ECONOMIC FORECAST
State graft scandals killing off investor confidence, says new report
Investors are becoming increasingly risk averse in the face of continuing political drama fuelled by a string of corruption scandals engulfing President Jacob Zuma, and a widening graft scandal involving numerous international firms, according to a new Consensus Forecast report on sub-Saharan Africa. Zuma has come under pressure to resign amid mounting evidence that he and some of his ministers had breached the government’s code of ethics in dealings with the Gupta family. Evidence of graft has also been piling up against multinational companies implicated in the leaked Gupta e-mails. Global professional service company and one of the big four auditors, KPMG, recently conceded to having acted improperly when it did work for Gupta-owned companies. Global consultancy firm McKinsey is under pressure for its role in facilitating corruption at Eskom in collaboration with the Gupta-associated Trillian. Bell Pottinger has hogged the headlines over its work for the Guptas and its racially d...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.