Top 5 on Fin24: Vodacom probe, Brown admonishes Eskom, and Wits drops KPMG

Cape Town - In case you missed it, here is a roundup of Wednesday's top 5 reads on Fin24.

Competition Commission looks into Vodacom's exclusive govt deal


The Competition Commission has started an investigation into Vodacom for "abuse of dominance".

This comes after Vodacom secured an "exclusive exclusive four-year agreement" with National Treasury to be the sole provider of mobile telecommunication services to the government.

Vodacom's stock price was put under pressure by the move, which the cell phone giant called "surprising" 

The Competition Commission said in a statement that the contract would entrench Vodacom’s dominant position in the market, raise barriers to entry and expansion, distort competition in the market and result in a loss of market share for other network operators. 

READ: Competition Commission takes on Vodacom's exclusive govt deal

Brown says Eskom lies "an assault" on SA's governance systems

Lynne Brown


Public Enterprises Minister Lynne Brown said Eskom's payments to Gupta-linked firm Trillian would have been investigated earlier had the power utility not lied to Parliament.

Brown was briefing Parliament's oversight committee on public enterprises about her department’s annual report, when she referred to the fact that Eskom had lied to DA MP Natasha Mazzone when she asked if the power utility made payments to Trillian back in December 2016.

“The opposition was entitled to ask the question, and to receive a truthful response," said Brown. "Had a truthful response been forthcoming, and the facts of the relationship been exposed last December, appropriate action would have been taken to investigate by now,” she said.

READ: Eskom lies an assault on SA's governance systems - Lynne Brown

#GuptaLeaks: Contract to pay McKinsey and Trillian R1.6bn ‘invalid’

In the first in a series of investigations, investigative journalism outfits amaBhungane and Scorpio detailed how global consultancy McKinsey lined up a R9.4-bn bonanza from Eskom with the help of Gupta-linked Trillian Capital Partners.

They also showed how Eskom executives ignored warnings from their own legal team that the contract favoured McKinsey and did not comply with the law.

In Part 2 on their joint investigation, amaBhungane and Scorpio investigate how the flawed contract – cancelled after queries from National Treasury – was nevertheless used to justify a massive settlement for McKinsey and its de facto empowerment partner, Trillian.

READ: #GuptaLeaks: Contract to pay McKinsey and Trillian R1.6bn ‘invalid’

Wits University drops KPMG

kpmg

Wits University will not be renewing its contracts with audit firm KPMG, which are set to lapse at the end of the year.

The decision comes after a meeting on September 29 between the members of the University Council’s Audit and Council Risk committees, KPMG's new CEO Nhlamu Dlomu, and international KPMG representatives.

According to a statement issued by the university on Wednesday, the embattled auditing firm provided internal auditing and risk management services to the university.

READ: Wits drops KPMG, says it did not do enough

UberEATS surpasses over half a million downloads in SA

UberEATS

As it celebrates its first birthday in SA, food delivery app UberEATS is averaging 10 000 downloads a week.

The riding-hailing company said in a statement on Wednesday that its 550 000 downloads so far in SA equated to some 10 000 downloads a week.

"Delivery partners have driven almost 5 000 000 kms, which is the same distance to make 6 trips to the moon and back. Along the way, it has expanded the number of restaurants it has partnered with to over 1 200 restaurants across Cape Town and Gauteng,” it said.

READ:  UberEATS surpasses 500 000 downloads in SA

SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.

Read Fin24's top stories trending on Twitter:


We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Rand - Dollar
18.09
-0.8%
Rand - Pound
20.21
-0.2%
Rand - Euro
17.74
-0.1%
Rand - Aus dollar
11.59
-0.3%
Rand - Yen
0.13
-0.1%
Gold
1,660.90
0.0%
Silver
19.03
0.0%
Palladium
2,166.50
0.0%
Platinum
864.50
0.0%
Brent Crude
85.14
-2.4%
Top 40
57,390
+0.8%
All Share
63,726
+0.7%
Resource 10
60,230
+0.7%
Industrial 25
77,400
+0.8%
Financial 15
13,796
+0.7%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders