News 17:00

BULLETIN 3 October 5 pm

Good afternoon. I am……..

In this bulletin:

# The NPA welcomes a five-year sentence for the former Steinhoff chief financial official
# Zizi Kodwa’s corruption case is postponed to 24 October
# And motorsport: Formula One fans will get into the action in Sandton on Sunday

# The National Prosecuting Authoritiy has welcomed the sentencing of former Steinhoff chief financial official Andries la Grange to ten-years in prison, half of it suspended. This follows a plea deal for fraud of over 367-million-rand. La Grange admitted to falsifying financial statements during the company’s collapse. The deal includes his testimony in future Steinhoff-related cases. The NPA’s Lumka Mahanjana hails the sentencing as progress in addressing one of South Africa’s biggest corporate fraud scandals:

# The corruption case against former minister Zizi Kodwa and former executive Jehan Mackay of the technology solutions group EOH, has been postponed to 24 October. Mackay allegedly bribed Kodwa with 1.7-million-rand for tenders. Mackay’s lawyers have approached the Director of Public Prosecutions for the charges to be dropped, with a decision expected in two weeks. Kodwa’s lawyer, Zola Majavu, say they are ready to proceed:

# Metalworkers union Numsa demands urgent action against employers exploiting foreign nationals. This follows raids by the Department of Employment and Labour, which found several cases of mistreatment. The union calls for stronger enforcement of labour laws to protect all workers, regardless of nationality. Numsa spokesperson, Phakamile Hlubi-Majola, says many employers take advantage of foreign workers because they are less likely to report abuse:

# AgriSA remains optimistic about the agricultural sector’s ability to adapt and contribute to gross domestic product growth despite challenges. While the national GDP grew by 0.4-percent in the second quarter, the agricultural sector saw a 2.1-percent decline, partly due to dry spells and animal health issues. The organisation calls for continued support from both the government and private sector, improvements in infrastructure, and better coordination on water management and animal health. They believe the sector is well-positioned to recover and drive sustainable growth.

# Motorsport: Local Formula One fans will be treated to a unique experience in Johannesburg on Sunday when Red Bull’s RB7 car will race through the streets of Sandton. Former British ace David Coulthard will take the legendary car through its paces. It won 12 races and clinched 18 pole positions in the 2011 season, when Red Bull won its second drivers’ and constructors’ championships together. The organisers promised spectators an incredible show that will have them at the edge of their seats.

# And the financial indicators: The dollar trades at 17-rand-52-cents and the euro at 19-rand-35-cents. One British pound costs 22-rand-99-cents and Bitcoin trades at 60-thousand-17-dollars-56-cents. Gold sells at two-thousand-647-dollars-93-cents a fine ounce and Brent crude oil is quoted at 75-dollars-62-cents a barrel.

Stay tuned for more news………….