Top 5 on Fin24: Public Protector's ABSA bailout report set aside, Eskom's Koko resigns

Cape Town - A roundup of Friday's must-read financial and economic news.

Public Protector report on ABSA bailout set aside

Public Protector Busisiwe Mkhwebane's Bankorp-CIEX report, where ABSA was ordered to pay R1.125bn, was set aside on Friday by the North Gauteng High Court. 

In a devastating ruling against the protector, the court set aside her report as well as the remedial action she recommended and ordered her to personally pay some of her opponents' legal costs.  

In handing down judgment, Judge Cynthia Pretorius ordered Mkhwebane to pay 15% of the South African Reserve Bank's (SARB's) costs in her personal capacity. The remaining 85% will be paid by her office. Her office also has to pay the costs of ABSA on an attorney and client scale, including the costs of three counsel.

The case saw Mkhwebane and the SARB face off in court.

• READ: Public Protector report on ABSA bailout set aside

Eskom's Matshela Koko submits letter of resignation

Controversial top Eskom executive Matshela Koko submitted his resignation on Friday, but did not admit to any wrongdoing.  

This emerged during his second disciplinary hearing, which was held in Sandton.

In the letter, Koko stated that he was resigning from the power utility without admitting guilt. 

Eskom spokesperson Khulu Phasiwe confirmed Koko's resignation.

• READ: Eskom's Matshela Koko submits letter of resignation

WATCH: The three ministers who may not survive a Ramaphosa reshuffle

With Cyril Ramaphosa officially installed as SA's new president, investors, rating agencies and the South African public will be watching closely to see if he makes any changes to Jacob Zuma's last Cabinet.

Ramaphosa, who was sworn in by Chief Justice Mogoeng Mogoeng on Thursday, said in brief remarks after his election that he would be focusing on how to improve state-owned enterprises, deal with state capture and fight corruption.

• WATCH: The three ministers who may not survive a Ramaphosa reshuffle

Two media companies fined over R8m for collusion

Print media companies Independent Media and Caxton & CTP Publishers and Printers have agreed to pay a total penalty of more than R8m after admitting to collusion.

According to a statement issued by the Competition Commission on Friday, the companies agreed to pay the separate fines, relating to an investigation dating back to November 2011.

The companies admitted to price fixing and fixing trading conditions. The commission’s investigation found that the companies agreed to offer similar discounts and payment terms for advertising agencies which placed advertisements with member companies of the Media Credit Co-ordinators. Member companies were offered a 16.5% discount, while non-members were offered 15%.

• READ: Two media companies fined over R8m for collusion

Rand flirts with R11.50/$ as markets await possible Cabinet reshuffle

Rand gains on the election of a new South African president have run their course, say analysts, as markets await a possible Cabinet reshuffle this weekend.

The rand, which opened at R11.62 to the dollar on Friday, strengthened to R11.56/$ during the course of the morning. However, analysts attribute this to external factors or the weakening dollar rather than local politics.

The unit was trading at R11.57/$ by 11:00, and had weakened to R11.62 to the dollar by 12:30.

• READ: Rand flirts with R11.50/$ as markets await possible Cabinet reshuffle

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