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SAA flies into business rescue headwind

After a week of speculation on loss-making SAA’s future, the airline is to be placed in business rescue, the government announced yesterday. Public Enterprises Minister Pravin Gordhan said that business rescue was the best way of avoiding a disorderly implosion of the airline, notes a Business Day report.

Mobile giants warned of prosecution over data prices

Mobile operators have been behaving uncompetitively by charging too much for Internet connectivity and could face prosecution if they do not drop prices withing two months, the Competition Commission said yesterday.

Tongaat Hulett’s executives face civil action

Tongaat Hulett has put executives – including its former CEO Peter Staude, who was paid R176m in the decade to 2018 – in the firing line over an accounting scandal that threatened the collapse of the firm.

Court papers reveal how contract exposed PIC

Court applications by Iqbal Survé and his brother-in-law business partner, Khalid Abdulla, have exposed details of a shocking contract signed by PIC chief executive ‘Dr Dan’ Matjila that purported to provide the PIC with some protection against further losses on its R4.3bn investment in AYO.

SCA rules that Bosasa is commercially insolvent

The SCA has ordered that corruption-accused company African Global Operations, formerly Bosasa, is commercially insolvent and should remain in the hands of its liquidators, reports DispatchLIVE.

Iqbal Survé allegedly involved in share manipulation

Media owner Iqbal Survé is alleged to have deliberately manipulated the share price of a company he had a significant stake in, apparently to avoid repaying a R4.3bn investment financed by government workers’ pensions.

Denel clinches record R6.3bn export deal

Struggling state-owned military technology and defence company Denel has clinched a R6.3bn export deal but the details are being kept secret after its presentation before Parliament’s Public Enterprises Portfolio Committee this week, notes a Mail & Guardian report.

R800m more than thought looted from VBS – liquidator

The liquidator of VBS Mutual Bank estimates that about R800m more has been stolen than initially thought, says a Daily Maverick report.

Steinhoff challenged over 'legal privilege' PAIA argument

The Financial Mail and the amaBhungane Centre for Investigative Journalism have launched a joint application in the Western Cape High Court to compel Steinhoff to release the full forensic report on accounting failures and fraud compiled by PwC.

Old Mutual seeks judge's recusal in Moyo case

Old Mutual is to apply for the recusal of Judge Brian Mashile who ruled in favour of the reinstatement of fired CEO Peter Moyo, the insurer said yesterday. BusinessLIVE reports that the appeal against the order is set for 4 December.

Bid to recover millions from sale that turned sour

The state entity charged with helping researchers and entrepreneurs commercialise innovations is taking legal action to try to recover hundreds of millions of rands it believes it lost out on in a deal.

Nkandla ruling not applicable this time – Ramaphosa

President Cyril Ramaphosa’s lawyers have hit out at Public Protector Busisiwe Mkhwebane and the EFF for comparing him to former President Jacob Zuma – and insist that, unlike Zuma, Ramaphosa has never sought to ‘second guess’ the Public Protector.

Moyo asks court to jail Old Mutual directors

Axed Old Mutual CEO Peter Moyo says there is no punishment befitting Old Mutual directors other than six months' jail time, without the option of a fine, on the contempt of court charges he lodged against them for disregarding a ruling that he be reinstated.

Trust faces liquidation over R12m debts

The government has still not released funds to support the Job Creation Trust, which was set up by the country’s big trade union federations more than two decades ago.

'Malicious' Survé slammed for Gordhan rant

The legal team of the Minister of Public Enterprises, Pravin Gordhan, has slammed ‘defamatory’ allegations made by Dr Iqbal Survé, chair of Independent Media and head of investment firm Sekunjalo, in the wake of a dramatic raid of his office in Cape Town this week.

Mkhwebane ready to fight court battles

Advocate Busisiwe Mkhwebane intends to tackle head-on those who want her removed as Public Protector. This comes as Parliament has discussed and initiated proceedings aimed at removing her from office as well as re-evaluating section 194 of the Constitution which deals with the removal of the heads of Chapter Nine institutions, says a report in The Mercury.

Dlamini found not to have misled Parliament

Public Protector Busisiwe Mkhwebane has cleared former Social Development Minister Bathabile Dlamini on the narrow matter of deliberately misleading Parliament over the social grants debacle, reports Legalbrief.

Amcu brings R7.5bn graft case against Samancor

The Association of Mining and Construction Union (Amcu) has brought a R7.5bn corruption case against SA mining giant Samancor Chrome.

Highveld Syndication assets looted

The latest chapter in Moneyweb’s long-running ‘follow-the-money investigation’ into the Picvest saga is published in detail on the website today, notes Legalbrief. It focuses on the sale of 31 Orthotouch properties to the Accelerate Property Fund in 2013, which it says marked the crescendo of the fire-sale of properties in the aftermath of the collapse of the Highveld Syndication (HS) schemes.

Class action planned against online loan company

Stellenbosch University’s Law Clinic is to launch a class action suit against Lifestyle Direct Group International, its affiliate websites – including Loan Locator, Loan Choice, Loan Picker and Loan Quest – and its collection firm, Lifestyle Legal, on behalf of the thousands of SA loan seekers who were allegedly duped by those sites.

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