It took four years and almost R1 billion for the first of a three-part series of reports to be released by the Zondo Commission of Inquiry into allegations of State Capture – “a defining moment in the country’s efforts to end the era of State Capture… and to restore the credibility and capability of our government”, President Cyril Ramphosa said at the handover ceremony.
The hefty 874-page first report reads like a thriller with former president Jacob Zuma as central character. News24’s Pieter du Toit says in his first take on the report (for subscribers) that there should be nothing but anger and disgust about the way Zuma betrayed South Africa, our Constitution, his oath of office and the people of the country when reading volume one of the report, which confirms in detail what everyone’s been suspected and saying all along: Former SAA chairperson Dudu Myeni was incompetent and acted with corrupt intent; Former SA Revenue Service commissioner Tom Moyane and former president Jacob Zuma played critical roles in capturing and dismantling SARS and the ‘rogue unit’ rumour was a ruse; and state capture thrived at state-owned enterprises because executives and senior officials flouted the law in aid of the Gupta-owned The New Age newspaper.
A glimpse into the chapter on SARS shows that the tax authority became a target of State Capture because its “investigatory and enforcement capacity was a hurdle to people involved in organised crime”. Zondo suggests Zuma, Moyane and Bain & Company colluded to break SARS and recommends Moyane be charged with perjury and Bain be investigated and all its government contracts be “re-examined.
Judge Raymond Zondo makes sweeping recommendations and acting on them will be South Africa’s real defining moment! The ANC has already promised to act on “alarming evidence” that political parties are funded through corrupt tenders.
In the markets, rising US bond yields coupled with surging Covid cases and a strong dollar are weighing on risk sentiment and putting emerging market currencies under pressure, writes TreasuryONE. “We saw the rand initially firm to R15.80 levels yesterday, but there was a sharp reversal with the rand weakening up to R16.07 before closing at R16.00 last night. The local currency is on the back foot this morning and is currently quoted at R16.05.”
Precious metals are trading relatively flat this morning, with gold changing hands at $1,815/oz, platinum at $976 and palladium at $1,867. Brent crude retreated from breaching the $80-mark to last trade at $79.82 a barrel.
Here’s a roundup of the world’s top and most interesting headlines:
SA Business
Fat cakes and BEE: Zondo Commission says NPA must probe former SAA exec Kwinana for corruption – Fin24
SARS was ‘systemically and deliberately weakened’ – state capture findings – BusinessTech
Transnet’s sponsorship deals for SABC/TNA Business Breakfasts was irregular – State Capture report – SABC
Global Business
Titans of carmaking are plotting the overthrow of Elon Musk – Bloomberg
The Trump team’s 22-page communications playbook to overturn the election had QAnon influencer Ron Watkins playing a key role – Business Insider
Toyota dethrones GM as US sales leader after nearly a century on top – Reuters
Markets
China tech drops for third day as Tencent sale spooks traders – Bloomberg
Oil falls as surging US fuel stockpiles raise demand concerns – Reuters
Goldman says Bitcoin $100,000 a possibility by taking on gold – Bloomberg
Tech
Google will pay top execs $1 million each after declining to boost workers’ pay – The Verge
China’s market regulator fines Alibaba, Tencent for failing to report deals – Reuters
The end of BlackBerry phones is finally, truly here – Wired
Opinion/In-depth
Our Burning Assembly: South Africa doesn’t have its very own Guy Fawkes; it has Mr Incompetence – Daily Maverick
Why are people so delighted at the downfall of Elizabeth Holmes? – The Guardian
Tutu, Mandela: Wilful forgetting and the absence of memory in the populist imagination – Daily Maverick
Video
Verizon, AT&T to delay 5G deployment – Reuters
Investors buy up metaverse real estate in virtual land boom – Wall Street Journal
The rise of Apple to the world’s first $3 trillion company – Reuters
Feature image: GCIS
