North West Premier Supra Mahumapelo and Denel CEO Zwelakhe Ntshepe are facing a backlash over revelations that the premier’s son got a R1.1-million bursary to become a pilot. Rapport newspaper revealed at the weekend that the state-owned armaments company‚ forced recently to borrow money to pay salaries‚ had “bent the rules” to award the bursary. Ntshepe‚ according to the newspaper‚ personally signed the contract. Public Enterprises Minister Pravin Gordhan described the allegations as serious and asked the newly appointed Denel board to institute an internal investigation
Anglogold CEO Venkatakrishnan Resigns
CEO Srinivasan Venkatakrishnan has resigned, the company announced on Monday. Venkatakrishnan leaves after 18 years at the company, the last five as CEO, to become chief executive of Vedanta Resources. Vedanta is a London Stock Exchange-listed, diversified natural resources firm, with interests zinc, lead, silver, copper, iron ore, aluminium as well as oil and gas.
207 US Eggs Recalled Over Massive Salmonella Outbreak
About 207 million eggs supplied by a US farm are being recalled after more than 20 consumers became ill from suspected salmonella poisoning. The eggs from a Rose Acre Farms facility in Hyde County, North Carolina, may be contaminated with a form of salmonella, which can cause serious infection, the US Food and Drug Administration said in a statement.
IRBA Considers Forcing Audit Firms To Split
The South African audit profession’s watchdog is considering forcing firms to split their audit and advisory arms in an effort to enhance their independence and improve audit quality. With auditors embroiled in a rising number of scandals globally and at home, the Independent Regulatory Board for Auditors (Irba) was weighing up the benefits of creating “audit-only” firms, Irba CEO Bernard Agulhas said.
Nkonki CEO Quits Over Gupta Scanalds
Nkonki CEO Mitesh Patel resigned this week after amaBhungane revealed that his R107m “management buyout” of the pioneering black auditing firm 18 months ago was funded by Gupta lieutenant Salim Essa. The investigative journalists reported that Patel did not elaborate on his reasons for going‚ but his acting replacement‚ Thuto Masasa‚ said in response to questions: “Mr Patel tendered his resignation as the CEO of Nkonki as a result of very serious and damaging allegations published in the media in particular regarding his relationship with Mr Salim Essa‚ Trillian and Gupta linked entities.”
Fight Over Grounded Gupta Jet
The Guptas have returned their Bombardier jet to SA after the Canadian bank that financed the aircraft asked the court to hold them in contempt for failing to deliver the aircraft on time. The jet flew from Dubai on Friday and landed at Lanseria Airport. It was handed over for storage to Execujet, a maintenance company contracted by Export Development Canada (EDC), pending the outcome of legal proceedings in SA and the UK. The Guptas had applied for leave to appeal against an order handed down by Judge Fayeeza Kathree-Setiloane on March 19 compelling them to return the jet to Lanseria by April 3 or face having it deregistered by the Civil Aviation Authority, which would have meant it could no longer be flown.
Oil Could Hit $80 A Barrel Over Possible Iran Sanctions
Brent oil could spike to $80 a barrel if the US and European Union reimpose sanctions on Iran – and as Western powers expand the scope of the Syrian civil war. A possible decision in May on Iran sanctions may be the start of a process that maintains low-intensity stress on oil markets that can deliver higher prices and above-average volatility
Currencies : Bcoin R97 596,18 . Ether 6,338 . R/USD12.06 . R/GBP17.26 . R/EUR14.91