Star 2025-02-07

Through a series of paper inter-company transactions, millions of dollars were moved around Steinhoff entities, with fake transactions having been signed off by the now deceased CEO, Markus Jooste, resulting in non-existent income being recorded in the company’s books. In the chapter on accounting adjustments in the 7 000-page investigation, which Business Report secured through a Promotion of Access to Information Act application, PwC recorded how a fake transaction was created that resulted in $200 million (R3.7 billion at today’s exchange rate) being accounted for against “other income” in Steinhoff’s books, artificially inflating its income. Steinhoff was South Africa’s biggest corporate scandal when it collapsed after Deloitte confirmed there were accounting irregularities in 2017. The fallout included Jooste’s reported suicide, while several executives were charged and, in some cases so…

Exxaro Resources has announced that Dr Nombasa Tsengwa has resigned from the company in her capacity as the CEO and board member with immediate effect. This comes after the board placed Tsengwa on precautionary suspension in December 2024 pending the outcome of an independent investigation into allegations related to workplace conduct and governance practice. An independent investigation against Tsengwa was set to be conducted by a reputable law firm, ENS, with the board saying it took any such allegations and resultant investigations very seriously though it made no presumption as to its conclusion. It said the company will be guided by the outcome of the investigation before taking the appropriate action, if any. Exxaro’s finance director, Pieter Adriaan Koppeschaar, was appointed as Acting CEO at the time of Tsengwa’s suspension…

Eskom’s electricity provision was at a turning point and Minister of Electricity and Energy Kgosientsho Ramokgopa would put forward proposals to bring the matter of load shedding to an end once and for all, President Cyril Ramaphosa said Thursday night. In his State of the Nation address Thursday, Ramaphosa said South Africa had experienced more than 300 days free of load shedding. While the brief load shedding of two days last week reminded everyone that electricity generation and transmission are still vulnerable to disruption, the country is nevertheless on a positive track, he said. He said that Eskom and Transnet were being repositioned to provide “world-class” infrastructure services and also allow private sector companies to compete in the provision of those services, without losing ownership control of key state assets.…

President Ramaphosa frames economic growth as the “most urgent task” confronting the GNU President Cyril Ramaphosa has unveiled an ambitious economic strategy that seeks to achieve an annual growth rate of more than 3% through a significant boost in public infrastructure spending nearing R1 trillion in the medium-term in a bid to create jobs and stimulate growth across various sectors. The announcement made during the State of the Nation Address (Sona) in Parliament last night underscored a strong commitment by the Government of National Unity (GNU) to catalysing job creation through a comprehensive public infrastructure investment plan. Ramaphosa framed economic growth as the “most urgent task” confronting the GNU. “To create this virtuous cycle of investment, growth and jobs, we must lift economic growth to above 3%. To achieve higher…

In a world teetering on the edge of climate catastrophe, where political will often falters and corporate rhetoric seldom translates into tangible impact, the Climate Change Forum in Davos stands apart. It is a rare convergence of those who do more than simply acknowledge the crisis — they act. This year’s forum was not just another moment of discussion; it was a declaration of commitment to sustainable transformation. And at the heart of this recognition stood Father and Son, Dr Iqbal Survé and Rayhaan Survé, South African entrepreneurs whose impact on climate action extends beyond mere advocacy. Honoured with an award, Dr Survé was recognised by the Climate Change Forum for his contribution to sustainability and Sekunjalo’s commitment to environmental investment. The award was presented by Max Studennikoff, the chairman…

ArcelorMittal South Africa’s (Amsa) R5.1 billion headline loss has widened massively from last year’s R1.89bn loss and its longs division will likely close in a month unless the government supports it financially, industry sources said Thursday. Amsa, 68% owned by Luxembourg-based global group ArcelorMittal, had planned to shutter its longs division at the end of this month, but this has been delayed by a month as talks continue on further support from the government, and following a R380 million shareholder loan from the Industrial Development Corporation (IDC). Amsa said another reason for the delay in closing the longs division, which would result in some 3 500 job losses and would severely impact the steel fabrication sector, such as the automotive industry, was the need to fulfil a higher than anticipated…