President Zuma |

Court Action Buoys Ramaphosa’s Bid to Lead South Africa’s ANC

JOHANNESBURG (Capital Markets in Africa) – The fractious race to succeed South African President Jacob Zuma as leader of the African National Congress faced further disarray by court rulings likely to disqualify more than 100 delegates who were scheduled to vote at a party conference this weekend. The decisions on the members in North West, KwaZulu-Natal and Free State provinces, which mainly support Nkosazana Dlamini-Zuma, the president’s ex-wife and preferred candidate, buoyed her main rival, Deputy President Cyril Ramaphosa….

Wrong ANC Leaders Will See It Lose Power, Gauteng’s Makhura Says

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – The premier of South Africa’s richest province warned the ruling African National Congress will lose its majority and extend an economic slump if it elects the wrong leaders this weekend. “If it doesn’t give South Africa the leadership that will win public confidence, not only is the ANC going to lose 2019 elections, but the country will be in a much longer protracted economic disaster, with deep pain for…

Zuma’s Moves Threaten Split in South Africa’s Ruling Alliance

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South African President Jacob Zuma’s decision to fire communist party leader Blade Nzimande from his cabinet is widening a rift with two of the African National Congress’s closest allies before a key leadership conference in December. In dismissing Nzimande as higher education minister Tuesday, Zuma, 75, targeted the communist party, which along with the main labor confederation, Cosatu, has said the president must step down because of a series of scandals that have…

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…

South Africa Central Bank Says Graft Ombudsman Met Zuma Lawyers

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – The country’s graft ombudsman used a probe into an apartheid-era bailout of a lender to attack the South African Reserve Bank and didn’t disclose a meeting with lawyers in President Jacob Zuma’s office to discuss the investigation before its findings were released, the central bank said. Public Protector Busisiwe Mkhwebane instructed lawmakers in a June 19 report to amend the constitution to make the bank focus on the “socioeconomic well-being of the citizens”…