Almost 11 years after he was first served an indictment in the graft case against him, former president Jacob Zuma will finally have his day in court on Friday when he appears in the High Court in Durban. Zuma is facing 16 charges — one count of racketeering, two counts of corruption, one count of money laundering and 12 counts of fraud.
Steinhoff Drops Director Bonuses Plans
Steinhoff International Holdings NV shelved a plan to pay director bonuses after lawmakers questioned whether it was appropriate to release extra funds given the retailer has lost more than 90% of its market value amid an accounting scandal. The owner of Conforama in France and Mattress Firm in the US was planning to ask shareholders to approve payouts to board members including Chairman Heather Sonn as a reward for their work trying to keep the company afloat.
Unpaid Etolls Now Valued At R9.2 Billion
President Cyril Ramaphosa has taken charge of Gauteng’s e-toll headache, bringing hope that the impasse between motorists and the provincial government could soon be resolved. In November 2017, motorists in the province owed R9.2bn. Motorists claim the funding model was not adequately canvassed and the levy will further impoverish poor workers. Gauteng Premier David Makhura in February conceded that the highly contested e-tolls system was a failure. He said a new model was needed to fund road development.
Consol Glass To relist On JSE
Glass packaging manufacturer Consol Holdings on Thursday announced its intention to list its issued ordinary shares on the main board of the JSE. Consol, which provides glass packaging products to customers in a variety of industries including beer, wine, flavoured alcoholic beverages, non-alcoholic beverages, spirits and food, said it expects to be listed in the Industrials: Containers and Packaging sector of the JSE.
Govt Wage Bill Now At R587 Billion
Government’s public wage bill has become so big, that it’s fast becoming the single-biggest problem in the budget – siphoning funding from other vital functions, like service delivery. As it stands, the government wage bill is almost a full third of the annual budget, sitting at R587 billion. National Treasury has warned that the size of the public sector wage bill needed to be reined in as departments were starting to hit their “compensation ceilings”, noting further that public sector wages had increased 10.3% annually since 2009, significantly higher than the rate of inflation.
Sappi Signs Govt Power Plant Deal
Sappi has signed an agreement with the Department of Energy to build a renewable energy plant at its mill in Mpumalanga. Sappi and consortium partners KC Africa and African Rainbow Energy and Power would spend a combined R1.8bn on a 25MW biomass energy unit at the company’s Ngodwana mill, said Sappi Southern Africa CEO Alex Thiel. Sappi will have a 30% stake in the facility, which is expected to contribute to the national grid from July 2020.
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