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<p>Joining CNBC Africa for a look at the local markets is Wayne Mccurrie, Senior Portfolio Manager, Ashburton.</p>


Naspers should explain alleged payment to Guptas “quickly”, says shareholder

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<p>Transnet CEO, Siyabonga Gama discussed the state owned entity&#8217;s dealings with the controversial Gupta family and executive management issues at Transnet.</p>


Transnet CEO Siyabonga Gama talks earnings, Gupta links

<p><em>Enterprise application software provider SAP in July initiated an <a href="http://cnbc.africa/trending/state-capture/2017/07/13/sap-investigate-gupta-corruption-allegations/">independent investigation</a> into allegations that it agreed to pay <a href="http://amabhungane.co.za/article/2017-07-11-guptaleaks-software-giant-sap-paid-gupta-front-r100m-kickbacks-for-state-business">10% “sales commission” </a>to a company controlled by the Guptas to clinch business from Transnet. </em><em>SAP also launched an internal review. </em></p>
<p><em>Following the review the company has voluntarily disclosed information about its South Africa business to U.S. authorities responsible for enforcing the U.S. Foreign Corrupt Practices Act. The disclosures relate to misconduct relating to the management of Gupta-related third parties. It has initiated disciplinary procedures against three employees and made significant changes to its global sales deal processes. B</em><em>elow is its emailed statement from SAP on the results of the investigation:</em></p>
<p><strong>WALLDORF, Germany — October 26, 2017 — SAP SE (NYSE: SAP) </strong>has voluntarily disclosed the situation in its South Africa business to U.S. authorities responsible for enforcing the U.S. Foreign Corrupt Practices Act. It has initiated disciplinary procedures against three employees and made significant changes to its global sales deal processes.</p>
<p>“As a global company with a commitment to integrity and compliance, the past three months have been humbling for us,” said Adaire Fox-Martin, member of the Executive Board of SAP SE, who leads SAP’s business in Middle and Eastern Europe (MEE), Europe, the Middle East, and Africa (EMEA), and Greater China. “The allegations of wrongdoing in our South African business have had a profound impact on our employees, customers and partners, and on the South African public — and we apologize wholeheartedly for this.”</p>
<p><strong>READ: </strong><a href="http://cnbc.africa/news/2017/07/17/sap-names-acting-executive-team-law-firm-south-africa-probe/">SAP names acting executive team, law firm for South </a></p>
<p>Fox-Martin said SAP had initiated its voluntary disclosure on July 13, 2017, and that SAP has committed to full and complete cooperation with the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC). She confirmed that the investigation by the DOJ and SEC continues.  “We cannot emphasize enough how seriously the SAP Executive Board takes these allegations, or how committed we are to managing this process in a transparent, ethical and responsible way,” Fox-Martin said.</p>
<p>Disciplinary Measures To date, the investigation has not revealed any evidence of a payment to a South African government official, including Transnet and Eskom employees. It has, however, uncovered indications of misconduct in issues relating to the management of Gupta-related third parties. To this end, SAP has instituted formal disciplinary proceedings, in accordance with South African labour law, against three employees who were placed on administrative leave at the beginning of the investigation. SAP has been clear from the outset that it will not tolerate misconduct or wrongdoing.</p>
<p>The investigation has found that the fourth employee placed on administrative leave had no material involvement with Gupta-related parties. The employee will return to work.</p>
<p>Process Changes  The SAP Executive Board has decided to eliminate sales commissions on all public sector deals in countries with a Corruption Perceptions Index (according to Transparency International) below 50, effective immediately. South Africa’s rating is 45.</p>
<p>The SAP Executive Board has initiated — on a global basis — extensive additional controls and due diligence into relationships with sales agents and value-added resellers, including additional audit functions.</p>
<p>SAP will allocate additional legal compliance staff to the SAP Africa market unit. They will be based in South Africa and report into SAP’s Global Compliance organization.  SAP will further strengthen its Compliance Committee in the SAP Africa region, consisting of local management, compliance and other corporate functions, to ensure individual deal sanity and integrity, and promote compliance generally.</p>
<p>In July, SAP promised to publish findings of the Baker McKenzie investigation once completed. Since the investigation is still ongoing, and in deference to ongoing investigations of the DOJ and the SEC, SAP cannot provide further details currently. It is SAP’s intention to release complete findings at the end of the investigation.</p>
<p><strong>APPENDIX</strong><br />
(Status of the Baker McKenzie Investigation) Baker McKenzie initially focused its investigation on SAP&#8217;s contracts with Transnet and Eskom, and this part of the investigation will conclude by the end of 2017. Following a data analytics search of 8.4 million documents, the law firm has completed a first-level review of 131,609 documents, and a second level review of 52,985 documents. Baker McKenzie has conducted numerous interviews. SAP has also invoked its third-party audit rights with entities understood to be Gupta-related – and these audits are in the early stages.  Baker McKenzie has been contracted by SAP to continue to investigate the public-sector business in South Africa going back to 2010. To date the investigation has determined that, between December 2014 and November 2016, SAP concluded two contracts for the sale of software to Transnet and two contracts for the sale of software to Eskom, each with the assistance of an entity currently understood to have been Gupta-related.</p>
<p>In connection with these four contracts, SAP provided software and received revenue totalling approximately ZAR 660 million (approximately USD 48 million), and paid commissions to entities currently understood to be Gupta-related totalling approximately ZAR 94 million (approximately USD 6.8 million). The amounts actually paid to the third parties totalled approximately ZAR 107 million (approximately USD 7.7 million) because, by contract, each commission payment included an amount of VAT for taxes due on the receipt of the funds.</p>
<p>In December 2016 and June 2017, SAP concluded two additional contracts to provide software and services to Eskom with the assistance of an entity currently understood to have been Gupta-related. No revenue has been received or commissions paid in connection therewith.</p>
<p>After SAP&#8217;s initial voluntary disclosure, Baker McKenzie has spoken on SAP&#8217;s behalf with prosecutors at both the DOJ and SEC, and has started the process of sharing documents and information.</p>


Multinational SAP concludes probe, reports Gupta-related misconduct to US authorities

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<p>Lord Peter Hain wrote another letter thanking the Chancellor for ensuring UK authorities investigate HSBC, Standard Chartered Banks, and Baroda Bank for the corrupt proceeds of money stolen from the South African taxpayers.</p>


Lord Peter Hain on the Gupta money trail, sate capture probe

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<p>Gupta cash flows are being investigated by the Federal Bureau of Investigation. These flows are said to relate to multi-million-rand contracts the Guptas allegedly secured for Transnet suppliers. According to the Financial Times, the FBI is looking into funds being moved between South Africa, Dubai and the United States. Joining CNBC Africa for more on this is David Lewis, Executive Director of Corruption Watch.</p>


FBI investigating the Guptas’ financial transactions

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It&#8217;s been a week to forget for the South African Chapter of KPMG. Today Business Leadership South Africa suspended the auditor’s membership, yesterday the Reserve Bank governor warned of risks to the broader financial system from the KPMG saga. KPMG SA&#8217;s new CEO Nhlamulo Dlomu sat down with CNBC Africa reporter, Karabo Letlhatlha to discuss the current problems facing the audit firm.</p>


KPMG SA’s new CEO speaks frankly on Gordhan, reputational damage, Guptas, BLSA

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<p>It’s been a week to forget for the South African Chapter of KPMG. Today Business Leadership South Africa suspended the auditor’s membership, yesterday the Reserve Bank governor warned of risks to the broader financial system from the KPMG saga.</p>


<p><em><span class="fn author-name">Jannie Rossouw | </span>University of the Witwatersrand</em></p>
<p>&nbsp;</p>
<div class="grid-ten large-grid-nine grid-last content-body content entry-content instapaper_body">
<p>As far as corporate accountability goes, the recent announcement that the CEO and seven senior executives at auditing and consultancy firm KMPG in South Africa have resigned is a welcome development.</p>
<p>By resigning, the KPMG executives reinforced the principle of executive responsibility. This is a matter not taken seriously in South African culture, particularly when it comes to the public sector. The usual pattern when misdemeanours are uncovered is for government ministers and other senior executives to blame their staff – or someone else – when things go wrong.</p>
<p>At this level the action of the KPMG executives is to be respected. The hope must be that this behaviour becomes an example for others.</p>
<p>KPMG executives have set a new South African benchmark: executives assuming responsibility for wrongdoing in their organisations. South Africans should thank the firm for setting a new standard with this decisive action. Its executives have taken oversight responsibility for the action of others.</p>
<p>The role that companies such as KPMG plays is particularly crucial because auditor firms and consultancies are meant to hold companies and state entities to account by ensuring transparency and honesty. The fact that a firm of KPMG’s standing should be embroiled in a matter as murky as compiling false reports to serve the political ends of particular politicians highlights the degree of corruption that has taken hold in South Africa.</p>
<p>In light of this, are KPMG’s actions enough? I believe not. To pull South Africa back from the brink, the auditing firm should opt for full disclosure of all its involvement with the Gupta family as well as the companies they own. This should, inter alia, include all working papers, correspondence and audit findings. This would allow public scrutiny of the work it claims to have done under the banner of professionalism and provide the opportunity for a deeper understanding of the Gupta network. Nothing short of this will clear KPMG’s name.</p>
<h2>From state capture to country capture</h2>
<p>There is no doubt that KPMG’s report on a rogue unit completed for the South African Revenue Service has damaged South Africa’s image. But it has done more than that and raises the question whether South Africa suffers only state capture, or whether the rot is growing into economic capture of the whole country, what I term “country capture”.</p>
<p>The basis for asking this question is that the South African economy – and as a result its citizens – are paying a heavy cost for the mismanagement of the country’s resources. This has been through a combination of bad and neglectful management and out-and-out corruption. All this for the account of South African taxpayers.</p>
<p>South Africa’s fiscal position is precarious, with a revenue shortfall of more than R50 billion expected in the fiscal year to 31 March 2018. This growing shortfall is driven by subdued economic performance and will continue until the domestic economic growth recovers.</p>
<p>The shortfall is directly linked to low economic growth and recessionary conditions. These in turn have been caused by state capture. The private sector is reluctant to invest in the midst of corruption. This means that there is no new economic activity being started, a particularly bad situation given that industries such as mining are shrinking. This week Implats announced it was in negotiations with unions to lay off 2 500 workers. Unemployment is already at 27.7%.</p>
<p>Individual South African taxpayers are therefore being forced to bail out the government as it faces fiscal difficulties, placing the country on the slippery slope of country capture. This is reflected in the fact that government’s final consumption expenditure as percentage of GDP currently exceeds 20%.</p>
<h2>What next?</h2>
<p>Having ended up in this precarious position, it’s necessary to consider the way forward for KPMG and for South Africa.</p>
<p>KPMG clearly wants to save itself as a company and South Africa wants to rid itself of state/country capture. In redeeming itself, the firm can render a great service to South Africa in the quest to break the stranglehold. KPMG should disclose all dealings, findings, work papers, interactions and the like with the Gupta family businesses. This would achieve two objectives.</p>
<p>Firstly, it would show who is implicated and who is not. KPMG stated that there was no wrongdoing on its side in audits it did on companies owned by the Guptas. But this can only be settled through full disclosure.</p>
<p>Secondly, such a disclosure would help to reveal the full scope of state/country capture in South Africa.</p>
<p>Naturally KPMG’s dealings with the Gupta companies and Gupta family are subject to client confidentiality agreements. KPMG should therefore inform the Gupta family of its intention to publish within seven days. If the Guptas object in writing KPMG should approach the courts with a request to issue a clarification order to authorise disclosure.</p>
<p>This is the only way in which KPMG can salvage what’s left of its reputation in South Africa. KPMG should stand for: “Keep Pushing Mighty Guptas”.</p>
<p>At the same time South Africans would be able to use the disclosures as the basis for beginning to understand the full extent of state/country capture and the remedial steps necessary to turn this around.</p>
<p>Here is a small opportunity to make progress towards some light at the end of a very long and dark tunnel. The opportunity rests in the hands of KPMG. South Africa waits.</p>
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<div class="grid-ten grid-prepend-two large-grid-nine grid-last content-topics topic-list"><em> This </em>article<em> was first published in The Conversation.</em></div>


What KPMG’s Gupta imbroglio says about corruption in South Africa

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<p>While many corporates are considering their relationship with auditing firm KPMG following the Gupta wedding scandal and the SARS rogue unit report, Sasfin has become the second listed company to sever ties with KPMG.</p>


Sasfin dumps KPMG for Deloitte over Sars, Gupta saga

<p data-reactid="45">Global auditor KPMG cleared out its South African leadership on Friday after damning findings from an internal investigation into work done for the Guptas, businessmen friends of President Jacob Zuma accused of improperly influencing government contracts.</p>
<p data-reactid="46">KPMG’s investigation did not identify any evidence of illegal behaviour or corruption but it did find that work done for Gupta family firms “fell considerably short of KPMG’s standards”, the auditor said in a statement.</p>
<p data-reactid="47">It became the third global firm to be damaged by work carried out for the Indian-born brothers after public relations agency Bell Pottinger &#8211; whose British business collapsed this week &#8211; and consultancy McKinsey.</p>
<p data-reactid="48">Both Zuma and the Guptas deny wrongdoing and say they are victims of a politically motivated witch-hunt. The Guptas and their companies have not been charged with any crime.</p>
<p data-reactid="49">“This has been a painful period and the firm has fallen short of the standards we set for ourselves, and that the public rightly expects from us,” new South African CEO Nhlamu Dlomu said.</p>
<p data-reactid="50">“I want to apologise to the public, our people and clients for the failings that have been identified by the investigation.”</p>
<p data-reactid="51">KPMG said it would donate the 40 million rand ($3 million) it earned in fees from Gupta-controlled firms to charity and refund 23 million rand it earned compiling a controversial report for the South African tax service.</p>
<p data-reactid="53">South African chief executive Trevor Hoole, chairman Ahmed Jaffer, chief operating officer Steven Louw and five senior partners all resigned.</p>
<p data-reactid="54">“I absolutely understand that ultimate responsibility lies with me,” Hoole said in a statement.</p>
<p data-reactid="55">KPMG is also seeking to take disciplinary action to dismiss Jacques Wessels, the lead partner on audits of Gupta-linked firms, it said. Wessels did not answer a call to his mobile phone seeking comment.</p>
<p data-reactid="56">Andrew Cranston, former CEO of KPMG in Russia, has been appointed as interim chief operating officer.</p>
<p data-reactid="57">“GOOD RIDDANCE”</p>
<p data-reactid="58">The three Gupta brothers, Atul, Ajay and Rajesh, came to South Africa in the early 1990s and built a commercial empire stretching from computers to mining and media. The family has employed Zuma’s son Duduzane as a director of one of its subsidiaries.</p>
<p data-reactid="59">The brothers have rejected accusations by a public watchdog of corruptly influencing Zuma, in one of many scandals that have damaged his presidency.</p>
<p data-reactid="60">The turmoil at KPMG follows the placing into</p>
<p data-reactid="60">the placing into administration of the British arm of Bell Pottinger on Tuesday, after clients deserted it because of a backlash over a racially charged political campaign it ran for the Guptas.</p>
<p data-reactid="61">Global consultancy McKinsey is also being investigated by South Africa’s parliament over whether it knowingly let funds from state power utility Eskom be diverted to a Gupta company as a way of securing a $78 million contract to advise Eskom.</p>
<p data-reactid="62">McKinsey is carrying out its own investigation, but has denied wrongdoing.</p>
<p data-reactid="64">The Gupta scandals have piled pressure on Zuma and opened a deep divide in the ruling African National Congress, the party that has ruled since Nelson Mandela swept to power at the end of apartheid in 1994. It is due to elect a new party leader in December.</p>
<p data-reactid="65">David Lewis, chief executive of Corruption Watch, an NGO that has been at the forefront of efforts to expose alleged wrongdoing by the Guptas and those around them, doubted that KPMG had really turned over a new leaf.</p>
<p data-reactid="66">“Good riddance &#8211; it’s great they’ve gone,” he said. “But it’s got to go to the culture of the firm, quite frankly. I doubt that people of that seniority were conducting themselves in a manner that doesn’t reflect the culture of the firm.”</p>
<p>&nbsp;</p>
<div class="Attribution_attribution_o4ojT" data-reactid="67">
<p class="Attribution_content_27_rw" data-reactid="68">Reporting by Joe Brock, Ed Cropley, TJ Strydom, Olivia Kumwenda-Mtambo, Mfuneko Toyana and Nqobile Dludla; Writing by Joe Brock; Editing by Mark Trevelyan</p>
</div>


KPMG South Africa shakes out top management over Gupta scandal

<p data-reactid="42">Global consultancy McKinsey, facing parliamentary hearings in South Africa over payments to a firm controlled by a billionaire family, ignored suspicions raised over several years by local senior staff that companies it worked with were set up to steer state contracts, two former employees said.</p>
<p data-reactid="43">Since July, when new information emerged about McKinsey’s flagship South African contract, the consultancy has been under increasing scrutiny in a widening corruption scandal over the influence of the Gupta family, businessman friends of President Jacob Zuma.</p>
<p data-reactid="44">South Africa’s parliamentary committee on public enterprises is investigating whether McKinsey knowingly let funds from state utility Eskom be diverted to a Gupta company as a way of securing a $78 million contract to advise Eskom. McKinsey denies wrongdoing and says it intends to cooperate with the authorities if evidence of any impropriety emerges.</p>
<p data-reactid="45">“We hold ourselves to the highest professional standards wherever we work and stand firmly against corruption. We are committed to ascertaining the facts and swiftly taking any and all appropriate action,” spokesman Steve John told Reuters.</p>
<p data-reactid="46">McKinsey has hired law firm Norton Rose Fullbright to assist in an internal investigation. Norton Rose said it would not comment while its probe is under way.</p>
<p data-reactid="47">The accounts by the two former employees, who spoke to Reuters separately on condition of anonymity because their present jobs do not permit them to speak to the media, could provide fodder for lawmakers who say they have questions about the timeline McKinsey has given of when it learned of potential problems.</p>
<p data-reactid="48">McKinsey says it carried out a due diligence review on its partner in the Eskom deal beginning in January 2016, and cut all ties with the local firm two months later after it concluded the company was unfit.</p>
<p data-reactid="49">“We carry out checks on suppliers and partners when we work with them and address issues and concerns when they arise. When concerns were raised we undertook due diligence,” spokesman John said in a written response to questions.</p>
<p data-reactid="50">But the ex-employees said they had attended meetings in Johannesburg where problems with that firm and a precursor company employing the same principal staff had been discussed much earlier: as far back as 2013.</p>
<p data-reactid="51">The ex-employees said they would have expected such concerns to have been escalated to managers outside South Africa, although they did not know if that had happened.</p>
<p data-reactid="52">Ultimately, McKinsey accepted the Eskom account in spite of the warnings, the sources said.</p>
<p data-reactid="53">“We turned a blind eye,” said one.</p>
<p data-reactid="54">McKinsey spokesman John said he could not comment on meetings that may have taken place without knowing the names of the participants.</p>
<p data-reactid="55">Natasha Mazzone of the opposition Democratic Alliance, a member of the parliamentary committee investigating the affair, said the committee would be looking at what McKinsey knew, and when, about the intentions of its local partners.</p>
<p data-reactid="56">“If McKinsey is found to have been deliberately misleading South Africa and assisting in state capture, they will certainly be held to account and recommendations will be made to the portfolio committee.”</p>
<p data-reactid="57">“STATE OF CAPTURE”</p>
<p data-reactid="58">McKinsey’s Eskom contract was huge for the consultancy, accounting for more than half of its South African revenue, according to the two ex-employees. The deal coalesced even as a number of other business services firms were curtailing their work for South African state firms in the wake of an anti-corruption watchdog’s report into the Guptas.</p>
<p data-reactid="59">The 355-page report by the constitutionally-mandated Public Protector watchdog, entitled “State of Capture”, accused the government of improperly steering hundreds of millions of dollars in state contracts to Gupta-controlled firms.</p>
<p data-reactid="60">The Guptas and President Zuma deny wrongdoing and say the scandal has been manufactured to undermine Zuma’s leadership.</p>
<p data-reactid="61">While McKinsey was working for Eskom in 2015-2016, Eskom paid 30 percent of the deal’s value to a firm called Trillian, which was controlled at the time by a Gupta family ally. The three parties, McKinsey, Eskom and Trillian, have given contradictory explanations for the payments to Trillian.</p>
<p data-reactid="62">Eskom says it paid because it was told by McKinsey that Trillian was McKinsey’s subcontractor. The utility declined to answer further questions for this story.</p>
<p data-reactid="63">Trillian, in response to Reuters questions, said it “was the partner of McKinsey and was paid its proportionate share of what McKinsey and Trillian billed against work done.” It said it was no longer controlled by the Guptas, as longterm Gupta family business partner Salim Essa had sold his shares this year. Essa did not respond to requests for comment.</p>
<p data-reactid="64">McKinsey has long said it was not responsible for the payments, never had any contractual relationship with Trillian and had severed all ties with the company in March 2016.</p>
<p data-reactid="65">But in July this year, several South African newspapers released a leaked Feb. 2016 letter by a McKinsey director instructing Eskom to pay Trillian and describing Trillian as McKinsey’s subcontractor.</p>
<p data-reactid="66">McKinsey says the letter “inaccurately characterised” its relationship with Trillian. The McKinsey director who wrote it, Vikas Sagar, has been placed on leave pending the outcome of McKinsey’s internal investigation.</p>
<p data-reactid="67">Sagar did not respond to attempts to reach him on social media, and McKinsey declined to make him available for comment.</p>
<p data-reactid="68">Mazzone of the opposition Democratic Alliance said: “We need to establish why a firm like McKinsey agreed to a 30 percent share of work with Trillian in the first place, when exactly they realised that siphoning to Gupta companies was taking place and if they alerted the Minister of Public Enterprises to possible concerns.”</p>
<h3 data-reactid="69">TIMELINE</h3>
<p data-reactid="70">The two ex-employees said McKinsey’s South African office had been wrestling for years with the question of whether it was working with local companies that were little more than window-dressing to get contracts.</p>
<p data-reactid="71">Trillian was formed in 2015 by directors from another firm called Regiments, and employed many of the same principal staff. Regiments had already been McKinsey’s local partner on another contract since 2012, and the ex-employees said McKinsey’s office considered the new company to be a spin-off of the older one, intended to play a similar role in future deals.</p>
<p data-reactid="72">According to the ex-employees, McKinsey partners in South Africa told managers in the country that they thought both Regiments and Trillian had few capabilities, and were valuable mainly for political connections necessary to secure contracts.</p>
<p data-reactid="73">“At least two (Johannesburg-based) partners raised concerns about using Regiments as a sub-contractor back in 2013. It seemed clear Regiments was a way of us winning the contract and if we caused a fuss we would lose business,” one of the ex-employees said.</p>
<p data-reactid="74">“We had several meetings between 2013 and 2016 at top level locally about Regiments and Trillian, where it was asked: how are these unqualified companies winning us contracts? Why are the contract amounts so favourable? Why do we have to use them to get business?”</p>
<div class="DPSlot_container_2dHIN DPSlot_inline_1oeo6 in-article-tag"></div>
<p data-reactid="76">In a statement to Reuters, Regiments strongly rejected the suggestion that it was employed by McKinsey solely to win contracts. Regiments had received “numerous client and McKinsey acknowledgements of our value add and delivery,” it said. “Regiments was never involved in the procurement process, except to provide our profile to McKinsey on a few occasions.”</p>
<p data-reactid="77">According to the ex-employees, as the Eskom deal was coming together in 2015, there was strong resistance within McKinsey’s South Africa office to working with Regiments personnel and their new vehicle Trillian on the Eskom bid.</p>
<p data-reactid="78">They said a McKinsey partner approached an Eskom board member in September 2015 to say that McKinsey did not want to work with either Regiments or Trillian, due to concerns over the ownership of those companies and their capabilities. A former Eskom executive, who also spoke to Reuters on condition of anonymity, confirmed that conversation took place.</p>
<p data-reactid="79">The McKinsey ex-employees said the partner who made the overture to the Eskom board member was shifted off the project and replaced by Sagar, who was promoted to the rank of director. Sagar then wrote his letter to Eskom describing Trillian as McKinsey’s subcontractor and instructing Eskom to pay it.</p>
<p data-reactid="80">The Eskom deal was too big to jeopardise by looking too closely at the role of the Guptas, the ex-employees said.</p>
<p data-reactid="81">“Losing a contract of that size would have serious implications for the business and staff in South Africa,” said one. “It was considered a risk worth taking.”</p>
<p>($1 = 12.9514 rand)</p>
<div class="Attribution_attribution_o4ojT" data-reactid="82">
<p class="Attribution_content_27_rw" data-reactid="83">Editing by Peter Graff</p>
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McKinsey ignored staff warnings in South Africa Gupta scandal, ex-employees say

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<p>It has certainly not been happily ever after for Moses Kgosana, one of the guest at the lavish Gupta family wedding at Sun City in 2014. Kgosana, former boss at audit firm KPMG has now stepped down as Chairman of Imperials Audit Committee.</p>


Moses Kgosana clarifies on Gupta scandal claims, quits Imperial post

<p>In this exclusive BBC interview, Duduzane Zuma addresses a multitude of issues concerning his business dealings with the Gupta Family.<br />
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Duduzane Zuma speaks on his Gupta connection

<p data-reactid="32">Duduzane Zuma, the son of South Africa’s President, said on Thursday there was “nothing untoward” about his links with the Gupta brothers &#8211; businessmen accused of using their friendship with his family to win contracts.</p>
<p data-reactid="33">Duduzane told the BBC in a rare interview he had built up his own ties with the Gupta brothers purely through being “a likeable guy”.</p>
<p data-reactid="34">“I’ve not involved myself in any corrupt practice, in any corrupt business,” he said.</p>
<p data-reactid="35">The Guptas &#8211; a family of Indian-born businessman &#8211; have dismissed accusations by members of the ruling African National Congress party of using their link to the president to boost their businesses that span mining and technology and have government contracts.</p>
<p data-reactid="36">President Jacob Zuma has faced calls to resign from the opposition and also within the usually united ANC over the relationship and the allegations of influence wielding that have shaken the government and markets. He has also denied any wrongdoing.</p>
<p data-reactid="37">The main opposition Democratic Alliance (DA) party has said Duduzane helped produce a racially-charged PR campaign backing his father while he was working for Oakbay Resources, which was controlled by the Guptas.</p>
<p data-reactid="38">The DA based its allegations on tens of thousands of leaked emails released by investigative journalists &#8211; though one of the Gupta brothers, Atul Gupta, said this month the emails were fake.</p>
<p data-reactid="39">Duduzane said in April last year he would sell his investments in a mining firm owned by Oakbay Investments &#8211; a holding company for Gupta businesses in South Africa.</p>
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<p class="Attribution_content_27_rw" data-reactid="42">Reporting by James Macharia; Editing by Andrew Heavens</p>
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Zuma’s son: ‘Nothing untoward’ about links to South Africa’s Guptas

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<p>State-owned arms maker Denel has cancelled its partnership with Gupta-linked company VR Laser Asia, citing reputational damage. Minister of finance, Malusi Gigaba had this to say about the decision.</p>


Arms maker Denel cuts ties with the Gupta family

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<p>Businessman Mzwanele Manyi will soon own media assets ANN7 and The New Age in a deal valued at R450 million. News of the transaction, which has been greeted with scepticism, was announced on Monday. Manyi joins CNBC Africa for more.</p>


Manyi explains why he bought Guptas’ media assets

<p>Gupta-controlled Oakbay Investments has sold its shareholdings in Infinity Media and TNA Media to Mzwanele Manyi&#8217;s Lodidox and management for R450 million.</p>
<p>Manyi was the former CEO of GCIS and Cabinet spokesperson.</p>
<p>The Guptas first announced their intention to <a href="http://cnbc.africa/news/southern-africa/2016/08/27/guptas-to-exit-s-a-businesses/">exit their shareholding in all their South African businesses in August 2016</a> saying that the sale would be complete by December that year, this did not happen.</p>
<p>In a statement Oakbay said:</p>
<p>&#8220;The transaction comprises:<br />
•         The sale of Oakbay’s shareholding in Infinity Media, which operates the ANN7 News Channel, for R300 million; and<br />
•         The sale of Oakbay’s two-thirds stake in TNA Media, the publisher of The New Age newspaper, for R150 million.  </p>
<p>&#8220;The agreement is expected to be concluded over the next few weeks, subject to any regulatory requirements.  </p>
<p>&#8220;The sale is part of Oakbay’s commitment to preserve jobs and provide certainty to over 7500 hard-working employees throughout the group and to safeguard the inherent value of the businesses in which they work.&#8221;   </p>


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Guptas

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