Legal Articles and Guides
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 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 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 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.
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.
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.
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.
The liquidator of VBS Mutual Bank estimates that about R800m more has been stolen than initially thought, says a Daily Maverick report.
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 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.
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.
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.
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.
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.
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.