Steinhoff implosion staggers SA

The collapse of Steinhoff International’s share price this week, following allegations of accounting fraud, is being described as the biggest corporate failure on the JSE so far, but it may just be the tip of the iceberg.

On Thursday afternoon, Finance Minister Malusi Gigaba said he supported a decision by the Financial Services Board (FSB) to institute an independent probe into possible false and misleading reports under the terms of the financial markets Act. This was over and above an internal investigation by the Johannesburg Stock Exchange to probe the extent of the alleged irregularities.

Gigaba said he was gravely concerned and mindful that many retirement and savings funds may be adversely affected by the loss in the value of Steinhoff shares.

The international furniture and household goods retailer, with operations in the United States, Asia, Europe, Australia and New Zealand, saw its value plummet by two-thirds on Wednesday, wiping out an estimated R180-billion from the JSE.

Besides having major implications for private asset managers and investors, it also has serious implications for the Public Investment Corporation. It holds about 10% of the shares in issue and helped to fund Steinhoff’s recent empowerment deal with the Lancaster Group — a transaction that was valued at about R10-billion, according to PIC records. The Lancaster Group is a broad-based investment company founded by Jayendra Naidoo.

Naidoo said: “We are greatly concerned about where everything is now. Obviously we will look at all our options at all times as we understand the position more clearly.”

The group had various instruments in place to mitigate against the impact, Naidoo said, but he hoped that Steinhoff would be able to ringfence the problem.

Allegations of accounting irregularities exposing the company to criminal investigation was a serious concern, the PIC’s Deon Botha said. The PIC is awaiting further information from domestic and international regulators and law enforcement agencies before deciding on a course of action.

Gigaba has requested that the PIC, FSB and the Government Employees Investment Fund provide him with a report on the extent of exposure for retirement funds.

It is unclear what the PIC’s losses are, with estimates ranging from R2-billion to R12-billion.

Steinhoff, which has a primary listing in Frankfurt and a secondary listing on the JSE, has been battling to shake off allegations of accounting fraud after news broke that German authorities were investigating the company.

But the firm’s precipitous decline came after the group’s long-serving chief executive, Markus Jooste, resigned on Tuesday, and it cancelled the release of its financial results.

In a statement on Wednesday, the Steinhoff board said new information had come to light about accounting irregularities that had to be investigated, including determining whether any previous financial results had to be restated.

The scale of the alleged accounting irregularities is only beginning to be understood. A research report by Viceroy Research has painted a bleak picture of the extent of the potential problem. It claims that the company has been inflating earnings and obscuring losses with off-balance sheet entities.

According to the report, Steinhoff has been under scrutiny for several reasons, including the aggressive acquisition of “stagnating or deteriorating businesses whose performance seems to miraculously improve post-acquisition, even if only on paper”, and “rampant and dilutive equity raising”.

The report unpacks a web of complex transactions that centre on three off-balance sheet companies — Campion Capital, Southern View Finance and Genesis Investment Holdings — suggesting that these may just be “the tip of the iceberg”.

“Steinhoff’s confusing roll-up structure likely holds numerous other secrets which are yet to uncover,” Viceroy said, adding that incestuous managerial transactions, a lack of transparency and non-independent governance made Steinhoff borderline uninvestable.

Adrian Saville, the chief executive of Cannon Asset Managers, said it is evident, given the nature of these complex structures, there is “a potentially massive off-balance sheet liability”. This has major implications, including rendering the company’s financials “meaningless” for determining income.

He said there are material risks of legal action, both criminal and civil, as well as a risk of contagion to other companies through Steinhoff’s network of investments in companies such as AP International, PSG, Shoprite and Brait.

The company also recently unbundled its African retail assets into the JSE-listed Steinhoff African Retail (Star).

Steinhoff did not respond to questions about the alleged fraud. But in an announcement on Thursday, the board said it had “given further consideration to the issues subject to the investigation and to the validity and recoverability of certain non-South African assets” amounting to roughly R95-billion.

It noted that it seeks to sell “certain non-core assets” to release at least €1-billion to shore up the firm’s liquidity. It also said that the company’s subsidiary, Star, will today formally commit to the refinancing of its long-term liabilities due to the company, releasing a further €2-billion.

“The extent of this is astonishing,” said Wayne McCurrie of Ashburton Investments. The value destroyed would be more than enough to recapitalise power utility Eskom or provide free higher education for all, he added.

As of Thursday afternoon, the company’s market value had dropped R145-billion, and its shares were trading were trading at lows of about R11.

The crux of the problem is that profits may have been overstated, which presented Steinhoff’s financial position as being stronger than it actually was, said Jean Pierre Verster, a portfolio manager at Fairtree Capital. The banks then lent the company money based on this, which allowed Steinhoff to amass more than R100-billion in debt, he said.

Whether the banks will call these loans in is not yet known, Verster said. “It depends on the covenants [debt agreements], but the banks will likely need to wait for the next set of audited financials.”

In accordance with Frankfurt Stock Exchange rules, the audited financial statements must be released by January, Verster said.

The writing was on the wall
Magda Wierzycka, the chief executive of asset manager Sygnia, said active asset managers should have seen the Steinhoff failure coming.

“Priding themselves on meticulous research, scrutiny of balance sheets and income statements, backed by interviews with management, they should have seen what was obvious from the beginning that this was as close to a corporate-structured Ponzi scheme as one can get.”

In looking at Steinhoff’s financials, it took Wierzycka 30 minutes to see “that the structure was obfuscated, that financial items made no sense, that the acquisition spree was not underpinned by any logic and too frenzied to be well thought out, and that debt levels were out of control”.

She said the right questions were not asked, the corporate structures were not analysed in detail, earnings versus debt calculations were not done, and management was taken at its word.

Enjoyed this post? Share it!


Set it & Collect it with Recurring Orders

At Blockchain we’re always looking for ways to make digital currency more accessible. It’s part of our commitment to creating an open, accessible, and fair financial future – and helping you, our users, Be Your Own Bank™.

Today, we’re excited to introduce Recurring Orders, a new feature that gives our European users greater purchasing power by allowing them to automatically buy bitcoin on a regular basis. Whether you’re just getting started or regularly purchase bitcoin, this feature will make it even easier to invest little by little in a better financial future.

Here’s how it works:

  • Log into your Blockchain wallet
  • Select ‘Buy’ powered by Coinify
  • Enter the desired amount you’d like to purchase with your credit card
  • Select ‘Make this a recurring order’
  • Choose your frequency whether on a daily, weekly, or monthly basis
  • Select the duration you’d like the recurring order to last (you can cancel anytime!)
  • Then click ‘Buy Bitcoin’

Taking small, incremental steps can add up to big results over time. With recurring orders, you can find your comfort zone and watch your wallet accrue additional bitcoin – without having to worry about a large upfront cost.

Log-in or sign up at to get started with recurring bitcoin orders on web or mobile today!

The post Set it & Collect it with Recurring Orders appeared first on Blockchain Blog.

Enjoyed this post? Share it!


Grand-scale corruption at PRASA covered up by treasury

For almost a year, National Treasury has kept the lid on almost 200 investigations into PRASA contracts which show that up to R2.5 billion was siphoned off in contracts which should never have been signed.

The investigations, into contracts worth R10 million or more, were ordered by former Public Protector Thuli Madonsela following her 2015 report on mismanagement at PRASA. The Treasury parcelled them out to 13 different auditing and legal firms.

The documents, leaked to GroundUp by the UniteBehind Coalition, paint a picture of incompetence, corruption and mismanagement on a grand scale.

There are more red flags in the 1,000-odd pages of reports than at a Moscow May Day parade.

The reports detail in page after page contraventions of PRASA’s own Supply Management Policy and the Public Finance Management Act, irregularities in procurement, improper constitution of Bid Evaluation Committees, irregular expenditure and absence of proper documentation from PRASA. The names of Lucky Montana, then chief executive, chief procurement officer Dr Joseph Phungula, and head of security Kabelo Mantsane crop up again and again.

Also mentioned is Deputy of Minister of Finance Sfiso Buthelezi, then chair of the board. Frequently the board is found to have been derelict in its duty. GroundUp emailed Buthelezi for comment but received a response that he is out of the country.

In one in five cases (39 out of 193) the investigators recommend that criminal proceedings be launched.

The auditors list companies owned by a single person benefitting from tens of millions of rands, forged signatures, rigged tender awards, bid committee meetings where all the members somehow gave the bidders identical scores, contracts awarded without quotes from the companies, and contracts awarded to companies apparently created just to get the contract.

At least one company was awarded a contract even though its managers had not attended the compulsory briefing session.

Security companies were paid millions to guard stations and vital equipment, and safeguard commuters, yet continually extended contracts are riddled with irregularities. One security company was not even registered with the Private Security Industry Regulatory Authority.

In many cases the auditors note that because of the time lapse between the contract and their investigation they have not been able to check whether the work was done properly or at all.

Of the investigations into 193 contracts worth over R10 million that PRASA entered into between 2012 and 2016, only eight got the all clear from the auditors. In the R9.1 billion paid to contractors, the investigators found irregular expenditure of up to R2.5 billion, if money in all the contracts labelled irregular is included.

Lindikhaya Zide, acting group CEO, who was company secretary during the period, did not respond to an invitation from GroundUp to comment. The Treasury did not respond to questions about why the reports had not been released.

Among the investigators’ findings are:

Montana was responsible for the irregular and unconstitutional appointment of Lufthansa Consulting in a R15 million contract to turn around the Shosholoza Meyl operation. Like many others, this contract was signed as a “confinement” – a procedure which allows PRASA to deviate from competitive bidding rules under certain circumstances such as emergencies. The auditors found no justification for this and recommended the matter be reported to the police for criminal investigation.

Construction company Superway was awarded a R105 million contract although the budget for this had not been approved, and without submitting the required Construction Industry Development Board grading certificates, a factor which disqualified two other bidders. Scoring sheets at the bid evaluation committee level were incomplete and the recommendation was not signed.

An R11 million construction contract to Steverob Investments was also awarded without a Construction Industry Development Board certificate and despite a competitor getting a better score.

A R22.6 million contract to clear vegetation in KwaZulu-Natal was awarded to a company called SN Projects, which described itself as “black woman owned” but had only one shareholder, a Mr Phakamile Fesi. The company was based in Klerksdorp.In this glaring irregularity, Fesi received R1.9m from PRASA for one and a half months of work, charged at R6.60 per square metre of vegetation control. Comparative schedules obtained by Bowmans from PRASA Kwazulu-Natal offices show the market rate was between R0.15 and R0.22 per square metre.This contract was signed as a “confinement” process by Montana and his network, until it was stopped in December 2015.

Montana and Phungula were involved in all the deviations investigated by Deloitte. The firm said: “In our view, both Mr Montana and Dr Phungula’s actions (specifically to appoint Lufthansa) constituted a breach of their duty to act diligently and in the best interests of PRASA. In our view, both Mr Montana and Dr Phungula acted negligently.”

All in all, the reports reveal the cavalier mismanagement of public funds supposed to be spent on ensuring that the two million South Africans who daily rely on PRASA are able to commute safely and on time.

It is clear why our train services are in such dire straits. In fact, it’s a miracle they run at all.

By Steve Kretzmann and GroundUp Staff

Enjoyed this post? Share it!


South Africans In For R30 Billion Tax Hike For 2018

During his mid-term budget speech, Malusi Gigaba said there is an R40 billion gap in the country’s revenue. Government’s failure to halt corruption, tax dodgers and of course the President’s over expenditure will now influence the pockets of taxpayers.

President Zuma on Monday instructed Minister of Finance, Malusi Gigaba, to cut down on spending and find ways to fill the R40 billion gap.

How Can Gigaba Make JZ’s Wish Come True?

This would equate to cuts in expenditure amounting to about R25 billion as well as revenue-enhancing measures amounting to about R15 billion, including where appropriate, tax measures, the presidency said in a statement.

BusinessDay reports that Treasury has confirmed that these amounts were over and above the R15 billion in tax measures and R31 billion in spending cuts for the 2018-19 fiscal year already included in former finance minister Pravin Gordhan’s budget in February.

This meaning that government is looking to implement a total of R30 billion in tax hikes and more than R50 billion of spending cuts in 2018 – just to help cover the shortfall. Other avenues to draw in more revenue also include hiking VAT, selling state assets or cutting down the number of departments.

In its announcement he Presidency also said that the presidential fiscal committee, led by Gigaba and the Treasury, must develop a phased implementation plan for fee-free higher education.

Areas Facing Financial Cuts:

  • Social grant payment reductions
  • Reduction of RDP home rollouts
  • Freezing government wages
  • Halving military budget

Have Tax Hikes Previously Delivered Expected Revenue Increases?

No. Tax hikes in the last two years have failed to deliver any expected revenue increases. 2015/16 failed to raise the predicted R18 billion, just as 2016/17 failed to earn the R28 billion it was forecast.

[Source: Business Tech]

Enjoyed this post? Share it!


Unions call for R8,500 instead of R3,000 for farm workers

Over 100 trade union members from farms across the Western Cape gathered for the Fourth Commercial Stevedore Agricultural and Allied Workers Union (CSAAWU) National congress. The two day conference in Surrey Estate, which started on Friday, will consider climate change, women and youth on farms, migrants, and the proposed minimum wage amongst other things.

CSAAWU organises rural workers in the Western Cape. According to a CSAAWU statement, rural workers have historically been paid the lowest wages in the country. Issues discussed included seasonal work, evictions and illiteracy on farms.

The unions are also calling for an R8,500 a month wage. The current minimum wage for agricultural workers will be R18 an hour according to CSAAWU (approximately R3,200 per month). This is to be implemented in May 2018. But due to the seasonal nature of farm work and massive unemployment levels, “workers would be lucky to get that minimum wage”, said Zwelinzima Vavi, who delivered the keynote address.

Vavi, the General Secretary of the South African Federation of Trade Unions, said that the least represented workers in the country are farm workers, domestic workers, taxi drivers, truck drivers, hotel workers, casual workers and those being exploited by labour brokers. “These are the workers ignored by the established trade unions.”

“We need a program of mass mobilisation and militant action,” said Vavi. He said that unions will meet on 20 February to discuss a general strike in South Africa against job losses, seasonal work and “all of these things that keep us down”. He continued: “But on May Day we want a total shutdown of workers to say voetsek Ramaphosa and your R3,000. We want R8,500.” He was referring to the National Minimum Wage agreement signed by Deputy-President Cyril Ramaphosa in February.

Vavi said farm workers work under appalling conditions. Very little has changed on farms since 1994. He said, “Workers are defenseless against their ruthless bosses.”

Vavi then called for a boycott of farmer produce. “We must return to the culture of selective consumer boycotts, to punish the verkrampte farm bosses,” said Vavi. “We must mobilise our communities.”

Danielle DeWitt has been staying on a wine farm in Robertson for four years. She runs a daycare where she looks after farm workers’ children. On the farm there are currently only two outside toilets which service 14 families. She said their is no clean running water for the workers. “We are getting water from the mountain.”

She said that the water comes down a canal and mixes with dirty water and rubble. They consequently have to boil the water before drinking it. “Our children’s health is the biggest problem,” DeWitt says. She says that there are boreholes, but those are only meant for the toilets.

Some of the other organisations at the meeting included the National Union of Metalworkers of South Africa and Women on Farms. Members of international trade unions in Sweden, Norway, Germany and Denmark also joined and shared messages of solidarity.

Enjoyed this post? Share it!


Gigaba: SA To Raise Revenue By R15bn In 2018’s Budget To Curb Debt

South Africa will implement spending cuts of R25 billion rand and raise revenue by R15 billion in next year’s budget to contain growing debt, Finance Minister Malusi Gigaba told Parliament on Wednesday.

Gigaba said the extra R40 billion, or 0.8% of GDP, would be used to tackle rising public debt which otherwise could balloon beyond 60% of GDP by 2022.


The Finance Minister says the government will not be reckless when it comes to investing in more nuclear power.

The medium-term budget policy statement Gigaba released in October makes no provision for any spending on nuclear for the next three years.

The Economic Freedom Fighters’ Hlengiwe Mkhaliphi told Gigaba that President Jacob Zuma and Energy Minister David Mahlobo were nevertheless insisting the build programme would go ahead and asked him where the money would come from.

Gigaba’s told Members of Parliament nuclear remains part of the country’s energy mix but that the process of reviewing the plans determining future needs should be given a chance.

“We are certainly not going to move in any reckless way in this regard, we remain guided by what the country can afford, the demand for electricity in the country and what the budget can afford.”

Enjoyed this post? Share it!


ANC regime is the reason why South African citizens live in poverty

Two equal evils, poverty and inequality lie at the root of South Africa’s economic problems. Both should be treated equally. If the focus is only on inequality, it will create an economy where everyone is equally poor, except the elite which holds power, said adv. Anton Alberts, chairman of the FF Plus.

Adv. Alberts said in the parliamentary debate on economic growth and a transformation model to combat unemployment, poverty, and inequality, if only focusing on inequality, a country would look like Zimbabwe, North Korea, Cuba, Venezuela, the former Eastern Bloc and the Soviet Union.

He said if focusing on the problem of poverty, the realization will underline the need for a strategy that will make the economy grow with accompanying job creation. In this way, people are lifted in a dignified manner and are no longer dependent on government assistance.

“Over time, as the middle class grows, the inequality problem also decreases, and the problem gets smaller. There are many examples in the laboratory of history where the emphasis on economic growth has raised many people out of poverty: Europe, especially Eastern Europe to the Cold War, Singapore, South Korea, Japan and recently, China and Mauritius.”

“These countries have embraced a free market and entrepreneurship, and have been responsible for their fiscal and monetary policies. Not only is it focused on inequality, but it is ensured that an environment is created that stimulates business growth without unnecessary interference by government.”

“Unfortunately, the ANC government emphasizes the extinction of inequality and not on economic growth, and we are now beginning to reap the benefits in the form of virtually no economic growth, job losses, downgrades and ultimately the increase of inequality.”

“What the ANC government is doing now is to make us all poorer, and if the trend continues, everyone will soon be equally poor.”

“The only way to get rid of this is to ensure quality education and healthcare, less government interference in the business and race to recover the economy. To achieve this, however, there should be a new government that cares, who is professional, is not discriminating and not hijacked.”

“The question is whether the ANC government’s introspection will see this and act on these facts? It’s a question that can only answer you, but be warned that the voters are watching you with hawks eyes,” said Adv. Alberts.

Read the original article in Afrikaans on Die Vryburger

Enjoyed this post? Share it!


Officer investigated for fraud was nominated for trip to France

Instead of suspending a high-ranking police officer who is under investigation for fraud, the police wanted to send her on a trip to France.

The Portfolio Committee on Police on Wednesday took a dim view when acting head of crime intelligence Major General King Bhoyi Ngcobo – who has been described in the press as President Jacob Zuma’s chief bodyguard – confirmed that Brigadier Leonora Bamuza-Phetlhe was to travel to France on November 19.

Bamuza-Phetlhe is accused of fabricating security clearance for the former acting head of crime intelligence, Major General Pat Mokushane, who was removed from the post in August.

She is also being investigated for a suspicious payment of R50 000 into her bank account.

MPs asked Ngcobo about the situation and he responded that there were disciplinary and criminal investigations into the officer.

He added that he was waiting for a report and said he would act once he received it.

“The acting national commissioner [Lesetja Mothiba] gave me instructions that I needed to follow,” Ngcobo said.

He explained that another officer had been nominated for the trip. However, the officer did not have an official passport.

“The next available person is [Bamuza-Phetlhe],” he added.

Committee chairperson Francois Beukman said: “That can’t be correct, what we’re hearing now, in terms of good governance.”

Mothiba confirmed that it was correct that Bamuza-Phetlhe had been nominated to go on the trip and added that he wanted to raise the matter with Ngocbo before the committee meeting.

He said the original officer nominated to go on the trip would be assisted to obtain an official passport, which could be done within 48 hours.

But this did little to appease the committee.

‘A hidden hand’

ANC MP Leonard Ramatlakane added that, since the last meeting with the police on the matter, the status quo has been maintained.

“It happens like that only if you don’t take us seriously,” he said.

He said he would not accept that police management “rides roughshod” over Parliament.

“[Bamuza-] Phetlhe is too powerful,” said Molebatsi. “She even controls her seniors. She is untouchable. Why is she feared?”

DA MP Zakhele Mbhele said the Bamuza-Phetlhe matter was the “epitome of a complete lack of accountability”.

“Frankly, I’m at a loss,” he added.

He suggested that the matter urgently be referred to Police Minister Fikile Mbalula and described crime intelligence as “clearly the most deeply captured environment” in the police.

“Clearly, a hidden hand is at play here,” Mbhele said.

‘Dancing around it like it is a party’

Mothiba said a criminal docket of fraud has been opened against Bamuza-Phetlhe, which can be handed over to the National Director of Public Prosecutions at any moment.

He said Ngcobo served her with a notice of an intention to suspend, to which she responded and that Ngcobo decided not to suspend her.

He added that it seems Ngcobo was not aware of the issue of the R50 000.

“But, General Mothiba,” said Beukman, “You are the accounting officer. You had the information.”

ALSO READ: Mbaks to charge top cop

Mmola said: “This Brigadier Phetlhe is so special. We don’t know why, but we’re going to dig.”

DA MP Dianne Kohler Barnard said she was stunned that Ngcobo didn’t know about the R50 000.

“What does this woman have on someone in this division?” she asked.

“The committee has given you an instruction, and you’re dancing around it like it is a party.”

The meeting will be reconvened next Wednesday.

Beukman expects a full written report on the matter and the committee will decide on a way forward.

Enjoyed this post? Share it!


Forking, Cashing, and Witnessing

At Blockchain, our priority is always our users and the safety of their funds. We recently communicated that our service would be unavailable during the Segwit2x hard fork. While plans for the hard fork have been suspended, there may be some network instability at block height 494,784.

We’ll be monitoring the network closely. Should network instability threaten the safety of our users’ funds, we may briefly suspend outgoing bitcoin transactions but anticipate any suspension to last no more than 1 hour.

Moving forward, we are prioritizing two major initiatives to improve our users’ experiences in the digital currency ecosystem:


Our block explorer,, has supported SegWit from the day it activated. In 2018 we will be rolling out support for SegWit within our wallet products. This will be a major and complex update to some of the most sensitive parts of our codebase, across a wide variety of platforms and devices, affecting billions in user transactions with potentially significant privacy implications. We will do this cautiously but also with consideration for the rising miner’s fees within the bitcoin ecosystem. We are excited about the advances SegWit offers and we plan to begin making it available within our wallets in as soon as possible in 2018, with an eye towards rollout in Q1.

Bitcoin Cash

We launched partial Bitcoin Cash support on October 11th and said we would monitor market demand for fully featured support. Market demand for Bitcoin Cash has proven strong and, in our view, it’s likely here to stay.

We plan to offer full support for Bitcoin Cash before the end of year on web with support across all our platforms before end of the end of Q1 2018. Stay tuned for product launch announcements!

The post Forking, Cashing, and Witnessing appeared first on Blockchain Blog.

Enjoyed this post? Share it!


No Tax  Revolt Coming To South Africa – Gigaba – What About Zuma?????????

‘We will revolt against those who revolt against paying taxes,’ says Gigaba.

South African Finance Minister Malusi Gigaba presented the 2017 Medium-Term Budget Policy Statement (MTBPS) in Parliament on Wednesday. PHOTO: ANA PHOTO

South African Finance Minister Malusi Gigaba presented the 2017 Medium-Term Budget Policy Statement (MTBPS) in Parliament on Wednesday.

Finance Minister Malusi Gigaba says that he does not foresee a “tax revolt” among South African citizens who are fed up with corruption and government’s poor spending habits.

“We will revolt against those who revolt against paying taxes,” he said during a question and answer session at a business breakfast in Umhlanga on Tuesday morning, a week after delivering the country’s mid-term budget.

Gigaba said that questions about a possible tax revolt showed an underlying pessimistic attitude toward the country’s economy. “It is a bad message to communicate,” he said.

Everyone was obliged to pay taxes, the minister said.

“It’s a pessimistic view and a bad message to communicate. The reason we have a huge revenue shortfall is clearly that of the underperformance of the economy.”

Gigaba said there were challenges with regard to tax administration but that they were being addressed. “The issues that were raised by the tax ombudsman with regards to tax refunds are being addressed.”

The South African Revenue Services had comparable tax collection skills as in “the past”, he said, but needed to increase its capacity in areas that dealt with illicit financial flows, base erosion, profit shifting and corporate income tax, he said.

The country had one of the highest tax compliance rates in the world, he said, adding that South African citizens were generally more tax-compliant than citizens in the United States.

Addressing issues around government making the country an investment-friendly destination, Gigaba said South Africa had a strong financial sector, strong judiciary and constitution, youthful population that wanted to work and world-class infrastructure.

“Mine investments are safe because they will not be subjected to abrupt or ad-hoc illegal elimination,” he said.

The country’s infrastructure was a drawcard, he said, as could be seen by electricity generation on the continent.

The southern African region was “quite stable”, he said and had not received enough credit for this.

“I am not saying this in derision to our other regions on the continent. In the north [of Africa] you know the difficulties, in the centre you know the challenges and in the east and west. Southern Africa is pretty much stable, and that should augur well for anybody who wants to invest,” he said.


Enjoyed this post? Share it!