Coronation Takes Steinhoff To Court

Coronation Fund Managers, one of the largest shareholders in Steinhoff when it announced “accounting irregularities” in December, will be taking legal action against the company. Its statement follows last Thursday’s announcement that GT Ferreira and the vendors of Tekkie Town lodged demands with Steinhoff. They were prompted by former chairman Christo Wiese’s decision to serve summons on Steinhoff. Coronation said that where possible it would also be taking action against any other parties that have been complicit in any wrongdoing.

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Mzawanele Manyi Demands R144m From SABC

Mzwanele Manyi, who bought ANN7 and The New Age from the Gupta family, is demanding R144 million from the SABC. According to a report by the Sunday Times, Manyi said the money is owed to the Guptas for business breakfast shows they held with the public broadcaster. The report stated that Manyi has entered arbitration proceedings on the matter, as he has “suffered damages” amounting to R144 million.

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How Brian Molefe Milked Transnet

Former Eskom and Transnet CEO Brian Molefe helped inflate contracts by as much as R16 billion, which was split between four companies – including a Gupta-linked group – giving them billions in kickbacks. Citing a report compiled by law firm Werksmans, Molefe lied to the Transnet board to inflate a tender for 1,064 locomotives. The contract would have initially seen Transnet pay R38.6 billion, but withe reported help from Gupta-linked businessman, Anoj Singh, this was inflated to R54.5 billion, with a kickback of R10 million for every R50 million locomotive that was built.

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Billions Lost Due To Ongoing Bus Strike

Transport economist from North West University Ofentse Mokwena said the country could be losing at least R589 million a week because of the ongoing strike, adding that billions of rands have been lost because of the industrial action. “A general estimate for the weekly costs of bus use from households earning R150 000 a year or less is to the tune of R589 million a week, [and that is] looking only at people between the ages of 15 and 65, and 18% of them use bus services

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ZTE US Ban Causes Network Havoc

ZTE recently announced it had ceased operations after it was banned from purchasing technology products from companies in the United States. The Chinese company was served with a seven-year ban from buying US technology products after it was found to have violated sanctions involving bonuses issued to employees who shipped telecommunications equipment to Iran and North Korea. ZTE manufactures telecommunications equipment which is used in mobile network infrastructure around the world, including South Africa.

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Apple And Goldman Sachs Team up For Credit Card

Apple and Goldman Sachs are teaming up for a new credit card, according to a report from the Wall Street Journal. The aim of the Apple Pay-branded card — which could be released in 2019 — is to expand Apple’s mobile payments and also help Goldman Sachs expand into consumer banking, according to the report.

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California Makes Solar Roof Panels Mandatory In New Homes

On Wednesday, the Golden State became the first in the U.S. to require solar panels on almost all new homes. Most new units built after Jan. 1, 2020, will be required to include solar systems as part of the standards adopted by the California Energy Commission. While that’s a boost for the solar industry, critics warned that it will also drive up the cost of buying a house by almost $10,000. Solar shares surged on the decision. Homebuilders fell.

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Currencies: Bcoin R102 742,50 . Ether ZAR 8,584 . R/USD12.27 . R/GBP16.64 . R/EUR14.68

 

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Author: The Turk Report

Simplifying complex money matters

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