Innholdsfortegnelse for 2022-10-04 i Star

The auditors in Steinhoff and Tongaat Hulett are being investigated by the Independent Regulatory Board for Auditors (IRBA) to establish if there was any improper conduct, according to IRBA CEO Imre Nagy. In an interview with Business Report, Nagy said there were cases of management fraud and corruption in the JSE-listed entities, notably Steinhoff and Tongaat Hulett. Nagy said the Steinhoff case was a complicated investigation and was still ongoing. “We anticipate that we will know by the first quarter of 2023, whether there are any charges of improper conduct,” he said. Embattled Steinhoff was involved in a financial scandal where some of its management had manipulated the balance sheet, while Tongatt Hulett’s executives were charged with backdating sale agreements between March 2015 and September 2018. Last week, the IRBA…

NATIONAL Treasury has increased the allowance for retirement funds to invest offshore from 30% to 45%, and simultaneously collapsed the 10% African allowance. This is a big change for the asset management industry, which, excluding Africa, had moved its offshore allowance from 15% to just 30% in the first 25 years of democracy. What, if anything, does the change in foreign exchange regulations mean for your investment strategy? Surprisingly, in the short term, perhaps not much. Post the regulatory change, we engaged 14 asset management companies in the multi-asset mandates we make use of, and none intended to increase their foreign exposure in the short term, given their view that valuations still favoured SA assets. We suspect, though, that in the medium term the changes are likely to be profound,…

Rex Trueform, an investment holding company, and owner of the Queenspark fashion retailer, yesterday said its retail segment turnover has fully recovered in the year under review to pre-Covid-19 levels, while its property segment was resilient. The group comprises the retail sales of women and men’s clothing, shoes, costume jewellery, related fashion accessories, and cosmetics through Queenspark branded outlets in South Africa and Namibia. Its property portfolio consists of developed and undeveloped properties, held directly and indirectly through a subsidiary, Queenspark Distribution Centre Proprietary. In its audited annual financial statements released yesterday, the group said its revenue increased by 35% from last year’s R491.4 million to R665m. The group said headline earnings per share increased 81% to 266.5 cents. Investment income amounted to R24.8m, while retail sales totalled almost…

When Lady X, real name Xolisa Mvula, stepped onto the red carpet at the 28th South African Music Awards, she turned heads. Her outfit showed off her natural curves and her haird o was even more of an attention grabber. She may have not gone home with the award for Sama28 Artist of the Year but one can’t blame the musician for going all-out for the big music night. The name “Lady X” may be new to some people, as she took a break from the industry after it became a dark place for her. Lady X has been in the Mzansi music industry for years now – this isn’t even her first Sama nomination. She is now clearly in a better place and her focus is on her music…

Huge deals disbursed in 2019, 2020, and early last year In yet another cover-up of the Tembisa Hospital corruption, The Star has learnt that some of the companies which received huge tenders at Tembisa Hospital in 2020 are linked to the ANC. In June, 2020 a company called Vuka Solutions, owned by a member of the ANC’s Free State provincial executive committee, received a personal protective equipment (PPE) tender from Tembisa Hospital. This follows revelations that Sello Sekhokho, ANC regional treasurer Ekurhuleni, landed his three companies, Kaizen Projects, Nokokhokho Medical Supplies and Bollanoto Security R2.8 million in contracts in 2019; R4.2m in 2020 and R7.5m last year, respectively. Last week, the Gauteng Health Department slammed DA health spokesperson and member of the provincial legislature Jack Bloom for what they…

THE community of Dube in Soweto is still reeling from shock after one of their neighbours was found dead inside a toilet at a track field on Sunday morning. Shirley Mthiyane, 67, left her Sandile Street, Dube home, on Thursday for her routine morning jog. Three days later her lifeless body was discovered at the Self Help Association for Paraplegics (Shap) centre in Moroka. Her distraught son Kgotso, who did not live with her, said on Thursday afternoon a relative told the family his mother had not returned home. “The next morning, on Friday, we started the search. We scattered in all directions. We printed flyers and distributed them. We asked the local radio station JoziFM to help broadcast the matter. We went to hospitals and clinics, and even mortuaries.”…

Media personality and reality star Samke Mhlongo shares gripping and thought-provoking details about her newest book Ringfence, which delves deep into financial literacy, exploring psychological and legal themes. In the book, Mhlongo who is known as a financial guru, looks into the illusions many young African women have about love, wealth, status and power in society. The Queens of Mzansi star is not new to the sizzling media industry as she is also a radio host using her platform to spread attention on financial literacy, sharing her personal experiences and insights. In conversation with The Star, she opened up about the essence of Ringfence. “Ringfence, in summary, is a financial checklist that explores psychological and legal themes to showcase the non-financial barrier that stands in (the way of) women’s wealth…

A Gauteng police officer is set to face disciplinary action after a video of him dancing on a soccer pitch at a soccer match went viral at the weekend. The constable, police spokesperson Colonel Athlenda Mathe said, was based at the SAPS Rapid Railway Unit. “He reported for duty on Saturday morning but was booked off, disarmed and sent home,” she said. However, the constable allegedly made his way to Orlando Stadium where he accessed the pitch and his dance routine was captured on camera. “The SAPS management has…instituted a departmental investigation into the conduct of a police constable, following an incident captured on a video clip circulating on social media.” Mathe said the status and dignity of the SAPS badge and uniform must at all times be safeguarded and…

The National Freedom Party (NFP) says it is disturbed at the composition of the new Eskom board which despite promises of being filled with individuals with an engineering background, is made up of “recycled executives with little to no engineering experience”. On Friday, Minister of State Enterprises Pravin Gordhan announced the new board of Eskom comprising Mpho Makwana as chairperson, Dr Busisiwe Vilakazi, Lwazi Goqwana, Clive le Roux, Leslie Mkhabela, Mteto Nyati, Fathima Gany, Ayanda Mafuleka, Dr Tsakani Mthombeni, Dr Claudelle von Eck, Tryphosa Ramano and Bheki Ntshalintshali. Gordhan said Dr Rod Crompton would be retained on the Eskom board of directors to ensure continuity, with executive directors André de Ruyter remaining the CEO, and Calib Cassim as the utility’s CFO. According to the minister, the new board…

THE entire world is in turmoil, as events cascade out of control. The blowing up of The Nord Stream pipeline, religious chaos in Iran, carnage in Ukraine, rise of deadly fascism, confrontation in The South China seas, are being choreographed by the demons of war who seek perpetual war as an instrument for global control. Peace efforts have been abandoned as brinkmanship and nuclear roulette becomes a deadly pillar of superpower diplomacy. Eyeball to eyeball stand-offs will lead humanity into extinction. About 3 000 powerful nuclear weapons are on alert to turn planet earth into a radioactive wasteland for at least a thousand years. Every nuclear war exercise conducted over the past 75 years graphically reveals in 3D, that human life on earth ceases to exist even in a limited…

During the apartheid era, townships had no electricity. After the dawn of the new democracy, black areas were electrified. There was light at the end of the tunnel. Today, the country is suffering from blackouts. And some white areas are not affected by the electricity challenge. It’s like in the olden days. This year, we’ve had more load shedding than any other year. Eskom CEO Andre de Ruyter is talking about Stage 15. In simple terms, things are going to get worse. Interestingly, Eskom is demanding a 32% annual tariff increment. For what? That’s absurd. The electricity utility is failing to keep the lights on. I hope the National Energy Regulator of SA will turn its demand down. Not long ago, load shedding reached Stage 6. Are the Eskom board…

SOMETIMES events that take a few weeks to happen unfold in a matter of days. The last few days of last week were such days. It started with newly elected City of Joburg Speaker, Colleen Makhubele, agreeing to a vote of no-confidence in the mayor Mpho Phalatse. Then on Friday morning, Phalatse brought an urgent court application to declare the council meeting where such voting would take place unlawful. This was followed by frantic horse-trading culminating in the vote of no-confidence in the mayor and the election of a new mayor Dada Morero. Since this quick turn of events, reactions have ranged from dismay at the DA-coalition partners’ lack of principle to social media analysts pointing out the contradiction that the very same politicians elected on their opposition-to-the-ANC ticket helped…

World Rugby’s move to “aid the flow of the game” with water breaks has had the exact opposite effect and needs to be scrapped. In May, the governing body announced that it had approved a global trial limiting the opportunity for non-playing personnel to enter the field of play during a match with the aim of “improving the flow of matches by reducing unnecessary stoppages without compromising welfare”. Firstly, it’s not hard to figure out why such a law was suddenly implemented following the ridiculous outrage at SA Rugby’s director of rugby Rassie Erasmus’s ‘water boy’ role. We all know the real reason it was implemented in the first place ... it was a poorly masked attempt at restricting the comings and goings of Erasmus. “The aim of the trial…

Sekhukhune United coach Kaitano Tembo believes that his side will go all out for a win and have had enough time to prepare ahead of their home clash against Orlando Pirates at the Peter Mokaba Stadium tonight. The pressure is currently on Tembo and Babina Noko. The side has shown little improvement from last season. Instead, they have won just one league game so far and are second last with seven points after eight games. Should Sekhukhune lose to the Sea Robbers and Marumo Gallants pick up points against TS Galaxy, Tembo’s side could move to last place. “Preparations have been going well,” said Tembo. “We have had enough time to rest and to look at areas that we need to improve. We also looked at areas in which we…

Liverpool are conceding too many similar goals in their matches this season and the players may need to get “back to basics” to tighten the defence and return to winning ways, manager Jurgen Klopp said yesterday. Famed for their counter-pressing style which helped Liverpool compete on all four fronts last season, Klopp’s side have leaked goals this season and kept only two clean sheets in all competitions. A 3-3 home draw with Brighton & Hove Albion on Saturday dropped Liverpool to ninth place in the Premier League standings and Klopp said they would have to come out of the crisis in a similar way to when they lost several defenders to injuries two seasons ago. “When you spot a problem and think you have the solution, you expect the solution…

CPR has occurred, defibrillation has been administered and it seems to have revived the form of Gianni Lombard. The Lions flyhalf may have a long way to go to fully resurrect his career, but the two starts he has had so far in the URC this season have seen him play with renewed vigour. The 24-year-old has been instrumental in guiding the Joburgers to two brilliant victories abroad, against the Ospreys and more recently against Cardiff. After the opening loss to the Bulls, Lombard was brought into the starting XV and it has only worked in the favour of the Lions so far. Jordan Hendrikse, who started against the Bulls, is undoubtedly a talented and skilled player – one many will argue has a Springbok future ahead of him –…

Armaments worth R80 billion destined for Ukraine and bought from a private local company have created a diplomatic pickle for South Africa, after the International Air Services Council shot down the Foreign Operator’s Permit (FOP) for an Export Permit for Conventional Arms and Services that had already been granted by the Department of Defence. Tensions between the government and the council are reported to have peaked after a FOP application was made in July, but can only be endorsed by the council, which refuses to endorse it on moral grounds. “The FOP has not been granted yet, what has been signed off is by the Department of Defence and others relevant government departments, but the consignment cannot take off without the council’s approval,” a source close to the transaction said.…

SOUTH Africa’s industrial production fell back into contractionary territory in September as the severity of intensified power cuts during the month hampered both output and demand. The seasonally adjusted Absa Purchasing Managers’ Index (PMI), released yesterday, fell to 48.2 index points in September from an improved 52.1 index points in August. Absa said more intense load shedding during the month was likely to blame for the decline relative to August, with the index averaging 49.3 points in the third quarter. The September PMI print pointed to a renewed contraction in the country’s manufacturing activity as Eskom ramped up its rotational load shedding to Stage 6 and maintained Stage 4 for more than two weeks. September was by far the worst month of the year in terms of the cumulative amount…

A NOW divorced woman has discovered that if you cheat on your spouse, you lose. The court ruled that she would forfeit half of her husband’s pension money because she left him and the children for other men. The woman, who cannot be identified as the matter involves a divorce action, went to the North Gauteng High Court, Pretoria, to divorce her husband. She also asked that half of her husband’s pension be paid to her. The husband, in turn, said his “cheating wife” should not get a cent and that half of his government pension fund, to which a spouse married in community of property is usually entitled to, should be forfeited due to her conduct over the years. The couple tied the knot in 2009 and the husband…

Mineral Resources and Energy Minister Gwede Mantashe has backed the much-delayed and “most complex” steam generator replacement (SGR) project, worth billions, at the Koeberg nuclear power plant. The unprecedented project has been marred by workers’ suspensions emanating from the hostile NUM- Eskom relationship and operational delays of the project. The project – estimated to cost R20 billion in 2010 – is a key factor in whether the plant’s life span is extended for a further 20 years, beyond July 2024. Built by the French between 1978 and 1984, the plant’s 40-year operational licence is coming to an end. Eskom’s work around the clock to get the licence extended is threatened by delays to the SGR project, which is yet again postponed to 2023 after mismanagement, which led to the suspension…

THE GOVERNMENT faces a Sign Language interpreters conundrum in courts across the country, and it does not have a single full-time sign interpreter in the Western Cape, which a justice expert has labelled a constitutional violation. Justice and Constitutional Development Department spokesperson Steve Mahlangu confirmed to the Cape Argus that the province does not have a single sign language interpreter employed on a full-time basis, and that the department is forced to rely on “three or four” freelancers who service courts across the entire province. On Thursday, Public Service Commission commissioner Anele Gxoyiya lamented the general lack of Sign Language interpreters working in government, but he did not give a full account of the issue. The dearth of sign language interpreters comes to the fore after the last week of…

AS WE mark World Teachers’ Day on October 5, it is timely to reflect on the important role our teachers play in raising future generations. Educating children and youth is a profession deserving a high esteem. According to the Bahá'í Writings: “The education and training of children is among the most meritorious acts of humankind and draweth down the grace and favor of the All-Merciful, for education is the indispensable foundation of all human excellence and alloweth man to work his way to the heights of abiding glory.” In many parts of the world, however, the value of teaching as a profession has declined. Although attempts are being made to improve the situation by such means as increased pay, there are many challenges that need to be addressed. A major…

A sober workforce is both a legislative and an operational requirement. Employers have a duty to ensure a safe working environment, which includes a duty to prevent intoxicated people from entering the workplace. This is especially important in industries such as construction, manufacturing, mining and transport, where operating heavy machinery under the influence of intoxicating substances can be extremely dangerous. Workplace testing of existing employees has been used successfully to identify and deter intoxication in the existing workforce. To extend this deterrent effect and communicate a zero tolerance to substance misuse, it is advisable for companies in safety-critical industries to conduct pre-employment substance testing so as to avoid hiring individuals who are likely to defy or ignore company policies that prohibit the consumption of intoxicating substances. A clearly communicated policy…

Rassie van der Dussen believes that the playing conditions for the T20 World Cup in Australia later this month should be much more batter-friendly than what the Proteas are currently experiencing in India, especially up front in the powerplay. Van der Dussen, who is currently not in India with the Proteas and is “gutted” to be missing the T20 World Cup with a finger injury, has been an interested spectator back home. Van der Dussen could only look on in frustration as the Proteas slumped to 9/5 in the first T20 international before again being reduced to 2/2 in the second match on Sunday. On both occasions, it was rookie left-arm bowler Arshdeep Singh who caused the damage. New-ball partner Deepak Chahar has also played a significant part in maintaining…

NASPERS said yesterday the planned $4.7 billion (R84.7 billion) acquisition of BillDesk by subsidiary Prosus had fallen through, because “certain conditions precedent were not fulfilled.” The leading international technology group on August 31 announced that an agreement had been reached between PayU Payments Private (PayU), a subsidiary of Prosus, and the shareholders of the Indian digital payments provider BillDesk, to acquire BillDesk for $4.7bn, which at that time was worth some R65bn. The deal was reportedly would have been one of the biggest in India’s tech sector and the biggest so far attempted by Prosus. “This is good news as the price was struck in 2021 before tech shares started to fall,” @WayneMcCurrie commented yesterday on Twitter yesterday and “why did it terminate” @hudude81 questioned? “BillDesk shareholders are shocked. This…

Rising interest rates and worsening power cuts have slowed the momentum of new vehicle sales growth in South Africa as load shedding hits production, while rising interest rates impact purchasing power. This comes as aggregate domestic new vehicle sales in September recorded a 10.8% increase at 47 786 units, from the 43 147 vehicles sold in September, 2021. The September print reflected a year-on-year increase of 4 639 units, and a slight monthly increase of 366 units from 47 420 vehicles sold in August. The Automotive Business Council (Naamsa) yesterday said the new vehicle market continued to reflect a healthy performance, but the pace of recovery has started to slow down. Naamsa pointed to the despondency about load shedding and other weakening economic indicators for this slowing momentum. Naamsa CEO…

THE City of Ekurhuleni is next in line to fall under the ANC’s governance following the collapse of the DA-led coalition in the City of Joburg. This was the admission of ActionSA provincial chairperson Bongani Baloyi at a media briefing on the party’s new role as the opposition in the City of Joburg, following the axing of DA-led coalition mayor Dr Mpho Phalatse last week. Phalatse was axed after Patriotic Alliance (PA), in spite of being a coalition partner, voted with the ANC and other minority parties on a motion of no confidence in Phalatse. The opposition parties then elected ANC Joburg regional chairperson Dada Morero as the new mayor. Morero was the sole candidate, but the DA has now threatened to take legal action and challenge his election, arguing…

Expelled Stellenbosch University (SU) student Theuns du Toit is trying his luck to complete his studies at Afrikaans university, Akademia. Du Toit, 19, was found to have contravened several of the university’s codes of conduct when he was recorded on a cellphone urinating on the study desk, books and laptop of Babalo Ndwayana, a black first-year agricultural student, in May. The Star’s sister paper, the Weekend Argus, broke the story following the incident at the Huis Marais residence. Now Solidarity labour union has said Du Toit has applied to complete his studies at Akademia. The university confirmed this to Weekend Argus. “Theuns du Toit applied to Akademia for further studies,” said Akademia’s spokesperson, Zydelia Venter. “A proper process is followed which includes interviews ... there will also be discussions…

THE ANC Youth League (ANCYL) has defended its recent mission to Ukraine and Russia to act as observers during referendums in Ukraine, which the DA and other political parties called a serious breach of international law and a way to attempt to legitimise Russia’s bid to annex Ukrainian territory. The recent referendums held by Russia in eastern Ukraine sought to ask citizens if they wanted seized territories to be incorporated into Russia. The referendums in some of the eastern and southern Ukrainian provinces on Russia’s border have been slammed as a ploy to legitimise Russia’s military occupation and its intention to annex the the territories. Last week, ANCYL members went to Russia as part of its observer mission, and to familiarise themselves with the challenges Ukrainians have been facing…

Popular rapper Big Zulu has fearlessly accepted a boxing challenge from Cassper Nyovest after he had been talking about wanting to get in the boxing ring and have a dust-up with him. With local entertainers demonstrating their fondness and interest in boxing, things have been intriguing on social media and on the entertainment scene. When popular rapper Cassper Nyovest introduced the idea of taking all feuds to the boxing ring using Slik Talk to set an example, most people reckoned the boxing fever would die down. But surprisingly things took a different course as many well-known people have agreed to use their platform to highlight the significance of boxing. Cassper’s popular and gripping tournaments with renowned music talents NaakMusiq and Priddy Ugly have drawn much attention to the sport. Big…

THE country is having an energy crisis like never before. Even during apartheid we did not experience such darkness. Now, thanks to the men and women who run this country, load shedding, like corruption, murder and rape, has become a common feature. The power stations built during apartheid provided adequate electricity for the country’s needs at that time. When the ANC removed the white minority government, it became drunk on power and embarked on a grandiose policy of change and transformation. One of them was electrification of the townships. It was a wonderful gesture. But the plan had a major flaw. The ANC government extended the network grid without increasing the generating capacity of Eskom. The power stations became overloaded and strained. They either blew up or tripped. And so…

THE scourge of absent fathers in South Africa has been studied, academically explored and discussed in many a forum. This issue has been seen as the major contribution to the disintegration of society and its values. Volumes of academic studies the world over always come to the same conclusion about absent fathers and societal fragmentation. I hate to disappoint you, but this piece is not a psychological commentary on the overly explored subject. However, I would like to explore the Republic of South Africa, as represented by its government and its actions, as that of the absent father who has been a subject of many study years. With so much pain and unhappiness, I have been an observer and commentator on our government’s policies and actions (read service delivery) towards…