Defiant at inquiry, South Africa’s Zuma denies breaking law with business brothers

FORMER South African president Jacob Zuma told a corruption inquiry on Monday (15) that enemies had plotted to bring him down, and he had never broken the law with the business family at the centre of an influence-peddling scandal. Zuma struck a defiant tone at the public inquiry, saying he was the victim of a […]

ArcelorMittal may axe 2,000 jobs in South Africa

BUSINESS tycoon Lakshmi Niwas Mittal led ArcelorMittal said that it may axe nearly 25 per cent of its workforce in South Africa. The steel giant’s latest move has come as part of its restructuring plan to reduce cost as it fears that it could fall into red territory this year. It is anticipated that over […]

Ex-South Africa president Zuma to attend ‘prejudiced’ graft inquiry: Lawyer

JACOB ZUMA, unseated as South African president last year over corruption allegations, will attend a judicial inquiry into government graft during his tenure even though he believes it is prejudiced against him, his lawyer said. Zuma’s African National Congress party forced him to step down in February 2018 after years in office marked by a […]

Zambian court adjourns Vedanta’s liquidation case until June 11

A COURT hearing was adjourned for seven days following Zambian government’s move on Konkola Copper Mines (KCM) issue. Earlier, the Zambian government decided to name a provisional liquidator to operate Vedanta controlled KCM business. The court hearing was postponed without agreeing Vedanta’s demands to be involved, mining baron Anil Agarwal controlled company said. Government run […]

South Africa Withdraws Arrest Warrant For Ajay Gupta

SOUTH Africa has provisionally withdrawn an arrest warrant for Ajay Gupta, a businessman and friend of former president Jacob Zuma, police said on Friday (15), in a setback for the government’s promised fight against corruption. Former deputy finance minister Mcebisi Jonas accused Gupta of offering him a large bribe and the position of finance minister […]

Benefit For India’s Airtel As Uganda Enables Citizens To Buy Securities Through Mobile

AIRTEL, a unit of India’s telecommunication giant- Bharti Airtel is expected to be a second major beneficiary of Ugandan government’s initiative in which Ugandans will be able to buy government securities through a mobile money platform. With the latest move the east African country aims to become less dependent on commercial banks and institutional investors […]

South African Arms Firm Denel Eyes Indian Deals On Ramaphosa Visit

The chairwoman of South Africa’s state arms firm Denel is accompanying president Cyril Ramaphosa on a state visit to India on Friday (1), hoping to sign deals or agree new joint ventures which would help it emerge from severe financial difficulties. Denel has been plagued by years of mismanagement and exposure to a far-reaching influence-peddling […]

South African Finance Minister Nene Resigns Over Alleged Guta Corruption Scandal

South African president Cyril Ramaphosa on Tuesday (9) appointed former central bank governor Tito Mboweni as finance minister, replacing Nhlanhla Nene who admitted to having meetings with the Guptas business family at the centre of alleged corruption. Nene faced calls to resign after he admitted visiting the Gupta brothers, friends of scandal-plagued former president Jacob […]

Guptas Case: South Africa’s Finance Minister Asks President to Remove Him

South African finance minister Nhlanhla Nene has asked president Cyril Ramaphosa to remove him after he admitted to visiting the home of the Gupta brothers, friends of scandal-plagued former leader Jacob Zuma, South African daily Business Day said on Monday (8), sending the rand lower. Nene has become a divisive figure after testimony he gave at […]

Nhlanhla Nene: South Africa’s Zuma Fired Me for Blocking Russian Nuclear Power Deal

South Africa’s finance minister Nhlanhla Nene told a judicial corruption inquiry on Wednesday (3) that he was fired by former president Jacob Zuma for refusing to approve a £76.69 billion nuclear power deal with Russia in 2015. Nene is the highest profile figure to give evidence at a probe into alleged influence-peddling by the Gupta family, friends […]