Features | - Part 183

Telkom Suspends New Work With KPMG South Africa Pending Probe

JOHANNESBURG (Capital Markets in Africa) – Telkom SA SOC Ltd., South Africa’s largest landline operator, won’t award any new business to KPMG LLP’s local unit pending the outcome of an investigation into the firm by the country’s accountancy body. Any contracts underway with the auditor and consulting firm will be completed and their expiration dates will stand, the Pretoria-based company said in an email to all staff seen by Bloomberg. A further decision will be…

Congo Halts Sicomines Copper Exports, Orders Local Refining

Posted on by The Editorial Team

KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo ordered Sinohydro Corporation and China Railway Construction Corp.’s local mining venture to stop exporting unprocessed copper and cobalt and refine all its metals within the country. Sicomines must ship “only high-value products” as the government looks to “ensure the prompt repayment” of the country’s continuing $6 billion minerals-for-infrastructure deal with China, Mines Minister Martin Kabwelulu said October 2 in response to questions sent by text message….

Congo Opposition Leader Katumbi Will Return to Congo in December

Posted on by The Editorial Team

KINSHASA (Capital Markets in Africa) – Democratic Republic of Congo opposition leader and presidential hopeful Moise Katumbi said he will return to his homeland in December after more than a year abroad to participate in the country’s delayed elections. The 52-year-old former governor of Congo’s copper-rich Katanga province plans to challenge President Joseph Kabila’s rule of the Central African country on his return, he said at a conference Monday in London. Katumbi has previously pledged to return to…

KPMG South Africa Finds No Evidence That Errors Are `Systemic’

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – KPMG LLP’s South African unit hasn’t found evidence that mistakes it made during work done for the politically connected Gupta family and the country’s tax authority run throughout the auditing firm’s business. The errors are not “systemic,” KPMG South Africa Chief Executive Officer Nhlamu Dlomu told parliament’s Standing Committee on Public Accounts in Cape Town on Thursday. The company will continue to take “strong action” to address the issues,…

Kenya to Deploy Police for Opposition Protests as Business Slows

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya will deploy security forces to monitor protests planned by the main opposition alliance, the government’s spokesman said, as he criticized the demonstrations for slowing down business. The opposition National Super Alliance plans to hold demonstrations in the capital, Nairobi, and other cities on Friday. The coalition began a campaign of twice-weekly protests on Monday to press its demands for an overhaul of the electoral commission before a rerun…

Graft, Faction Fights Undermine South Africa, Minister Says

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s future is being undermined by rampant corruption and faction fights in the ruling African National Congress ahead of its conference to choose a new leader to succeed President Jacob Zuma, Human Settlements Minister Lindiwe Sisulu said. Sisulu, who’s vying to succeed Zuma as the ANC leader at the party’s national conference in December, made her comments Wednesday in a wide-ranging discussion at a town hall meeting in Johannesburg hosted…

Togo Opposition Rebuffs Mediators, Continues Nationwide Protest

Posted on by The Editorial Team

LOME (Capital Markets in Africa) – Togo’s opposition rejected a joint statement from three regional diplomatic blocs urging the government to set a date for a referendum about constitutional change, as nationwide protests continued for a second day. The African Union, the Economic Community of West African States, known as Ecowas, and the United Nations Office for West Africa called on the Togolese government to fix a date for a nationwide poll on a proposal…

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