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SAA flies into business rescue headwind

By Juta and Company (Pty) Ltd Published on Thursday, 05 December 2019
Tags: #Business & Industry Law #Insolvency Law
After a week of speculation on loss-making SAA’s future, the airline is to be placed in business rescue, the government announced yesterday. Public Enterprises Minister Pravin Gordhan said that business rescue was the best way of avoiding a disorderly implosion of the airline, notes a Business Day report.

Mobile giants warned of prosecution over data prices

Mobile operators have been behaving uncompetitively by charging too much for Internet connectivity and could face prosecution if they do not drop prices withing two months, the Competition Commission said yesterday.

Tongaat Hulett’s executives face civil action

By Juta and Company (Pty) Ltd Published on Monday, 02 December 2019
Tags: #Business & Industry Law #Criminal Law #Litigation
Tongaat Hulett has put executives – including its former CEO Peter Staude, who was paid R176m in the decade to 2018 – in the firing line over an accounting scandal that threatened the collapse of the firm.

Court papers reveal how contract exposed PIC

By Juta and Company (Pty) Ltd Published on Monday, 25 November 2019
Tags: #Business & Industry Law #Litigation
Court applications by Iqbal Survé and his brother-in-law business partner, Khalid Abdulla, have exposed details of a shocking contract signed by PIC chief executive ‘Dr Dan’ Matjila that purported to provide the PIC with some protection against further losses on its R4.3bn investment in AYO.

SCA rules that Bosasa is commercially insolvent

By Juta and Company (Pty) Ltd Published on Monday, 25 November 2019
Tags: #Business & Industry Law #Insolvency Law #Litigation
The SCA has ordered that corruption-accused company African Global Operations, formerly Bosasa, is commercially insolvent and should remain in the hands of its liquidators, reports DispatchLIVE.

Iqbal Survé allegedly involved in share manipulation

By Juta and Company (Pty) Ltd Published on Monday, 18 November 2019
Tags: #Business & Industry Law #Criminal Law #Litigation
Media owner Iqbal Survé is alleged to have deliberately manipulated the share price of a company he had a significant stake in, apparently to avoid repaying a R4.3bn investment financed by government workers’ pensions.

Denel clinches record R6.3bn export deal

By Juta and Company (Pty) Ltd Published on Friday, 08 November 2019
Tags: #Business & Industry Law
Struggling state-owned military technology and defence company Denel has clinched a R6.3bn export deal but the details are being kept secret after its presentation before Parliament’s Public Enterprises Portfolio Committee this week, notes a Mail & Guardian report.

R800m more than thought looted from VBS – liquidator

By Juta and Company (Pty) Ltd Published on Friday, 08 November 2019
Tags: #Business & Industry Law #Insolvency Law #Litigation
The liquidator of VBS Mutual Bank estimates that about R800m more has been stolen than initially thought, says a Daily Maverick report.

Steinhoff challenged over 'legal privilege' PAIA argument

By Juta and Company (Pty) Ltd Published on Friday, 01 November 2019
Tags: #Business & Industry Law #Litigation
The Financial Mail and the amaBhungane Centre for Investigative Journalism have launched a joint application in the Western Cape High Court to compel Steinhoff to release the full forensic report on accounting failures and fraud compiled by PwC.

Old Mutual seeks judge's recusal in Moyo case

By Juta and Company (Pty) Ltd Published on Wednesday, 30 October 2019
Tags: #Business & Industry Law #Litigation
Old Mutual is to apply for the recusal of Judge Brian Mashile who ruled in favour of the reinstatement of fired CEO Peter Moyo, the insurer said yesterday. BusinessLIVE reports that the appeal against the order is set for 4 December.

Bid to recover millions from sale that turned sour

By Juta and Company (Pty) Ltd Published on Monday, 28 October 2019
Tags: #Business & Industry Law #Litigation
The state entity charged with helping researchers and entrepreneurs commercialise innovations is taking legal action to try to recover hundreds of millions of rands it believes it lost out on in a deal.

Nkandla ruling not applicable this time – Ramaphosa

By Juta and Company (Pty) Ltd Published on Monday, 21 October 2019
Tags: #Business & Industry Law #Constitutional Law
President Cyril Ramaphosa’s lawyers have hit out at Public Protector Busisiwe Mkhwebane and the EFF for comparing him to former President Jacob Zuma – and insist that, unlike Zuma, Ramaphosa has never sought to ‘second guess’ the Public Protector.

Moyo asks court to jail Old Mutual directors

By Juta and Company (Pty) Ltd Published on Thursday, 17 October 2019
Tags: #Business & Industry Law #Company Law #Litigation
Axed Old Mutual CEO Peter Moyo says there is no punishment befitting Old Mutual directors other than six months' jail time, without the option of a fine, on the contempt of court charges he lodged against them for disregarding a ruling that he be reinstated.

Trust faces liquidation over R12m debts

By Juta and Company (Pty) Ltd Published on Monday, 14 October 2019
Tags: #Business & Industry Law
The government has still not released funds to support the Job Creation Trust, which was set up by the country’s big trade union federations more than two decades ago.

'Malicious' Survé slammed for Gordhan rant

By Juta and Company (Pty) Ltd Published on Friday, 11 October 2019
Tags: #Business & Industry Law #Litigation
The legal team of the Minister of Public Enterprises, Pravin Gordhan, has slammed ‘defamatory’ allegations made by Dr Iqbal Survé, chair of Independent Media and head of investment firm Sekunjalo, in the wake of a dramatic raid of his office in Cape Town this week.

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