?

Here is a look at the important things that are happening in South Africa today.

  1. Julius Malema and his Deputy Floyd Shivambu benefitted from looted money at VBS mutual banks.

A Scorpio investigation has exposed that EFF President Julius Malema received illicit funds from VBS banks. Apparently, the Economic Freedom Fighters received R1.8 million through two fronts. Moreover, an additional R430,000 was also received through three upfronts. These funds were received through a property in Sandown where Malema used to live since 2012. The property is currently registered under the EFF.

The funds were channelled from VBS to Malema through his family members and the party. Although Malema has gone to deny the claims of corruption and money laundering Public Protector Thuli Madonsela has found him guilty.

For most South Africans, this is quite ironical. It is the same Malema who is said to be fighting for the poor, the young and the vulnerable. However, he is the same one who has robbed them to feed selfish leadership interests.

  1. Jacob Zuma has been directly placed at the centre of the Gupta’s saga.

According to Pravin Gordhan’s sworn statement, the former president Jacob Zuma has been placed at the centre of the state capture. Gordhan has continued to accuse Zuma as the grand controller of the capture.

Although Gordhan at first was a bit intimidated to name Zuma, Gordhan has decided to paint the true picture of Zuma. Apparently, the latter wanted to fulfil the interests of his friends, the Gupta’s, through ANC.

Consequently, the ANC was shaped into the image of what Zuma wanted. A dishonest, deceptive and devious party. Zuma and the Gupta’s have denied any wrongdoing.

  1. Crisis hits Eskom.

Eskom is facing a huge loss after reportedly loosing R2.3 billion from the year ending at March. This comes after the company faced a profit of R0.9 billion in the last 12 months.

Eskom is the biggest power supplier in South Africa. Currently, they are under pressure to solve their financial issues like demand for electricity is declining.

Eskom depends on the government for support. Their woes began when they were placed in the middle of the Zuma and Gupta’s saga.

  1. The South African Savings Institute issues a Black Friday.

The Black Friday and Cyber Monday has been driving South African consumers on the brink of overspending. However, the South African Savings Institute (SASI) is encouraging consumers to invest and save rather than overspend.

SASI has started a campaign to make people aware about the benefits of saving and investing.

  1. South African Rand scores another high against the dollar.

The South African Rand surprised many after raising it’s interest rates.  It is the first time after three long years. On Thursday the Rand was at R13.94 to the dollar.