Star 2024-08-05

The JSE has issued Eskom Holdings with a public censure and a fine of R3 million, suspended for three years, because the electricity utility, for four years, has repeatedly failed to disclose its policies and treatment of prominent persons and loans, and procurement to related parties. Eskom was one of the key state institutions gutted with corruption and fraud during the so-called state capture era, and the repeated failure of appropriate disclosure to the JSE, where the utility trades its debt instruments, appears at odds with its claim that it is attempting to combat corruption. The JSE said on Friday that Eskom had an obligation to comply with the JSE debt listings requirements. In 2020, the JSE implemented rules for state-owned entities and municipalities, including that an issuer is required…

To date Nedbank is reaping billions of rand in profit from an interest rate swop deal signed with Transnet dating to the state capture-era in 2015/16 as the banking giant braces for a protracted legal battle with the state logistics parastatal and the Special Investigating Unit (SIU) over their intention to sue the banking group in a bid to recover R2.7 billion. Business Report has in its possession court papers that give a deeper insight into what is at stake: Transnet has said it has as of May this year paid Nedbank more than R10.5bn in the controversial interest credit swops, with the amount set to continue unless the arrangement that the utility said it was craftily herded into by state capture luminaries is set aside, and refunded the difference…

Cosatu on Friday called out retailer Dis-Chem Pharmacies for lack of transformation of its corporate structure, saying it was only paying lip service to black economic empowerment (BEE). The pharmaceutical firm reportedly failed to account to shareholders this week at its AGM when pressed on why it has no black people in its top management structure and only 14.5% at senior management level. Dis-Chem shareholders are the Saltzman family, which has a 35% stake; Coronation Asset Management with 20%; the Public Investment Corporation (PIC) with 18.6%; Royal Bafokeng Holdings with 6.6%; and Stansha with 4.6%. This comes amid concerns that the new draft regulation amendments effected earlier this year intended to gauge compliance through five-year numerical targets that employers must aim for gave companies more leeway but they lacked measures…

Last week a reader, Camilla, who ready my TRADE WINDS column in Business Report, “Clearing confusion around taxes on imports from Chinese e-retailers Shein, Temu,” asked how the SA Revenue Service (Sars) would refund her once she paid the import duties on imported clothing from a foreign e-commerce website, if she needed to return some or all of her purchase. This, it turns out, is more difficult to answer than expected. Let’s begin with first principles. You should only pay import duties and VAT on goods you consume locally. If you return goods to the country of origin, you should be able to claim back the customs duties and VAT. At present, anyone buying small parcels imported through OR Tambo International Airport by courier will pay a flat 20% tax…

A clear vision is very crucial to grow a business, according to Matseleng Magodi, a successful property entrepreneur who has this in spades. She is the the founder of Snooks Estates and co-founded the Black Estate Agents Forum. This is significant as a gender gap persists in South Africa. While the number of women-led businesses in South Africa is on the rise and reaching 22%, according to the 2021 Mastercard Index of Women Entrepreneurs to bridge the gender gap it is essential to shift the conversation. We need to go beyond acknowledging the gap and understand how 22% of women-led businesses succeed in a competitive business landscape. Magodi’s insights light the way She highlights that, “Women should not worry about the how, but focus on the why. When the…

“CAN Nedbank dodge the consequences of alleged state capture?” This is the million dollar question most South Africans will be asking themselves as the bank gears up for a legal fight with the Special Investigating Unit (SIU) and Transnet over the alleged R2.7 billion Gupta spoils in an interest rate swop deal dating back to the state capture-era in 2015/16. Nedbank is front and square of public inspection for its alleged role in state capture as outlined in the Zondo Commission of Inquiry from which it appears it is still reaping billions of rand to date. “Is Nedbank too big to fail?” This is a question I have been mulling over this weekend after Business Report got line of sight of the Transnet, SIU court papers filed against the bank.…