LOOTING FOLLOWING ZUMA'S ARREST RAISES SA'S RISK PREMIUM
Finweek English|23 July 2021
The violent ransacking of businesses following the incarceration of former president Jacob Zuma hits business confidence.
Jaco Visser, Timothy Rangongo and Zerelda Esterhuizen
LOOTING FOLLOWING ZUMA'S ARREST RAISES SA'S RISK PREMIUM

A call by President Cyril Ramaphosa to calm widespread unrest in KwaZulu-Natal and Gauteng following the jailing of former president Jacob Zuma wasn’t enough to stop thousands of looters, many opportunistic, to attack and pillage businesses in South Africa’s two most populous provinces.

Especially small businesses, many of which are owned by foreigners, bore the brunt of attacks linked to supporters of the former president, now a criminal. “The Small Business Institute strongly condemns the wanton looting of businesses, destruction of vital economic infrastructure, burning of trucks and blockading of roads, primarily in KwaZulu-Natal and Gauteng,” the institute said in a media release.

The SA Chamber of Commerce and Industry’s CEO, Alan Mukoki, said: “There is no protest that involves breaking into a shop, removing TVs and fridges, damaging property, going out to the streets and damaging infrastructure. That is not a legitimate protest, notwithstanding the fact that the constitution allows you the right to free protest and also allows other people not to protest if they don’t want to.”

At the time of writing, shopping centres in Durban, Pietermaritzburg, Soweto, Roodepoort, the Johannesburg central business district and Mamelodi, among others, had been ransacked. In a press briefing on 13 July, police minister Bheki Cele said about 800 people had been arrested. Assurances by Cele and state security minister Ayanda Dlodlo that no lapses in intelligence gathering had occurred before the outbreak of violence, didn’t convince everyone.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM FINWEEK ENGLISHView all
THE HEALTH OF SA'S MEDICAL SCHEMES
Finweek English

THE HEALTH OF SA'S MEDICAL SCHEMES

As the Covid-19 pandemic abates, finweek takes a look at the financial performance of some of the largest players.

time-read
7 mins  |
5 November 2021
The effect of Gilbertson's departure
Finweek English

The effect of Gilbertson's departure

With Ntsimbintle Holdings now the major shareholder of Jupiter Mines, it could change SA’s manganese industry.

time-read
3 mins  |
5 November 2021
Making money from music
Finweek English

Making money from music

Why investors are increasingly drawn to the music industry.

time-read
3 mins  |
5 November 2021
Conviction is key
Finweek English

Conviction is key

Sandy Rheeder plays a critical role in Mukuru’s mission to open up financial services to the emerging consumer market in Africa through tailor-made technology solutions and platforms.

time-read
5 mins  |
5 November 2021
The post-pandemic toolkit
Finweek English

The post-pandemic toolkit

How CFOs can use technology to support growth.

time-read
4 mins  |
5 November 2021
Big city living exodus
Finweek English

Big city living exodus

Mini cities like Waterfall City and Steyn City are redefining city-style apartment living.

time-read
3 mins  |
5 November 2021
Big compact, big value
Finweek English

Big compact, big value

Handsome, with a hefty level of standard specification, the roomy Haval Jolion compact crossover is a great value proposition.

time-read
3 mins  |
5 November 2021
On barriers to entry
Finweek English

On barriers to entry

There are various ways in which a company or sector can achieve competitive dominance. They usually make for good investments.

time-read
2 mins  |
5 November 2021
Fear and greed in one index
Finweek English

Fear and greed in one index

To buck the trend, when markets are hot or cold, is a tough thing to do. However, it can deliver solid returns.

time-read
3 mins  |
5 November 2021
Africa's largest data centre facility coming soon
Finweek English

Africa's largest data centre facility coming soon

Vantage Data Centers plans to invest over R15bn for its first African data centre facility in Attacq’s Waterfall City.

time-read
3 mins  |
5 November 2021