SA Banks Face Lawsuits Over Steinhoff

The Dutch Investors’ Association (VEB), which launched legal proceedings against Steinhoff International in January, has notified the three banks involved in Steinhoff’s Frankfurt listing that it is holding them liable for damages incurred by Steinhoff shareholders. The move by VEB stems from the role played by Absa, Barclays and Commerzbank in Steinhoff’s listing on the Frankfurt Stock Exchange in November 2015.

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Shoprite And Checkers Will Offer Students 10% Discounts

Shoprite and Checkers announced that registered South African students can get 10% off at any Shoprite and Checkers stores starting next week Wednesday the 25th of April 2018. The student discount is valid for four days per month until the end of October, for all purchases up to a maximum of R1,500.

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Eskom Facing Coal Shortages

Seven Eskom power stations have coal stockpiles that are lower than the levels required‚ Parliament heard on Wednesday. Urgent authorisation had to be obtained from the Treasury to purchase more coal without having to go to tender‚ acting group executive for transmission Willie Majola told members of Parliament’s public enterprises committee. A recovery plan was in place and coal was also being moved from stations that had healthy stockpiles to stations that did not have sufficient stock.

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Andile Mazwai Resigns As Rebosis CEO

Rebosis Property Fund said on Wednesday its CEO, Andile Mazwai, had resigned and the firm would postpone the release of its interim financial results, sending shares down more than 10%. The company said in a statement its current Executive Deputy Chairman Sisa Ngebulana would be appointed as the interim CEO.

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Mark Lamberti Quits As Imperial CEO

Mark Lamberti has resigned as Imperial CEO‚ following an adverse judgment in the case brought by fired employee Adila Chowan‚ whom he called a “female employment equity candidate”. Imperial has promoted its chief financial officer‚ Osman Arbee‚ to succeed Lamberti as CEO on May 1.

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Audi And Porsche Raided Over Emissions Scandal

Porsche is the latest Volkswagen brand to be sucked into the ongoing diesel emissions cheating scandal that first erupted three years ago. German police and prosecutors raided a number of Audi and Porsche properties on Wednesday in search of documents as part of an investigation into two top Porsche executives and one former employee.

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Facebook Data Breach Affected 100,000 South Africans

Facebook has told SA’s information regulator that almost 100,000 people in the country were affected by its data leak — far more than estimated. Last week the information regulator said it would “proactively and voluntarily engage Facebook with regards to the alleged data breach”, and that it would ask the company to clarify the extent of the data leak and to state what corrective measures it was taking. This was after the personal information of about 87-million Facebook users – mostly in the US — was misused by Cambridge Analytica, a political consultancy that obtained the data from a personality app.

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