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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.
The Gauteng High Court (Pretoria), in ruling yesterday that Brian Molefe’s declaration that he had not resigned was false, and that he was never entitled to the R30m pension money he negotiated with the power utility, has opened the door to criminal charges against the erstwhile Eskom boss, notes Legalbrief. A full Bench of the court ordered Molefe to pay back within 10 days the R11m he has already received as part of his pension payout.
After what have been described as ‘bargain basement’ sale prices for two significant assets owned by Steinhoff, the Public Servants Association (PSA) has announced it is pursuing legal action to recoup about $1.4bn lost in its accounting scandal. ‘Steinhoff is slowly becoming a shell. We want to try and recoup losses before it is too late,’ Tahir Maepa, deputy GM at the Public Servants Association, told Business Day.
The Dutch Investors Association (VEB) says it has been approached by many SA-registered Steinhoff shareholders interested in participating in its class action against Steinhoff. According to a Business Day report, news that the well-resourced VEB is prepared to fight for SA shareholders adds to the mounting woes facing the world’s second-largest furniture retailer. The European Investors’ Association is also participating in the legal action.
Company law in South Africa has not been comprehensively arranged in a decree. Accordingly, the two pivotal fundamentals of South African company law are the Companies Act of 2008 (“Act”) and the common law as developed by the courts. South African company law is that body of rules which regulates corporations formed under the Companies Act.
Former Mthatha Judge Duncan Dukada’s widow Hlombekazi Dukada will get half of most of the assets accumulated during their 40-year marriage despite their holding separate estates in terms of their marriage property regime, notes a Saturday Dispatch report. The Eastern Cape High Court (Mthatha) ruled that Dukada and his wife had formed a tacit partnership agreement during 1990 in respect of their family businesses and that they had conducted their growing empire – which included hardware stores, a bookshop, tiling and supermarket franchises – as equal partners until the death of Dukada last year.
Standard Bank’s efforts to obtain records of the Competition Commission’s probe into collusion among currency traders at 18 banks were thwarted yesterday after the Competition Tribunal ruled it was not entitled to such records, notes a Business Day report. Given ‘the length of the record, the extent of the confidential information in it and the burden it would place on the commission in preparing it, a reasonable time for production would be at the same time as discovery is made in the (foreign exchange) case’, the tribunal said.
Although a dozen Public Works officials were hauled before a disciplinary hearing for their involvement in what the department described as a breach of tender processes over the appointment of contracts for President Jacob Zuma's R246m Nkandla homestead upgrade, a secret deal has been arrived at, officially ending the matter. According to a TimesLIVE report, the Public Servants Association (PSA) confirmed that cases against the 12 had been ‘finalised’.
Finance Minister Malusi Gigaba reportedly told City Press drastic steps are needed to help the ailing economy – including freezing senior civil servants’ salaries and selling chunks of state-owned enterprises. Gigaba unveiled the surprise moves, which include slamming brakes on the country’s estimated R1trn nuclear build programme. ‘There was a time when it was felt that nuclear is necessary and it must be implemented and programmes were started.
One of SA’s top real estate companies that has admitted being the unwitting source of the largest known personal data breach to date in the country claims to have ascertained that the dump of personal information – estimated at 31.6m records – includes the estimated income‚ addresses and cellphone numbers of the likes of President Jacob Zuma‚ Finance Minister Malusi Gigaba and Police Minister Fikile Mbalula.
The Gauteng High Court (Pretoria) in a landmark judgment delivered yesterday – the same day as President Jacob Zuma eventually appointed a new board of directors at the SABC – limited the powers of the Communications Minister in appointing and firing members of the board. According to a Pretoria News report, Judge Elias Matojane declared several clauses of the amended memorandum of incorporation (MoI) and the SABC charter in respect to the appointment, discipline and suspension of the three executive directors – the group chief executive officer, chief operations officer and chief financial officer – inconsistent with the Broadcasting Act and thus invalid.
Regiments Capital is suing the Transnet Second Defined Benefit Fund to recover lost fees and to possibly get reinstated, after its three-year contract was cut short. This, notes a City Press report, is despite Regiments allegedly misappropriating at least R232m from Transnet pensioners – with Transnet chief financial officer Garry Pita’s blessing – to benefit Gupta-linked Trillian. In a court application on Friday, Regiments demands that its replacement as the fund’s manager, Old Mutual, be removed. It wants a new tender to be put out, which would put Regiments back in the running for job.
KPMG SA was first alerted that all was not well with the accounts of Gupta firms it audited when the press started reporting on the landing of the Gupta's wedding aircraft at Waterkloof Air Force Base in April 2013. The embattled auditor's CEO Nhlamu Dlomu reportedly told Fin24 that an accumulation of ‘red flags’ in the Gupta's accounts – coupled with media reports – eventually compelled the firm to cut ties with companies linked to the family.