Joburg Council Chaos and Exxaro CEO Suspension: Key Headlines

The City of Johannesburg is embroiled in a two-year legal battle over the controversial appointment of City Manager Floyd Brink. The Gauteng High Court ruled his reappointment unconstitutional, giving him 10 days to vacate his position. This follows a previous decision invalidating his initial appointment. Despite the court’s ruling, the ANC-EFF-led council reappointed Brink without following due process, violating court orders and council rules. The court criticized the City for its “sloppy” and “self-serving” actions in handling the case.

Nombasa Tsengwa, CEO of Exxaro Resources, has been placed on precautionary suspension. The company announced this pending the results of an independent investigation into allegations concerning workplace conduct and governance practices. Exxaro has emphasized its commitment to transparency during this process.

Eskom has successfully sold its housing mortgage unit, Eskom Finance Company, which holds a loan book valued at R9 billion. This sale was a key requirement for accessing a R254 billion debt relief package. However, delays in the sale previously led to a R4 billion reduction in the relief package.

Attorney Zuko Nonxuba has been disbarred following a Western Cape High Court ruling. He was found guilty of embezzling R188 million in medical negligence payouts, falsifying accounting records, and violating Legal Practice Council (LPC) rules. The court labeled Nonxuba’s actions as “widespread theft” and declared him unfit to practice law.

The rand weakened on Wednesday due to geopolitical tensions in South Korea, which bolstered the US dollar. Investors are also anticipating updates on the Federal Reserve’s interest-rate policy.

• Exchange Rates (05 December):
  • USD/ZAR: R18.18
  • GBP/ZAR: R23.09
  • EUR/ZAR: R19.08
• Oil Price: $72.32 per barrel.

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