Autozone on the ropes over lending stalemate

AutoZone has published a business rescue plan which the retailer hopes will help secure its future following a tumultuous four years.

Shoprite sells furniture stores

Shoprite Holdings has signed an agreement to allow its rival, Pepkor to acquire its furniture stores.

Potential bidders target AutoZone

Potential bidders have emerged for the acquisition of AutoZone, the large privately owned automotive parts retailer and wholesaler active in southern Africa that was placed in voluntary business rescue effective from 1 July 2024.

JSE slaps R3m fine on Eskom over late reports

The JSE has publicly censured and levied a R3m fine on Eskom for its late reporting on issues like loans to related parties, such as board members.

PepsiCo to sell Marmite and Bovril brands

PepsiCo SA is selling its popular Marmite and Bovril brands in SA, along with the business unit that produces them, to a privately owned Canadian-based company called Lallemand.

Grave concerns over Shell’s planned departure

Chairperson of the Portfolio Committee on Mineral Resources & Energy, Sahlulele Luzipo, yesterday said Shell’s decision to divest from SA is a matter of concern and is not ideal as it comes at the end of their term.

Legal precedent set in Jooste’s asset forfeiture

Developments in the Steinhoff scandal – particularly the forfeiture of assets belonging to Markus Jooste’s former partner Berdine Odendaal – have set a significant legal precedent in the fight against corporate fraud in SA, said Fairbridges Wertheim Becker Attorneys’ Dhahini Naidu in a Business Day report.

Creditors cannot sue company directors directly

In what BusinessLIVE calls a landmark judgment, the SCA on Wednesday said creditors cannot sue directors of a company directly.

BRP to move on Mango sale

Sipho Sono, he business rescue practitioner (BRP) of low-cost airline Mango, says he is proceeding with selling the airline after Public Enterprises Minister Pravin Gordhan failed to meet a deadline set by the High Court to make a decision on the proposed sale as required by the Public Finance Management Act.

Sagarmatha sues state for R50bn

Sagarmatha Technologies is suing President Cyril Ramaphosa and various organs of state and regulatory bodies for R50bn ($3bn).

Leoka parts company with MTN and Amplats

Economist Thabi Leoka has resigned from the board of MTN SA amid questions over whether she has a PhD from the London School of Economics (LSE).

Public Enterprises goes after delinquent SOE bosses

The Department of Public Enterprises is taking action to have 92 former directors of SOEs declared delinquent because of their alleged role in state capture.

Creditors can file ‘delinquent director’ bids

In what a Business Day report calls a rare victory, a company’s creditor was given authorisation to bring an application against its directors to declare them unfit and personally liable in a trial involving more than R400m from an alleged unpaid load.

Jooste’s directorship ban upheld

Former Steinhoff CEO Markus Jooste is barred from being a director of a listed company for a period of 20 years, after the Financial Services Tribunal declined his application for the JSE to reconsider the sanction it meted against him in January. 

Jooste loses German arrest warrant appeal

Markus Jooste, former CEO of Steinhoff International Holdings NV, lost an appeal against the arrest warrant issued by a German court after he failed to show up for trial in the country, reports Moneyweb.

Proposed auction of ‘tombstone’ mall halted

The proposed sale or auction of The Villa ‘tombstone’ mall in terms of a proposed business rescue plan for the developer of the derelict half-built shopping centre in Pretoria’s eastern suburbs has been thrown into disarray, reports Moneyweb.

Delinquent director applications time limit being reviewed

The Department of Trade, Industry & Competition is planning to amend the Companies Act to address the two-year time bar on applications to have a director declared delinquent. Such an amendment would allow applications to be lodged after the two-year cut-off, reports BusinessLIVE.

Wiese cleared to sue Jooste over wine estate sale

The Western Cape High Court has given business magnate Christo Wiese the green light to proceed with his lawsuit against his former Steinhoff colleague Markus Jooste to regain control of the Lanzerac wine estate.

Son wins directorship battle

The Western Cape High Court has ruled in favour of a son who had sued his late father’s fiancée and life partner over whether he could sit as a director of a firm in which his father owned shares.

Shareholders vote against Froneman’s R190m package

Sibanye-Stillwater shareholders holding almost half of the company's shares have demonstrated their dissatisfaction with the generous pay packages dished out to the mining company's executives, including a R190m payout for its CEO, Neal Froneman.