Audit firm Nkonki’s largest office has applied for voluntary liquidation, after the auditor-general’s decision to terminate its contracts with the company scuppered plans by executives to buy out disgraced majority shareholder Mitesh Patel. Nkonki Sunninghill, which employs 180 people, was left with no other option but to voluntarily wind up the company, the firm said in a statement on Monday afternoon issued via its lawyers, Nicqui Galaktiou Inc.
Brian Molefe Fails To Repay Pension Payments
Anton van der Bijl, head of Solidarity’s Centre for Fair Labour Practices, told Business Day on Monday that Molefe had not adhered to their demand. Molefe’s legal team had only replied in an e-mail stating they would take instructions from him on the matter and get back to the union. But according to Van der Bijl, there has not been any further correspondence. Molefe had sought to have the high court overturn a January ruling by a full bench that ordered him to repay R11m in pension payments unlawfully paid to him by the Eskom Pension Fund.
ANN7 Rebranded To Afro World View
Mzwanele Manyi, owner of Afrotone Media Holdings, said on Monday ANN7 would change its name to Afro Worldview on April 30. The New Age (TNA) newspaper would be rebranded as Afro Voice and its editorial policy would be in line with the press code. Gupta-owned Oakbay Investments announced in late 2017 its withdrawal from its media interests‚ selling its shareholding in Infinity Media (ANN7) and TNA to Lodidox and management for R450m. Oakbay Investments vendor-financed the deals, essentially lending Manyi the money to buy the businesses.
Rand Slides Past R12.30 To Dollar
The rand continued its slide during the early hours of Tuesday, weakening to R12.37 to the dollar at about 2.30am before regaining some lost ground to trade at R12.33 at 7am. Reuters reported the dollar set a three-month high against a basket of currencies on Tuesday, having gained a boost as the US 10-year Treasury yield climbed toward the psychologically key 3% level.
Treasury Working On New Procurement Laws
The bill which is currently with the chief state law advisor for certification aims to overcome the fragmentation in current procurement legislation. Once certified by the state law advisor the bill will be submitted to cabinet and once approved will be published for public comment. When enacted the Public Procurement Bill will repeal the PPPFA in its entirety. With an annual procurement budget of over R900bn, government can be a powerful instrument for achieving economic transformation.
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