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Questions raised over R120m paid to Pepkor boss

Pepkor chair Jayendra Naidoo received a R120m fee from Steinhoff’s 2016 equity fundraising deal after his consortium borrowed several billion rands from the state pension fund to participate in the transaction.


A damning indictment of Zuma, Seriti et al

The damning Gauteng High Court (Pretoria) judgment setting aside the Seriti Commission report into the multibillion rand arms deal has serious implications for the likes of Judge Willie Seriti, who headed the sham inquiry that ran for four years and cost nearly R140m, and several advocates who earned millions from an exercise that was never intended to get to the bottom of the corruption-riddled project.


September hearing for Pepkor, Tekkie Town appeal

Pepkor Holdings says its leave to appeal the order preventing it from selling or dealing in the shares of shoe retailer Tekkie Town will be heard in September, notes a Business Day report.


Trillian's Wood lays blame at Salim Essa's door

Trillian Capital Partners dispensed R218m in shareholder loans to Salim Essa and another R320m to a Gupta-linked IT company. Much of that money is now irrecoverable.


Please Call Me inventor goes back to court

The inventor of Please Call Me is back in court to challenge the R47m settlement Vodacom has offered him, says a Sunday Times report.


Jooste says Steinhoff claim ‘vague and embarrassing’

Steinhoff's former CEO Markus Jooste sees the retailer’s claim for more than R850m against him as ‘vague and embarrassing’, according to a report on the Fin24 site.


Urgent need for cannabis policy to unlock growth

‘The cannabis sector promises to be the new avenue for growth and job creation in SA, and the sooner a predictable policy and legislative framework is promulgated, the better for the country’s economic fortunes.’


Bowmans to probe possible 'irregular' practices at Cell C

Cell C has asked law firm Bowmans to investigate business units possibly involved in 'irregular' practices after its debt rating was recently downgraded to reflect that a default had become a 'virtual certainty'.


State cancels security contracts with Bosasa

Key government departments have cancelled large security contracts with corruption-accused African Global Operations (AGO), formerly Bosasa, according to a Business Day report.


Rohde in urgent bail bid

Convicted murderer Jason Rohde will urgently apply for bail this week so that he can deal with a hostile business partner who is a threat to the financial security of his daughters. ‘I respectfully submit that in the interests of justice I am permitted bail to afford me the opportunity to generate income and maintain my children financially, and of course, afford them emotional support,’ he stated in his application filed in the Western Cape High Court last week.


ConCourt may have decisive say on Public Protector

Former Public Protector Thuli Madonsela’s ‘Secure in Comfort’ report on the security upgrades at former President Jacob Zuma’s Nkandla residence was a watershed moment in holding the executive to account, and has a lot to do with events playing out now.


SARS and Treasury go after Bain & Co

SARS and the National Treasury are working with the criminal justice system to pursue a civil complaint and criminal charges against Bain & Company, the Boston-based consultancy that contributed to the destruction of SARS during the tenure of axed Commissioner Tom Moyane.


Dutch law firm launches proceedings against Steinhoff

Dutch law firm BarentsKrans has started legal proceedings against Steinhoff, the group said in an update to shareholders yesterday, according to Fin24. This comes after the firm initially invited shareholders in September last year to join a potential class action suit in the District Court in Amsterdam against the retailer.


Mode of delivery clauses as seen by the SCA

The SCA was recently asked – in Schoeman & Others v Lombard Insurance Co Ltd – to rule on the correct interpretation of the mode of delivery clause contained in an on-demand guarantee and whether delivery to the guarantor is sufficient and constitutes a valid demand.


Steinhoff launches unprecedented claim against ex-bosses

Steinhoff is claiming R870m from former CEO Markus Jooste and an additional R272m from former CFO Ben la Grange for 'unjustified enrichment', according to a summons filed in the Western Cape High Court.


Gupta firms slug it out in High Court

The Gauteng High Court (Pretoria) heard arguments yesterday in a case between Gupta-owned companies, in which Oakbay – the family's holding company – is seeking an order to have Tegeta Exploration and Resources' business rescue practitioners removed.


Collapsed Group Five shareholders consider class action

Group Five shareholders, who are likely to walk away empty-handed after the collapse of the construction firm, are considering suing directors for allegedly misleading them about the circumstances leading to its collapse.


Fired Old Mutual boss heads to court

Peter Moyo plans to launch a lawsuit against his former employer Old Mutual after he was fired as the CEO of the insurer over an alleged conflict of interest, his lawyer said yesterday, according to a Business Day report.


Steinhoff posts loss of R19.35bn

Retailer Steinhoff has posted a loss of €1.19bn (R19.35bn at current exchange rates) for the year ended September 2018, notes a Fin24 report. The Stellenbosch-headquartered conglomerate published its delayed 2018 audited earnings report after the close of SA markets yesterday.


Zuma resisting move to hear his story

The Zondo Commission of Inquiry into State Capture has told former President Jacob Zuma’s lawyers it urgently needs him to agree within five weeks to testify. But, notes a Business Day report, Zuma’s lawyer, Daniel Mantsha, said his client continued to question the impartiality of the inquiry, while also denying that the former President is not co-operating with its investigation.





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