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The former shareholders of Tekkie Town have launched another legal claim against Steinhoff International Holdings to recognise the terms of a conditional so-called ‘earn out’ bonus that would be paid in 2020 and which could amount to as much as R1bn, notes a Moneyweb report.
Businessman Mzwanele Manyi wants the SABC to pay him R144m ‘owed’ to the Gupta family for the business breakfast shows. Manyi acquired ANN7 and The New Age from the Guptas last year for R450m by way of vendor financing.
Energy experts, residents and activists have opposed the National Energy Regulator of SA’s (Nersa’s) new draft rules for registration of Small-Scale Embedded Generation, calling it ‘a money-making scheme’. A Cape Times report notes Nersa published a consultation paper for people to write their views and opinions about the new draft rules, which will require residents who own solar panels and generators to register and pay licence fees.
Steinhoff International Holdings said acting CEO Danie van der Merwe repaid a R26.4m loan backed by company shares that he took a week before the retailer’s stock collapsed, says a Moneyweb report. It claims the timing of the loan raises questions about how much he knew about the financial malpractice that has brought the company to the brink of collapse.
Veteran businessman Christo Wiese’s Titan Group has instituted a R59bn claim against the Steinhoff group, citing cash investments made between 2015 and 2016. A Business Day report, quoting a Wiese statement, says the companies are claiming cancellation of an agreement entered into with Steinhoff International Holdings in 2015, ‘whereby the Titan Group subscribed for shares in Steinhoff following the acquisition of Pepkor Ltd from the shareholders of Pepkor’.
Business Leadership South Africa (BLSA) says it will ensure that those found to be liable for Steinhoff International’s demise are prosecuted, notes a Moneyweb report. ‘We need to isolate (and) expose the few that have acted in a manner that is less than wholesome and in some instances even in a fraudulent manner… We will be the strongest proponents that somebody needs to go to jail for this, otherwise what we stand for will amount to nothing,’ CEO Bonang Mohale told a media briefing at which BLSA reiterated its commitment to fight corruption.
Absa is being targeted for damages in the Steinhoff scandal due to its involvement in the production of the disgraced company’s 2015 prospectus to shareholders, says a City Press report. VEB, the Dutch non-profit organisation that has launched a class action against Steinhoff in the Netherlands, gave Absa, Barclays and Commerzbank notices yesterday.
Trade union Solidarity’s officially announced yesterday it would apply to the High Court for an order to place SAA in a business rescue process under the Companies Act, notes a Business Day report. Earlier this week it invited Public Enterprises Minister Pravin Gordhan and Finance Minister Nhlanhla Nene to join its application.
Christo Wiese is in the clear over what Business Day describes as ‘egregious self-dealing’ because Steinhoff was registered in Holland where there is no requirement in law for oversight of the provision of loans or financial assistance to directors. On Tuesday, notes the report, Steinhoff stunned investors and corporate governance analysts when it confirmed media reports that the company had prepaid Wiese €325m during October and November 2017 for Shoprite shares, just weeks before Steinhoff collapsed.
Western Cape High Court Acting Judge Keith Engers’ ruling in Truworths Ltd and Others v Minister of Trade and Industry and Others means credit providers are no longer compelled to use payslips and bank statements as validation of income.
The Advertising Standards Authority (ASA) believes concerned consumers will read the nutritional information on the back of food packaging and not take claims on the front at face value, says a TimesLIVE report. ‘If the consumer has a particular reason for not eating sugar‚ they will consult the ingredient list‚’ it said in a recent ruling.
The Companies and Intellectual Property Commission has a statutory obligation to maintain ‘accurate, up-to-date and relevant information concerning companies’, the Gauteng High Court (Pretoria) ruled yesterday, in a judgment set to speed up recourse for company owners who claim that their entities have been hijacked.
Optimum has not yet paid its controversially reduced fine of R577m to Eskom, according to Rapport. Eskom confirmed that Optimum was granted a repayment scheme for the fine, which was R2bn before the Guptas took over the mine from Glencore.
The Dutch Investors Association (VEB) and European Investors – acting on behalf of Steinhoff International shareholders across the globe – served a writ of summons on Steinhoff on Friday. A Business Day report says this puts more pressure on Steinhoff and other parties involved to acknowledge the interests of investors and to start negotiating a settlement to compensate shareholders for losses they suffered.
Less than impressed. That, according to Moneyweb, is the best way to sum up the reaction of MPs to information provided by Steinhoff directors and SA regulators, at yesterday's briefing relating to events that resulted in the collapse of the Steinhoff share price last December.