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Most recent Articles posted

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.

Absa ordered to hand over director’s removal records

The Gauteng High Court (Pretoria) has ruled Absa must hand over its record of decision resulting in the removal of former lead independent director Sipho Pityana from the board in November 2021.

Steinhoff shareholders to get 20% of their shares

Steinhoff shareholders who stood to get nothing as the indebted company entered restructuring could keep 20% of their shares in the new unlisted company, under the draft Dutch restructuring plan.

PIC board happy with AYO settlement

Despite the board of the Public Investment Corporation (PIC) blasting executives for the secrecy around the court-approved settlement with JSE-listed IT company AYO Technology Solutions, the board considers the settlement a good commercial move.

Prosecutors seek arrest warrant for Jooste

German prosecutors yesterday applied for an arrest warrant against disgraced SA businessman Markus Jooste after he failed to show up for his criminal trial in Germany.

Whites-only enclave faces ruin

A whites-only, Afrikaans-speaking enclave in the Northern Cape faces ruin after the company formed to run it was provisionally wound up because it was founded and run illegally, says a News24 report.

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