Good morning. Today we’re covering Jacob Zuma’s bond repayment and if the former president is unable to repay what he owes – he risks losing everything. Eskom has given its load shedding outlook for the next year, and the Reserve Bank wants to probe the Phala Phala farm robbery further.
Jacob Zuma must cough up nearly R8m for his Nkandla bond – or risk losing everything – News24 (for subscribers)
Back in 2016, former president Jacob Zuma obtained a R7.8 million bond to pay back a portion of the nearly R250 million spent on upgrading his Nkandla homestead.
The bond was given to him by VBS Mutual Bank with the money paid over months before Zuma ever signed any documentation. Now, he must pay back nearly R8 million or risk losing his moveable assets.
If Zuma fails to pay, the sheriff of the court will take inventory and seize his assets and if the amount recovered does not cover the debt Zuma owes then he could be sequestrated. Read more here.
Eskom’s load shedding outlook for the rest of the year – BusinessTech
Eskom has presented its system status to the joint portfolio committee on public enterprises and mineral resources and energy, where it outlines its maintenance and power generation plans for the next year.
The power utility said in a best-case scenario, unplanned outages can be kept to a loss of 13,000 MW resulting in minimal use of gas to cover any shortfall. If load shedding is needed we will be kept on stage 1 and it will be implemented over 24 days.
The worst-case scenario is where unplanned outages exceed 16,000 MW, in which case load shedding will have to be hiked to stage 3 and on occasion stage 4, and billions of rand will be spent to generate power to cover the shortfall. Should this be necessary, load shedding will almost always be in effect.
So far in 2022, there have been 91 days of load shedding already. Read more here.
Reserve Bank wants more details for its probe into Phala Phala dollars – Business Day (for subscribers)
Reserve Bank governor Lesetja Kganyago says the central bank has reached out to President Cyril Ramaphosa’s lawyers to provide more information about foreign currency allegedly found at his Phala Phala game farm.
The central bank’s financial surveillance department is probing foreign-exchange transactions undertaken by Ramaphosa and has given his legal advisors until September 8 to provide information related to the cash heist on the president’s Phala Phala farm in 2020
The Reserve Bank is probing allegations made by former spy boss Arthur Fraser that $4 million was found stuffed into a couch on the farm. Read more here.
Here’s what else we’re reading today:
Excitement of moving from coal to renewables is becoming a myth, says Mantashe – BusinessTech
Health Squared clients must scramble to find alternative medical cover as CMS efforts fail to secure a deal – Times LIVE
Gupta brothers still behind bars, Lamola tells Parliament – News24
Have all South Africa’s political parties been truthful about their funding? – Daily Maverick
A quarter of SA’s senior government managers aren’t qualified – and it’s really bad in the police – Business Insider
Wall Street ends August with a whimper on Fed worry – SABC News
The Blue Train is back on track – after two derailments and a fire – Business Insider
Performance of Eskom CEO De Ruyter questioned – SABC News
Don’t expect quick Ukrainian military successes against Russia, says top presidential aide – Daily Maverick
Image Credit: GCIS
