• Tongaat Hulett chair Louis van Zeuner says a legal team has been assembled to engage Deloitte following a reporting scandal. • Deloitte signed off on irregularities in the company's financial statements, which inflated its financial position by R12 billion. • On Tuesday, shareholders also voted in favour of a massive rights issue, which will give a Zimbabwean company control of the company.
• Europe wants to expand its lithium mining and refining capacity and wean itself off imports. • Along with nickel and cobalt, lithium allows electricity to be stored and transported, meaning it's important for electric battery production. • Australia is the world's biggest lithium producer, while China leads in lithium refining.
• Construction of the world's largest telescope - the Square Kilometer Array - is gaining momentum. • So far 27 contracts worth approximately R1.6 billion have already been awarded and tenders for five contracts worth approximately R1.8 billion are open. • The SKA's construction is expected to yield socio-economic benefits for South Africa such as job creation and skills development.
Following the successful implementation of transfers of funds to schools for the payment of Education Assistants (EAs) and General School Assistants (GSAs) stipends in December 2021, three Eastern Cape Department of Education officials implicated in the payment debacle have been suspended.
• The State Capture Commission's first report lays out the details of just how corruption and looting was engineered at state entities. • Suppliers wrote their own tenders, or had the rules changed to suit them, said Justice Raymond Zondo. • State-owned companies claimed the need for emergency procurement, and demanded empowerment for a select few. • For more stories go to www.BusinessInsider.co.za.
• The first part of the State Capture Inquiry report has critised PWC for failing to identify fraud and corruption at SAA. • PWC and its partner Nkonki Incorporated were the airline's external auditors between 2012 and 2016. • During this period they gave SAA clean audits, despite the report finding that the airline was "racked by corruption and fraud".
• The State Capture Inquiry report noted that the ANC and its government did nothing to stop the decline of state institutions. • The ANC's deployment committee came under scrutiny for endorsing individuals who presided over the capture of the state and its entities. • The commission also found that the ANC benefitted from the proceeds of corruption.
• President Cyril Ramaphosa is studying the Special Investigating Unit (SIU) report into Covid-19 corruption. • In July 2020, Ramaphosa signed a proclamation authorising the SIU to investigate the misuse of Covid-19 funds. • Allegations of corruption with lucrative PPE tenders and Covid-19 relief funding arose after the pandemic hit South Africa in 2020.