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South Africa Graft Ombudsman Won’t Fight Central Bank Court Bid

JOHANNESBURG (Capital Markets in Africa) – South Africa’s anti-graft ombudsman won’t oppose the Reserve Bank’s court application to review and set aside her instruction to parliament to change the constitution and amend the central bank’s primary role. Public Protector Busisiwe Mkhwebane considered legal advice and decided not to oppose the application the central bank filed on June 28, her office said in an emailed statement on Monday. In a report last month, Mkhwebane instructed the legislature to start…

South Africa’s Welfare Agency Scraps Minister’s Advisory Teams

Posted on by The Editorial Team

Johannesburg (Capital Markets in Africa) – The South African Social Services Agency has scrapped the advisory groups that were set up to plan for the future of the country’s more than $11 billion of annual welfare payments. Letters were sent to the so-called “work streams” last week informing them of their termination, Sassa Chief Executive Officer Thokozani Magwaza said in an interview at Bloomberg’s Johannesburg office on Monday. Magwaza said he had informed Social Development Minister…

EXEO Capital’s Agri-Vie Fund exit from Fairfield Dairy South Africa

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JOHANNESBURG (Capital Markets in Africa) – Agri-Vie Fund I, the Africa Food and Agribusiness Investment Fund managed by the pan-African private equity investment firm, EXEO Capital, has announced its exit from one of South Africa’s most respected value-added dairy companies, Fairfield Dairy, concluding a fruitful partnership which has vastly expanded the business over seven years. Kevin Lang, founder and major shareholder of Fairfield Dairy, says that during this time, Fairfield Dairy substantially strengthened its operations…

South Africa Must Have Inflation-Target Talk, Buthelezi Says

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JOHANNESBURGH (Capital Markets in Africa) – South Africa should have talks on the appropriateness of the central bank’s inflation target, Deputy Finance Minister Sfiso Buthelezi said, adding to concern that the institution’s mandate may be altered. “We set this 3 percent to 6 percent then, under different economic conditions,” Buthelezi said at a conference Monday in Johannesburg. “Is it still relevant now? Is it a policy for all seasons?” Buthelezi’s remarks come a week after Public Protector Busisiwe Mkhwebane recommended…

South African Miners Apply to Court to Block Government Charter

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JOHANNESBURGH (Capital Markets in Africa) – Johannesburg South Africa’s mining companies have applied to the High Court in Pretoria to block the government’s Mining Charter, arguing that the new rules would destroy the industry. The Chamber of Mines, which represents mining companies, has applied for an urgent interdict that would halt the implementation of the charter, published by the Department of Mineral Resources on June 15, it said in an emailed statement Monday. The group plans…

Banks Balk at Risk of Funding South Africa Mining Charter Deals

Posted on by The Editorial Team

JOHANNESBURGH (Capital Markets in Africa) – South Africa’s plan to force mining companies to give the black majority a bigger stake in the nation’s mineral wealth faces a major obstacle: convincing banks to back billions of dollars of fresh deals in an industry in decline. Mineral Resources Minister Mosebenzi Zwane said on June 15 that local mines should be at least 30 percent owned by black people, up from the previous requirement of 26 percent. The mining companies need banks to…

Credit Suisse Disputes Fees Shown in Kroll Mozambique Audit

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MAPUTO (Capital Markets in Africa) – Credit Suisse Group AG, which helped arrange the majority of the $2 billion in Mozambique state-backed loans that plunged the country’s economy into crisis, disputed that it received more than $160 million in fees for arranging the financing. The bank was responding to Kroll LLC’s audit report into the loans that said it and Russia’s VTB Bank PJSC were paid almost $200 million in arrangement and contractor fees. The investigation showed that Mozambican…

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