The Editorial Team |

Sasfin Fires KPMG in Wake of South African Gupta Scandal

JOHANNESBURG (Capital Markets in Africa) – Sasfin Holdings Ltd., a South African financial-services company, said it’s firing KPMG LLP as its independent sponsor and searching for a new auditor, becoming the second company to announce it has dumped the firm because of work it did for the politically connected Gupta family. The decisions were based on “the well-publicized concerns recently raised with regard to KPMG,” Johannesburg-based Sasfin said in an emailed statement on Tuesday. Deloitte…

KPMG, McKinsey Feel the Heat Over South Africa Graft Scandal

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – As global companies implicated in a graft scandal in South Africa scramble to contain the damage to their reputations, politicians and law enforcement agencies are prevaricating and stalling official investigations. The scandal has revolved around members of the wealthy Gupta family, who are friends of President Jacob Zuma and have been accused of looting billions of rand in taxpayer funds and exerting undue influence over the state. Accountants KPMG LLP, public relations firm Bell…

Vodafone Mobile Operations Halted in Cameroon Over License Issue

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YAOUNDE (Capital Markets in Africa) – Vodafone Group Plc’s operations in Cameroon have been halted after the country’s telecommunications regulator ruled that a license had been incorrectly awarded to the local partner of the U.K. wireless carrier. The west African nation’s Telecommunications Regulatory Board allowed Vodafone Cameroon to provide internet and mobile services in the country without government approval, Posts and Telecommunications Minister Minette Libom Li Likeng said in interview in the capital, Yaounde, on…

Kinross to Invest $820 Million to Tread Water on Production

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LAGOS (Capital Markets in Africa) – Kinross Gold Corp. is spending more than $800 million to essentially tread water as — like many miners — it faces a future in which new gold assets are increasingly difficult to find and costly to develop. The Canadian miner said Monday it will move ahead with expansions at mines in Mauritania and Nevada as part of efforts to maintain its production and lower costs. Construction for the Phase Two…

Equatorial Guinea, Burkina Faso Agree LNG Supply and Sales Pact

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LAGOS (Capital Markets in Africa) – Equatorial Guinea said it signed a memorandum of understanding with Burkina Faso to supply the West African nation with liquefied natural gas and build infrastructure to import, store and transport the fuel. The initial three-year agreement compels both sides to negotiate and sign an LNG supply agreement and a terminal use deal, Equatorial Guinea’s Ministry of Mines, Industry and Energy said in an emailed statement on Monday. The countries will…

Kenyan Credit Growth Accelerates for First Time in Two Years

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NAIROBI (Capital Markets in Africa) – Lending to Kenya’s private sector accelerated in August for the first time in two years, after growing at the weakest pace since 2002 the month before as banks continued to shun borrowers because of a government-imposed interest-rate cap. Credit grew 1.6 percent in August from a year earlier, compared with 1.4 percent in July, the Central Bank of Kenya said in an emailed statement. The bank kept its benchmark interest rate…

Helios Towers Africa Considering London Stock Exchange Listing

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LAGOS (Capital Markets in Africa) – Africa’s Helios Towers, the independent telecoms tower infrastructure company and its shareholders are exploring strategic options for the business to drive its long-term growth. This may include the possibility of listing on the London Stock Exchange. At this stage, no decision has been made with all options remaining open to the company. Kash Pandya, CEO, commented: “This is an exciting time for Helios Towers as we continue to execute…

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