Star 2025-02-18

A lengthy investigation by financial services firm PwC into Steinhoff’s business dealings has discovered that the company not only overstated its profit, but also its total assets and liabilities. This information is contained in a 7 000-page report that Business Report secured through a Promotion of Access to Information Act request. One particular matter in which Steinhoff cooked the books – under the guidance of the deceased and disgraced former CEO, Markus Jooste – was a deal in which Steinhoff created a company called Van den Bosch Beheer in conjunction with the latter’s holding company. Van den Bosch Beheer is a Dutch logistics company. In November 2006, Steinhoff Europe Group Services entered into a joint venture with Holding Van den Bosch, with each entity owning 50% of the merged company,…

The Association of South African Quantity Surveyors (ASAQS) has appointed Nolubabalo Tsolo as its new executive director following the retirement of Karl Trusler. Tsolo, a Professional Quantity Surveyor (PrQS), has over 17 years of experience in the construction industry in both the private and public sectors and has worked on diverse construction projects. Trusler said Tsolo’s appointment came at the right time in the Association’s 116-year history. “Current political, social and economic conditions call for a new brand of leadership to navigate the challenges and create new solutions,” Trusler said. “Due to her qualifications, demonstrated work experience, a strong sense of responsibility, a light-hearted sense of humour – and youth on her side – the future of ASAQS is in good hands.” In her previous role as chief quantity surveyor…

Majority shares in Amplats shift ownership from Anglo American SA to Anglo American International Anglo American is expecting to wrap up the demerger of its platinum producing unit, Anglo American Platinum (Amplats), by June this year and will benefit from a dividend windfall despite Amplats reporting on Monday a 40% plunge in earnings for the full year ended December 2024. Amplats is being de-merged from Anglo American as the London and Johannesburg listed resource group restructures its portfolio to focus more on copper, premium iron ore and crop nutrients. Anglo American has already made administrative changes, with majority shares in Amplats shifting ownership from Anglo American South Africa to Anglo American International. Anglo American says it has “made significant progress towards its demerger” of Amplats. It will now “seek shareholder…

Old Mutual Group has confirmed that Iain Williamson will be stepping down as the CEO and executive director of the company on 31 August 2025. This decision marks the culmination of an illustrious career spanning over three decades with the Old Mutual Group, during which Williamson has played a pivotal role in transforming the company into a more resilient and innovative entity. Williamson’s journey with Old Mutual commenced 32 years ago, and he has served in various capacities, with the last five years dedicated to steering the organisation as CEO. The Old Mutual board on Monday expressed gratitude for his unwavering commitment and significant contributions to both the company and the broader financial industry. In a statement released by Old Mutual, the board acknowledged Williamson’s exemplary service. “The board…

The South African Nuclear Energy Corporation (Necsa) is setting its sights on a monumental R50 billion investment to foster innovative research and product development in the nuclear sector, with a special focus on a groundbreaking pilot project at Pelindaba. This initiative aims to position South Africa as a global player in nuclear fuel production while rolling out small modular reactor (SMR) technology at decommissioned coal stations across the nation. At a media roundtable on Monday, Necsa CEO Loyiso Tyabashe said the entity and power utility Eskom were largely in agreement on the turning of decommissioned power plants to nuclear stations as it would save at least 30% in capital from already existing transmission lines, water supply and other amenities. Necsa has through the Multi Purpose Reactor Programme secured R1.2bn from…

Zimbabwe’s top retailer, OK Zimbabwe, is grappling with a staggering decline in both volumes and revenues, which fell by 36% during the lucrative quarter ending in December 2023. This downturn has been attributed to ongoing de-stocking and the closure of four retail outlets, a move that the company on Monday hinted may extend further as it evaluates its underperforming stores. The challenges plaguing the retailer are not isolated; they mirror the struggles faced by various sectors across Zimbabwe as pricing and currency distortions weigh heavily on operations. OK Zimbabwe, which competes against Pick n Pay in the country, closed down four outlets during the period while it is mulling more store closures, targeting those not performing optimally. Company secretary Margaret Munyuru detailed the dire situation in a statement on Monday,…