5 things you need to know in SA business today, and the flying car Toyota wants to light the Olympic torch in 2020
1. KPMG suspended the man it appointed to head its largest business unit when it moved to restore trust after its sordid time with the Gupta family – who also happened to sign off on the KPMG audits of VBS Mutual Bank. Early indications are that things went very, very wrong at VBS under his watch.
2. Steinhoff confirmed it paid Christo Wiese a cool €325 million (around R4.8 billion) in late 2017 before its collapse – without even telling shareholders up to now. Under Dutch law, as it turns out, such "assistance" to a shareholder don't have to be disclosed, though even Dutch experts are shocked at the incident.
3. The JSE had a change of heart about letting the strange Sagarmatha Technologies list this week, because it had not complied with technical reporting requirements. Sagarmatha was to be what is now Independent Media, plus the sale of customers' genetic information and a couple of other weird new lines of business.
4. Stat SA is due to release February numbers for mining production and sales this morning. Those will be unusually closely watched with major moves afoot by the Ramaphosa administration to get mining back on track.
5. The SA Police Service (Saps) will go to court today to ask for an interdict to prevent vital computer systems from being turned off. Forensic Data Analysts (FDA) – which has been accused of corruption – threatened to pull the plug on the systems it runs unless it is paid.
The flying car Toyota wants to light the 2020 Olympic torch.
Although the vehicle is clearly still very much in its infancy, going by these visuals of a recent test.
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