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Siphelele Dludla siphelele.dludla@inl.co.za Steinhoff International’s shares plummeted more than 16 percent on the JSE yesterday morning after the Western Cape High Court ruled that a key aspect of the settlement plan was legally void. The court on Friday ruled in favour of Trevo Capital in a matter involving the Steinhoff International Holdings Proprietary Limited (SIHPL) contingent payment undertaking between the group and Global Loan Agency Services, as void in terms of section 45 of the Companies Act. This sent its shares into freefall as the market digested the news. Christele Chokossa, a consultant at Euromonitor, said the ruling dealt the international retailer a major blow, as it jeopardised its proposed settlement arrangements, which were pivotal to buying Steinhoff time to restructure its activities while navigating the challenges raised by the…
Dineo Faku dineo.faku@inl.co.za A KABWE medical doctor has filed an affidavit in the Zambian High Court in which he claims that Anglo American had been aware of lead poisoning at its mine. Dr Ian Lawrence, who was stationed where Anglo operated the world’s largest lead mine in the 1970s, said in an affidavit that the company was aware of lead poisoning to their employees as blood levels of staff were checked regularly. Lawrence said that there had been a high number of deaths among children under the age of five years in the township housing mine employees. “I became deeply concerned at the number of deaths among children under the age of five in the residential township where local employees lived (the township), particularly children between one and three…
Siphelele Dludla siphelele.dludla@inl.co.za BUSINESS activity and sales were hit by the reintroduction of stricter measures in South Africa in June which saw the country put back to adjusted level 4 lockdown. The IHS Markit Purchasers Managers Index (PMI) yesterday showed the first output fall in 2021, falling for the second consecutive month to 51.0 index points in June from 53.2 points in May. Level 4 lockdown saw businesses in the hospitality, tourism and alcohol-related industries take a hit as restrictions on gatherings and sale of liquor were enforced. Though it stayed above the 50 level that indicates expansion, the PMI signalled a loss of momentum in the rate of improvement in operating conditions across the private sector economy. IHS said new business growth largely stalled after two successive months of…
Siphelele Dludla siphelele.dludla@inl.co.za THE GOVERNMENT has thrown financially struggling employees a lifeline by allowing them to withdraw more money from their retirement funds as part of a broad retirement fund reform. The government also increased the ceiling for contributions to the Unemployment Insurance Fund (UIF), to shore up the fund that was nearly depleted by the impact of Covid-19. The National Treasury yesterday gave effect to increase the de-minimis amount, or threshold, in relation to withdrawals for paid-up annuities. The gazetting of these regulations follows an announcement in Chapter 4 of the 2021 Budget Review tabled by Finance Minister Tito Mboweni in February. Draft regulations were published for public comment on the National Treasury’s website in February and the public was given more than 30 days to submit their…
Sandile Mchunu sandile.mchunu@inl.co.za JSE-LISTED hospitality and gaming group Sun International yesterday announced the appointment of Sam Sithole as its new chairperson while the group navigates the choppy Covid-19 environment. Sithole replaces Jabu Mabuza, who recently died from Covid-19. Sun International chief executive Anthony Leeming said yesterday that Sithole brought a wealth of experience to the group with a proven track record at the company. “Sam Sithole’s history with the company has given him valuable knowledge and insight, and his more than 20 years of experience in finance and investment will serve us well. “The board and management of Sun International congratulate Sam on his new appointment and welcome him as chairperson,” Leeming said. The group said Sithole had been a member of the Sun International board since 2018. He was…
Sandile Mchunu sandile.mchunu@inl.co.za LABAT Africa yesterday widened its half-year loss by more than 50 percent, hurt by the cash drain from its Force Fuel retail business and the Covid-19 outbreak, but was looking forward to greener pastures as it transitions to the cannabis healthcare sector. Its headline loss a share for the six months to the end of February increased by 50 percent to 4.5 cents a share compared to the restated headline loss of 3c reported a year earlier. However, the group said it had recovered from the painful cash drain of the fuel retail business, Force Fuel, and now came off a very strong base following the de-consolidation of Force Fuel in the results for the year to the end of August last year, as…
