Star 2023-02-24

DELOITTE will pay Tongaat Hulett R261 million for its role in okaying the sugar and property group’s financial statements between 2012 and 2018, when in fact the figures were misrepresented by former management. Tongaat Hulett, which is now in business rescue after the fraud was uncovered, said yesterday in a JSE regulatory notice that it had reached an agreement for Deloitte to pay it the money in settlement of a claim for its role as auditor from 2012 to 2018. Some of Tongaat’s minority shareholders have long agitated that the group make a legal claim against Deloitte. Tongaat’s financial statements between those years were found to have been overstated by almost R12 billion over seven years. The shares were suspended in July last year. “Deloitte will pay ……

Eskom has confirmed the unprecedented shedding and curtailing of power to stage 7 WINTER came early for South Africans after Eskom confirmed shedding and curtailing a combined more than 7 000MW of electricity supply from the grid over the past two days. This has fuelled chatter around the country that Eskom implemented an unprecedented stage 7 or stage 8 load shedding on Tuesday and Wednesday night without informing the public. However, Eskom’s System Operator yesterday denied reports that had quietly ramped up load shedding from the current stage 6. This contradicted Eskom’s spokesperson Sikonathi Mantshantsha, who told another publication that it was accurate to say load shedding was at stage 7 at that particular time on Wednesday night. The Eskom System Operator decides on the load…

ANDRE de Ruyter’s blockbuster exit from Eskom has left sections of society divided right down the middle over how the corruption allegations he made could potentially see South Africa regressing after a four-year marathon which exposed how the State has been captured. This comes after De Ruyter’s explosive interview with the commercial 24-hour TV station eNCA. During the interview, De Ruyter made a litany of allegations among which he reiterated that corruption was deeply entrenched at Eskom and hinted at political interference due to vested interests. De Ruyter said he had made enemies at Eskom and had stepped on the wrong toes after trying to close the taps to a cartel that was allegedly syphoning off at least R1 billion from Eskom every month. He also implicated an unnamed…

South Africans have gone to bed in darkness this week. I was one of them. Just before blowing my candle out, I received a message that the CEO of Eskom, Andre de Ruyter, had been effectively fired. Boom, employment terminated with immediate effect – a few hours after he had exposed the depth of corruption at Eskom and implicating the involvement of senior ministers or is it simply only one specific senior minister … one with many portfolios under their thumb and at their disposal? Not being a political appointment to Eskom – or as far as I am aware – De Ruyter is able to speak out about corruption at Eskom, and although he didn’t mention any names in his recent interview, surely, he would have informed his direct…

ANGLO American CEO Duncan Wanblad, speaking at the release of the mining firm’s annual results, which saw a decrease in annual profit, said the fundamental demand picture for future-enabling metals and minerals, particularly those that were responsibly sourced with traceable provenance, was ever more compelling. “Our new Quellaveco copper operation in Peru increases our global production base by 10% and is the cornerstone of our value-adding growth potential of 25% over the next decade, with further optionality beyond, from copper to crop nutrients. “As most of the world’s major economies accelerate their decarbonisation efforts and as the global population increases and continues to urbanise, we aim to keep growing the value of our business into that demand,” Wanblad said. The miner yesterday reported its preliminary financial results for the year…

Media personality Clint Brink surprised fans with a return to music this week. The soon-to-be dad is set to release a new R&B single on March 2, but shared a snippet of the song on his Instagram page just to give his fans a taste of what’s to come. The 42-year-old Binnelanders actor said he was amped to be back in the studio and returning to his passion aside from acting. Brink told IOL Entertainment: “I’m back after a musical hiatus and now I’m back with my first musical offering for 2023 and there are loads more to come. “I am super pumped to finally share some new music with you. “The process was organic and smooth, creating something fresh with super producer @king_dav_mut. “To everyone who has supported me…