Morning Brief – Wednesday, 26 October 2022

Good morning. Here’s what you need to know today:

• The South African Reserve Bank has shifted its attention to Markus Jooste’s alleged ‘lover’ in its Steinhoff investigation.
• Finance minister Enoch Godongwana will present his mid-term budget today.
• Dealing with the Gauteng e-toll system will be a key area of interest in today’s budget.

Markus Jooste’s ‘lover’ Berdine Odendaal lives off Steinhoff riches, Reserve Bank suspects

Former Steinhoff chief executive Markus Jooste’s alleged lover, socialite and polo player Berdine Odendaal is the latest South African Reserve Bank target in the intricate Steinhoff web. The SARB suspects that Odendaal’s “lavish lifestyle” is being funded by illicit Steinhoff money channelled to her via “oral instructions” from Jooste. The Reserve Bank has blocked Odendaal’s bank accounts and attached her assets in a broad investigation – codenamed Project Castle – into exchange control transgressions at Steinhoff. Significantly, Jooste is suspected of also benefiting financially from the arrangement. Read more here. (Daily Maverick) 

Mid-Term Budget: Finance Minister, Enoch Godongwana will have a tough balancing act

Finance minister Enoch Godongwana will deliver his Medium Term Budget Policy Statement today where he will have to find a way to balance spending priorities with limited resources. The budget will come against the backdrop of challenging economic times with the global economy slowing down and financial conditions tightening. The most pressing item in the budget will be Eskom and what the treasury plans to do about its massive debt burden while other key areas will be the public wage bill and the social relief grant amid a soaring cost of living crisis and high levels of unemployment. The budget will be delivered at 14:00. Read more here. (SABC)

E-tolls and Eskom: Key announcements expected from Godongwana in tricky medium-budget 

Many will be waiting to hear what Godongwana is going to do about the failed e-toll system in Gauteng with transport minister Fikile Mbalula saying on Tuesday that the finance minister will address the electronic tolling system in his budget on Wednesday. The system was introduced in 2013 to fund the R20.6 billion cost of the Gauteng Freeway Improvement Project but the system was almost universally rejected by motorists and has been plagued by an under collection of funds. Read more here. (News24, for subscribers)