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Parliament on course to probe Steinhoff scandal

By: African News Agency      11th January 2018 The chairperson of the Parliamentary Standing Committee on Finance, Yunus Carrim, confirmed on Thursday that there was no change in the decision to have hearings on the Steinhoff scandal at the end of this month. This comes after Democratic Alliance (DA) MP David Maynier said earlier in the day... 

Steinhoff says will have to restate 2015 financial statements

By: African News Agency      2nd January 2018 Beleaguered retailing group Steinhoff International Holdings said on Tuesday its 2015 financial statements, in addition to the 2016 accounts, could no longer be relied upon. In a statement, Steinhoff, which was engulfed by an accounting scandal last month, leading to the resignation of CEO... 

Wiese resigns as Steinhoff chairperson in wake of accounting scandal

By: Reuters     15th December 2017 South African tycoon Christo Wiese resigned on Thursday as chairperson of Steinhoff, the latest setback for the retail group in the throes of an accounting scandal. Once a must-have for investors who backed its reinvention from small furniture outfit into a retail empire, Steinhoff has seen its... 

GEPF, PIC insist on joining board committee investigating Steinhoff

By: Megan van Wyngaardt     13th December 2017 The Government Employees Pension Fund (GEPF) and the Public Investment Corporation (PIC) insist that they form part of the board committee investigating Steinhoff International. Steinhoff last week announced that its CEO Markus Jooste has stepped down amid allegations of financial irregularities. 

SA power plant listed 4th dirtiest in world's 'Dirty Dozen' 

By: News24Wire      12th December 2017 South Africa’s Thabametsi project has been listed as one of the “Dirty Dozen projects”, twelve fossil fuel projects worldwide environmental groups say exemplify the massive volumes of public finances still flowing to fossil fuel projects, which are driving climate change. The list comes as world... 

DTI to probe Steinhoff compliance with companies law

By: African News Agency      12th December 2017 South Africa’s trade and industry department said on Tuesday it would launch an investigation into the alleged governance failures and financial irregularities at retailer Steinhoff, to determine any non-compliance with the Companies Act and Regulations. “The Department of Trade and Industry and... 

Exxaro eases BEE scheme replacement concerns

By: Natasha Odendaal     20th November 2017 Diversified miner Exxaro Resources on Monday moved to ease shareholder concerns over its new replacement black economic empowerment (BEE) scheme that will ultimately hold a 30% stake in the JSE-listed firm. Shareholders had queried the ultimate controller of K2016475450 (BEE SPV), the special... 

Solidarity ranks SOEs, lambastes 'cadre merry-go-round'

By: Anine Kilian     14th November 2017 Trade union Solidarity has ranked South African Airways (SAA) as the most poorly managed State-owned enterprise (SOE) in the country. Speaking at the launch of its latest report ‘South African State Institutions and the Value for Tax Money’, on Wednesday, Solidarity CEO Dirk Hermann said SAA... 

Telkom appoints CEO of property management unit

By: Megan van Wyngaardt     9th November 2017 Telecommunications group Telkom has appointed Lesiba Maloba as CEO of its property management business unit, Gyro Group, from November 13. Gyro was established on April 1 to unlock value by commercialising the Telkom property portfolio, extracting value from excess building capacity and... 

PIC secures 10.83% stake in Sibanye-Stillwater

By: Natasha Odendaal     3rd November 2017 Gold miner Sibanye-Stillwater on Friday confirmed that it had received formal notification that the State investment arm, the Public Investment Corporation (PIC), has acquired a stake in the JSE-listed firm. The total interest held by the PIC amounts to just under 10.83% of the total issued... 

ANC and alliance partners want urgent inquiry into ‘State capture’ 

By: African News Agency      27th October 2017 The African National Congress (ANC) and its Tripartite Alliance partners have agreed on the need for an urgent Judicial Commission of Inquiry into “State capture”. The statement issued on Friday by alliance partners ANC, the South African Communist Party (SACP), Congress of South African Trade... 

Taxes, bailouts and political instability: Gigaba to deliver inaugural MTBPS

By: African News Agency      23rd October 2017 All eyes will be fixed on South African Finance Minister Malusi Gigaba this week when he delivers his first Medium-Term Budget Policy Statement (MTBPS) amid concerns about the fiscal challenges, widespread perceptions of government corruption and wasteful expenditure. Gigaba, who took over the... 

Construction companies warned on compliance

By: African News Agency      20th October 2017 Labour Minister Mildred Oliphant has warned construction companies to comply with South Africa’s labour laws or face being shut down. Oliphant’s warning came after she visited a construction site where 400 housing units were being built in Rustenburg, North West. 

Xina Solar One parabolic trough plant project, South Africa

By: Sheila Barradas     20th October 2017 The Xina CSP plant has successfully completed its first month of commercial operation in October this year. 

It's up to Gigaba to rebuild trust and confidence in mini budget – Coovadia

By: News24Wire      16th October 2017 The motives behind government’s failure to act in the national interest should be questioned as it undermines trust and service delivery in South Africa, Cas Coovadia, managing director of the Banking Association of South Africa (BASA), said on Monday. Coovadia in a statement called on Finance... 

Even Stats SA could fall to State capture – Gordhan, Jonas 

By: News24Wire      12th October 2017 Statistics South Africa is not immune to the State capture project, former finance minister Pravin Gordhan and his former deputy Mcebisi Jonas said on Thursday. The warning comes as Statistician-General Pali Lehohla is set to step down in October, after 17 years in charge of Stats SA. 

PIC said to mull backing bid for Chevron's South Africa Unit

By: Bloomberg     12th October 2017 Africa’s biggest fund manager is interested in taking part in the acquisition by Glencore and a group of black South African-owned companies of Chevron Corp.’s assets in the country, according to three people familiar with the matter. The Public Investment Corporation (PIC), which manages the... 

Transforming V&A's grain silos into Africa's largest contemporary art museum

By: Kim Cloete     6th October 2017 After four years of cutting, carving and engineering what at times seemed near impossible, the V&A Waterfront’s giant, historic grain silo has been transformed into the world’s largest museum dedicated to contemporary art from Africa. In an architectural and engineering feat, the nearly... 

Transforming V&A’s grain silos into Africa’s largest contemporary art museum

By: Kim Cloete     6th October 2017 After four years of cutting, carving and engineering what at times seemed near impossible, the V&A Waterfront’s giant, historic grain silo has been transformed into the world’s largest museum dedicated to contemporary art from Africa. In an architectural and engineering feat, the nearly... 

CoM committed to finding workable solutions that are in the national interest

By: Mia Breytenbach     5th October 2017 The Chamber of Mines (CoM) has drawn a firm line in the sand regarding its opposition to unethical leadership, bad governance and State capture,” CoM president Mxolisi Mgojo asserted on Thursday. “We are doing what is necessary to ensure better outcomes for our sector and our country. The chamber... 

SA business ‘complicit’ in looting of State – Jay Naidoo

By: African News Agency      5th October 2017 Activist for social justice, Jay Naidoo, on Thursday urged the South African business community to find its moral compass and not be complicit in the looting of the State by greedy individuals. Naidoo, who was founding general secretary of the Congress of South African Trade Unions (Cosatu) and a... 

Myeni approached PIC for R6bn for SAA – reports

By: African News Agency      25th September 2017 Controversial South African Airways (SAA) board chairwoman Dudu Myeni appears to be involved in the “planned raid on pensioners’ money” to prop up SAA and other bankrupt state-owned enterprises (SoEs), the Democratic Alliance said on Sunday. The DA had noted the media report that Dudu Myeni had... 

Gigaba denies Treasury looking at PIC to bail out struggling SOEs

By: African News Agency      25th September 2017 Finance Minister Malusi Gigaba on Monday, rubbished claims that he would use funds from the Public Investment Corporation (PIC) to bail out South Africa’s failing state-owned enterprises. Responding to reports last week that Treasury was looking to tap into the PIC, which manages public service... 

Mining's biggest mystery is what Agarwal plans to do with Anglo

By: Bloomberg     21st September 2017 As Anglo American’s board met at the lavish Vergelegen wine estate in South Africa yesterday evening as part of a 100-year celebration, executives were blindsided by news headlines: Indian mining tycoon Anil Agarwal was becoming the biggest shareholder. After Anglo’s managers partied to honor the... 

Capitalworks launches $300m sub-Saharan Africa investment company

     14th September 2017 Independent alternative asset manager Capitalworks Group has launched Africa Capitalworks, an investment company that will deploy permanent equity capital in midmarket companies in strategically selected sectors across sub-Saharan Africa, but excluding South Africa. Africa Capitalworks aims to... 

Energy department moots loans to pay for electricity infrastructure maintenance

By: African News Agency      12th September 2017 The department of energy on Tuesday proposed a new model of finding additional funding for electricity infrastructure maintenance but it was met with little enthusiasm from Eskom and the National Energy Regulator of South Africa. As explained to the portfolio committee on energy by the... 

Renewable Energy Independent Power Producer Procurement Programme – third window, South Africa

By: Sheila Barradas     1st September 2017 An update on the Renewable Energy Independent Power Producer Procurement Programme – third window. 

Xina Solar One parabolic trough plant project, South Africa

By: Sheila Barradas     1st September 2017 Abengoa has achieved practical completion at Xina Solar One. 

Don't panic, we are not funding SAA – GEPF

By: News24Wire      31st August 2017 The Government Employees Pension Fund (GEPF) assured its members, pensioners and beneficiaries that it has not received any proposal to help fund South African Airways (SAA). GEPF is Africa’s largest pension fund with more than 1.2-million active members from more than 325 government departments,... 

Govt urged to sell loss-making SAA

By: News24Wire      25th August 2017 Government should get out of the commercial airline space and sell the loss-making South African Airways (SAA), according to Cape Chamber of Commerce and Industry president Janine Myburgh. “SAA has become a black hole that is simply consuming the resources of the country, and it would be... 

Sunrise Energy's R1bn LPG storage facility to boost energy security, downstream competition

By: Anine Kilian     7th August 2017 Sunrise Energy's R1.02-billion open-access liquefied petroleum gas (LPG) import and storage terminal, in Saldanha Bay, in the Western Cape, will enable the import of LPG in large quantities, boosting regional energy security and increasing downstream competition. The facility, which is Africa's... 

Stop moratorium now, NUM instructs DMR 

By: Martin Creamer     26th July 2017 The National Union of Mineworkers (NUM) said on Wednesday that it is deeply concerned by the current consideration by the Minister of Mineral Resources Mosebenzi Zwane to put in place a mineral rights moratorium until the finalisation of the Mining Charter Three court challenge by the Chamber of... 

PIC lifts stake in Group Five to above 20%

     17th July 2017 Construction company Group Five on Monday reported that the State-owned Public Investment Corporation (PIC) had increased its stake in the company to 20.135%. Group Five shareholders are due to meet on July 24 to vote in new board members. 

Business holds small-business funding line, despite serious postreshuffle trust deficit 

By: Mia Breytenbach     30th June 2017 It is now well documented how President Jacob Zuma’s March 31 Cabinet reshuffle, which saw South Africa’s highly regarded Pravin Gordhan removed as Finance Minister, seriously undermined trust between government and its social partners, including business. The controversial move also placed the... 

Business holds small-business funding line, despite serious postreshuffle trust deficit

By: Mia Breytenbach     30th June 2017 It is now well documented how President Jacob Zuma’s March 31 Cabinet reshuffle, which saw South Africa’s highly-regarded Pravin Gordhan removed as Finance Minister, seriously undermined trust between government and its social partners, including business. The controversial move also placed the... 

Much progress in mineworker housing delivery but more needs to be done 

By: Ilan Solomons     23rd June 2017 Many migrant employees do not want to permanently settle in mining towns, but prefer to maintain their homes in the rural areas and return to them, says the Chamber of Mines (CoM) of South Africa, citing its research and experience in the industry. “Providing permanent urban dwellings, as well as... 

PIC says in support of Vodacom’s Safaricom acquisition

By: Natasha Odendaal     2nd June 2017 JSE-listed telecommunications giant Vodacom on Friday secured the green light from 15.63% shareholder, the Public Investment Corporation (PIC), to acquire an indirect 34.94% interest in Safaricom. State investment arm, the PIC, provided Vodacom with a letter of support for the proposed... 

Ministers ask Public Protector to investigate Treasury and banking sector

By: News24Wire      31st May 2017 The Office of the Public Protector on Tuesday confirmed that several ministers have written a letter requesting that she investigate the conduct, alleged collusion and corruption at National Treasury and other financial institutions. Public Protector Busisiwe Mkhwebane’s spokesperson Oupa Segalwe... 

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