Inhoudsopgave van 2025-02-07 - Star

Through a series of paper inter-company transactions, millions of dollars were moved around Steinhoff entities, with fake transactions having been signed off by the now deceased CEO, Markus Jooste, resulting in non-existent income being recorded in the company’s books. In the chapter on accounting adjustments in the 7 000-page investigation, which Business Report secured through a Promotion of Access to Information Act application, PwC recorded how a fake transaction was created that resulted in $200 million (R3.7 billion at today’s exchange rate) being accounted for against “other income” in Steinhoff’s books, artificially inflating its income. Steinhoff was South Africa’s biggest corporate scandal when it collapsed after Deloitte confirmed there were accounting irregularities in 2017. The fallout included Jooste’s reported suicide, while several executives were charged and, in some cases so…

President Ramaphosa frames economic growth as the “most urgent task” confronting the GNU President Cyril Ramaphosa has unveiled an ambitious economic strategy that seeks to achieve an annual growth rate of more than 3% through a significant boost in public infrastructure spending nearing R1 trillion in the medium-term in a bid to create jobs and stimulate growth across various sectors. The announcement made during the State of the Nation Address (Sona) in Parliament last night underscored a strong commitment by the Government of National Unity (GNU) to catalysing job creation through a comprehensive public infrastructure investment plan. Ramaphosa framed economic growth as the “most urgent task” confronting the GNU. “To create this virtuous cycle of investment, growth and jobs, we must lift economic growth to above 3%. To achieve higher…

The start of a new year is a time for families to reassess their financial goals and think about the legacy they want to leave behind. While day-to-day expenses often take precedence, creating a financial foundation that supports future generations requires intentional planning and decisive action. This is where the expertise of a financial adviser can make all the difference. Generational wealth isn’t just about having more money—it’s about creating a foundation that empowers your family to make choices, not sacrifices. To achieve this, you need to think of your financial journey as building a house—it starts with a solid design to ensure all the pieces come together in the right way. Building generational wealth is an achievable goal when tailored to your family’s unique needs and values. It’s not…

The demerger of Anglo American Platinum (Amplats), which expects to report a plunge in earnings for 2024 full year, from parent company Anglo American is expected to be completed by June this year. Analysts say Amplats is well structured from a technical, financial and administrative perspective “to run the company independently of Anglo American”. It, however, just needs to sort out a range of shared services that were coordinated at a group level. The company said on Thursday that it expects headline earnings per share plunge from 5 330 cents in 2023 to between 2 889 cents per share and 3 421 cents per share in the year to end December 2024. “The decrease in earnings compared to 2023 is primarily due to a 13% decline in realised ZAR PGM…

Anglo American is battling South African logistics constraints that are affecting Kumba Iron Ore’s operations, while it expects more impairments at its diamond-producing unit, De Beers. The diversified miner achieved its full-year production guidance across all its businesses, it said on Thursday. Anglo American is in the process of hiving off its diamond, platinum group and coal assets, leaving it focused on iron ore, copper and crop nutrients. It made the move to slimline its holdings after BHP Group attempted to acquire the mining group last year in a million pound bid, but was rebuffed. Shares in the company rose by 6.11% in afternoon trade on the JSE to R574.18, erasing the stock’s 2.48% and 2.58% weakening in the past seven and 30 days respectively. Anglo American’s South African iron…

“Hugely disappointing” and “not inspiring”. That was how MK Party leader Dr John Hlophe described President Cyril Ramaphosa’s State of the Nation Address (SONA). Speaking outside the Cape Town City Hall following the president’s address, Hlophe said the president identified three priorities - poverty, inequality and housing. However, he did not deal with those priorities at length, Hlophe said. “We know poverty is worse than ever before. Every day, when you walk in South Africa, at a robot-controlled intersection, you see a lot of people who are hungry, who are homeless, who have nowhere to stay. So poverty is worse than it ever was before. Mr Ramaphosa made no mention of that,” Hlophe said. He said Ramaphosa was talking about an ideal nation, a united South Africa, united in…

The community of Drieziek, Orange Farm, is reeling after a horrifying incident that has brought the issue of child safety into sharp focus. This comes after a three-year-old boy was allegedly fed bread laced with rat poison by his 18-year-old brother last Friday. Yesterday, the community came out in their numbers to comfort the Tsheole-Sibanda family during the funeral service of their three-year-old boy, who was laid to rest at the De Deur Cemetery. It was reported that last Friday, the three-year-old was playing outside while his family, including his mother, Nthabiseng Esther Tsheole, were inside their home not realising that the 18-year-old was planning to secretly poison him. The 18-year-old male has since appeared in the Vereeniging Magistrate’s Court on Monday on a charge of murder. The National Prosecuting…

A SANDTON, Johannesburg, lawyer is facing accusations of stealing over R2.6 million from a widow and has now been ordered to account for the funds, which were the proceeds of a North West property sale. Mohseen Mayet and his Sandton-based law firm, Mohseen Mayet, were ordered by the Gauteng High Court, Johannesburg, to make all records relating to five payments totalling just over R2.6 million available to the co- and joint executors of late Abdullah Ellemdin’s estate, Zunaid Abdoola and Ahmad Bham, respectively. The high court ordered that Mayet and his firm to furnish Abdoola and Bham as well as the Legal Practice Council (LPC) with all records containing the particulars and information contemplated by the Legal Practice Act together with substantiating vouchers detailing the particulars of to whom…

ActionSA leader Herman Mashaba has joined the fray in the City of Tshwane council dispute regarding the ex-gratia payments to senior officials involving Mayor Nasiphi Moya and her predecessor, Councillor Cilliers Brink. Taking to X, Mashaba called out Brink, accusing him of struggling to come to terms with his ousting as mayor. Brink’s dramatic exit from office occurred last year after a motion of no confidence supported by ActionSA, EFF and the ANC. The controversy over payments emanated from a question posed by Brink to Moya during Tuesday’s council sitting about ex-gratia payments to senior officials following the 2019/2020 municipal strike. The payments in question were made when Moya was chief of staff under former mayor Stevens Mokgalapa. Moya declined to answer, citing that she required a legal opinion before…

The Gauteng Department of Health has stepped forward to defend an Ethiopian nurse employed at the Chris Hani Baragwanath Academic Hospital, amid allegations circulated on social media claiming he is working in South Africa illegally. The department has confirmed that the nurse, who has been a part of the healthcare system since 2011, holds permanent residency and has a valid South African identification certificate. Motalatale Modiba, the Head of Communications at the Gauteng Department of Health, addressed the issue following a controversial video that surfaced on X (formerly Twitter). In this clip, the nurse is seen being questioned about his employment and nationality as he enters the hospital. The insinuations made in the video suggested that he was part of a fraudulent system exploiting South African resources, leading to public…

Coach Jose Riveiro has vowed that Orlando Pirates will fight tooth and nail to ensure they knock Mamelodi Sundowns off their perch for the title this season. Pirates will visit the reigning Premiership champions for a top-of-the-table clash at Loftus Versfeld in Pretoria tomorrow (3.30pm kick-off). The Brazilians lead the log with 39 points, six ahead of the second-placed Sea Robbers, who have a game in hand after 13 rounds. While tomorrow’s Sundowns-Pirates clash will not serve as the league decider, given that the season is just hitting the halfway mark, it’ll still go a long way in showing their intentions for the title. Pirates have been on an upward trajectory this season in their bid to challenge for their title, with their only blemishes being the two losses to…

DRICUS du Plessis has beaten a number of legends of the middleweight division in the UFC – including one of the most diverse strikers the sport has ever seen in Israel Adesanya and ‘The Reaper’ himself, Robert Whittaker. On Sunday, the 31-year-old has yet another opportunity to further extend his legacy as he faces former champion Sean Strickland at the Qudos Bank Arena in Sydney. Should Du Plessis defend his title, he would have done so for the second consecutive time – and will take his unbeaten streak in the UFC to nine fights and five years unbeaten in the promotion. With his legacy on the line, the South African couched in front of the media yesterday that he will be looking for a finish right from the start of…

Exxaro Resources has announced that Dr Nombasa Tsengwa has resigned from the company in her capacity as the CEO and board member with immediate effect. This comes after the board placed Tsengwa on precautionary suspension in December 2024 pending the outcome of an independent investigation into allegations related to workplace conduct and governance practice. An independent investigation against Tsengwa was set to be conducted by a reputable law firm, ENS, with the board saying it took any such allegations and resultant investigations very seriously though it made no presumption as to its conclusion. It said the company will be guided by the outcome of the investigation before taking the appropriate action, if any. Exxaro’s finance director, Pieter Adriaan Koppeschaar, was appointed as Acting CEO at the time of Tsengwa’s suspension…

In a world teetering on the edge of climate catastrophe, where political will often falters and corporate rhetoric seldom translates into tangible impact, the Climate Change Forum in Davos stands apart. It is a rare convergence of those who do more than simply acknowledge the crisis — they act. This year’s forum was not just another moment of discussion; it was a declaration of commitment to sustainable transformation. And at the heart of this recognition stood Father and Son, Dr Iqbal Survé and Rayhaan Survé, South African entrepreneurs whose impact on climate action extends beyond mere advocacy. Honoured with an award, Dr Survé was recognised by the Climate Change Forum for his contribution to sustainability and Sekunjalo’s commitment to environmental investment. The award was presented by Max Studennikoff, the chairman…

DRDGold’s R1 billion revolving credit facility from Nedbank remained undrawn as at the end of 2024, with the company remaining free of bank debts as it benefited from currently elevated gold prices to post an increase in interim earnings of between 60% and 70% after revenues ramped up by 28%. The revolving credit facility from Nedbank is earmarked to “support liquidity” for the gold producer as it pursues “significant capital expansion” programmes. DRDGold “may draw as needed” from the facility, with a R500 million accordion option and a R500m general bank facility, although these “remained undrawn” as at the end of 2024. The gold miner said on Thursday in a trading update it currently holds R661.2 million in cash and cash equivalents compared to R1.5bn at the end of 2023.…

Renowned local musician Billy Monama is set to present the fourth edition of his Back to the Future concert in Soweto tomorrow. This one-night only show, which will also feature award-winning songwriters Monoea and Zamajobe, is supported by the National Arts Council and is hosted in partnership with Soweto Theatre. The musical showcase will take the path of the acclaimed South African guitarist, author, researcher, composer and producer’s auto-biographical musical journey. It will also be a unique journey that echoes Monama’s musical voice as it seeks to inspire the audience to embrace the future with optimism and a renewed sense of identity. Monama’s Back to the Future showcase, which has become a significant event in South Africa’s music scene, has been running for the past three years. This year’s…

The Real Housewives Ultimate Girls Trip – South Africa star Christall Kay has penned a heartfelt tribute to billionaire Douw Steyn. The insurance mogul died at the age of 72. His death was confirmed earlier this week by Steyn City Properties, the luxurious 2 000 acre estate in Johannesburg which was built in his name. Over the decades, Steyn cemented his status as a formidable entrepreneur who built a global business across seven countries. This included insurance, property and hotels enterprises. In 1975, he founded Steyn’s Insurance Brokers in Johannesburg. During this time, he was reported to have seen the potential of a monthly policy that covered both cars as well as home contents. Last year, the UK Sunday Times Rich List estimated his net worth to be around R70…

THE topic of sleeping at work came under the judicial spotlight after two Bidvest Protea Coin tactical officers were fired, but the CCMA ruled earlier that they should be reinstated. Bidvest turned to the Johannesburg Labour Court to have the CCMA’s ruling overturned. The commissioner earlier found that the company applied discipline inconsistently, to the extent that the dismissal of Sphamandla Mlungwana and Hans Moetlo was deemed substantively unfair. One of the main arguments before the CCMA and now the Labour Court was that the pair argued they were treated unfairly compared to others who slept on the job but were not dismissed. Bidvest’s argument on this point was that the other culprits fell asleep and did not purposely “go to sleep”. Mlungwana and Moetlo, who were tactical officers, opposed…

The deaths of 14 members of the South Africa National Defence Force (SANDF) in the Democratic Republic of Congo (DRC) has sparked fierce debate about the reason behind the soldiers’ deployment to the mineral-rich country. This follows multiple allegations that the SANDF was not on a peacekeeping mission mandated by the Southern African Development Community (SADC) but was instead in truth in the region to protect business interests. Included in the allegations are claims that President Cyril Ramaphosa has business interests in the DRC and there are suggestions that the defence force had been deployed to protect the interests of politicians and those close to him. Rwandan President Paul Kagame’s spokesperson Yolande Makolo on Tuesday called on Ramaphosa to come clean about his personal interests in mining in the DRC.…

Only three municipal-run clinics in the City of Tshwane are equipped with panic buttons despite a recent surge in burglaries targeting the health facilities. This concerning security gap is revealed in a council report, which highlighted the pressing need to enhance security measures at all facilities managed by the city’s Health Department. This is in light of a disturbing incident at Hercules Clinic in Pretoria’s Daspoort, where a female security officer was shot and injured during a robbery. Tshegofatso Mashabela, the MMC for Health, strongly denounced the incident, emphasising that acts of vandalism and violence are a direct attack on the foundation of public health services. A string of burglaries has plagued clinics in Tshwane, with the Olievenhoutbosch Clinic being targeted a staggering five times, most recently in November of…

A pregnant woman was allegedly run over by her partner in Durban, KwaZulu-Natal on Wednesday. KZN VIP Protection Services said that its medics rushed to the scene of a pedestrian-vehicle incident on Ridge Road in uMhlanga, where a woman received significant injuries after allegedly being run over by her spouse, who was driving a Ford Ranger. "Following the incident, the driver fled the scene as community members came forth to assist the lady who laid in the middle of the busy roadway," said the organisation. KZNVIP Medics stabilised the patient before transporting her to a medical institution for further treatment. The South African Police Service (SAPS), along with all other stakeholders, were in attendance. It is not known whether the woman's unborn child has been affected by the accident, but…

FORMER Kaizer Chiefs coach Arthur Zwane, although now with AmaZulu, has explained the reason why the Amakhosi’s technical team have found themselves relying more on youngsters to carry the side this season. Chiefs employed a new technical team for the 2024/2025 season, led by Tunisian Nasreddine Nabi. A couple of signings were made, including seasoned campaigners like Gaston Sirino and Ranga Chivaviro in the forwards’ pack. However, they have struggled to hit their strides, leaving youngsters like Mduduzi Shabalala, Mfundo Vilakazi and Samkelo Zwane to carry the side. Zwane knows these players well since he played a huge role in their development at Chiefs. Even though Zwane is no longer with Chiefs, he understands why these youngsters have found it easy to carry the torch for Nabi’s technical team. “We…

“We just weren’t good enough.” That’s the blunt assessment of Joburg Super Kings coach Stephen Fleming after he watched his team exit the SA20 playoffs for a third season in succession at Centurion on Wednesday night. The Super Kings fell 32 runs short in their Eliminator against double defending champions Sunrisers Eastern Cape. The Joburg outfit were decimated by injuries throughout the competition, with five seam bowlers being ruled out. Crucially, they also lost all-rounders David Wiese and Donovan Ferreira ahead of the playoffs. Ferreira’s loss was particularly crucial as the big-hitter had just started to find form with the willow, and had been a crucial element of the Super Kings’ bowling attack. But instead of looking for excuses, Fleming felt his team were not up to the mark when…

Manchester United defender Lisandro Martinez will be out of action for the foreseeable future after the Argentina international suffered an anterior cruciate knee ligament injury, manager Ruben Amorim said yesterday. Martinez was carried off on a stretcher during Sunday’s 2-0 home loss to Crystal Palace, and has joined a United injury list that also includes midfielder Mason Mount, and defenders Luke Shaw and Jonny Evans. “Licha (Martinez) is a difficult situation. He’s going to be out for a while,” Amorim told reporters ahead of tonight’s FA Cup fourth-round match against Leicester City. “We don’t know the extent of the injury, but it’s an injury that is going to take time.” The club said they were still assessing the injury to decide the right treatment, giving no time scale for his…

Eskom’s electricity provision was at a turning point and Minister of Electricity and Energy Kgosientsho Ramokgopa would put forward proposals to bring the matter of load shedding to an end once and for all, President Cyril Ramaphosa said Thursday night. In his State of the Nation address Thursday, Ramaphosa said South Africa had experienced more than 300 days free of load shedding. While the brief load shedding of two days last week reminded everyone that electricity generation and transmission are still vulnerable to disruption, the country is nevertheless on a positive track, he said. He said that Eskom and Transnet were being repositioned to provide “world-class” infrastructure services and also allow private sector companies to compete in the provision of those services, without losing ownership control of key state assets.…

ArcelorMittal South Africa’s (Amsa) R5.1 billion headline loss has widened massively from last year’s R1.89bn loss and its longs division will likely close in a month unless the government supports it financially, industry sources said Thursday. Amsa, 68% owned by Luxembourg-based global group ArcelorMittal, had planned to shutter its longs division at the end of this month, but this has been delayed by a month as talks continue on further support from the government, and following a R380 million shareholder loan from the Industrial Development Corporation (IDC). Amsa said another reason for the delay in closing the longs division, which would result in some 3 500 job losses and would severely impact the steel fabrication sector, such as the automotive industry, was the need to fulfil a higher than anticipated…

Chairperson of the Standing Committee on Finance, Joe Maswanganyi, on Friday called for further engagement and a financial sector summit after finding the responses from the Banking Association of South Africa (Basa) and major banks on transformation and lending practices unsatisfactory. He was speaking a day after the South African Reserve Bank (SARB), its Prudential Authority Institute, the Banking Association South Africa (BASA), Financial Sector Conduct Authority (FSCA), Standard Bank, FNB, Absa, Investec, Nedbank, and Capitec attended the joint sitting of the standing committee on finance and trade, industry and competition portfolio committee to engage the finance sector on issues of transformation, and related matters raised by consumers. Speaking on SAfm, in an interview with Thulasizwe Simelane, Maswanganyi said while banks presented figures on black ownership and funding to black-owned…

The Democratic Alliance (DA) has lamented the chilling statistics on rape released by the Independent Police Investigative Directorate (IPID) on Wednesday. According to the 2023/2024 Annual Report by the police watchdog, there were a total of 110 rape incidents by police officers nationally, down from cases 122 incidents in the 2022/23 year. The report further indicates that the bulk of the cases come from KZN with 26 cases, Gauteng with a total of 20 documented cases. In Gauteng, six of these were committed while on duty, while 14 accounted for off-duty incidents of rape. The Eastern Cape recorded 18 cases by police officials, while the Western Cape recorded only 19 rape cases, followed by the Northern Cape with 14 cases. Furthermore, the report reveals that the province that has…

There have been mixed reactions by workers' unions and the agricultural sector following the Department of Employment and Labour announcing an increase in the National Minimum Wage (NMW) from R27.58 to R28.79, equivalent to R1.21 or 4.4 %. The Department said that South Africa introduced the implementation of the National Minimum Wage Act in 2019, which is subject to annual review and increases annually from March 1. The 2025 NMW amendments are a step forward in addressing income inequality, said John Botha, a labour market specialist. “By ensuring that farmworkers, domestic workers, and Expanded Public Works Programme ((EPWP) participants receive fair pay, the government is making progress in reducing wage disparities. Employers who embrace these changes may benefit from improved employee morale, reduced turnover, and enhanced productivity. With robust planning…

THE City of Johannesburg has laid down its plans to deal with nearly R4.74 billion in irregular and unauthorised expenditure disclosed in its 2023/24 annual report. The Auditor-General South Africa (AGSA) found that in the 2023/24 financial year, the municipality failed to take reasonable steps to prevent irregular expenditure amounting to nearly R2bn as well as R2.755bn in unauthorised expenditure. “The majority of the unauthorised expenditure was caused by overspending on key votes,” the AGSA report stated. In the City of Joburg’s remedial action plan prepared in terms of the AGSA’s 2023/24 report, the municipality noted that the majority of the irregular expenditure comes from multiyear contracts, which have been previously declared irregular, including the R1.2bn Afrirent Fleet Deal. “Management has reviewed the AGSA finding and found that the finding…

Lisa Sukdev’s book is a transformative guide for anyone seeking emotional growth and resilience, inviting readers to navigate their life’s challenges with newfound strength and authenticity. In a world where life’s challenges can often feel impossible, many find themselves grappling with stress, self-doubt and emotional turmoil. Recognising these common struggles, Lisa Sukdev has come forward with her debut book, Unlocked: Building Emotional Intelligence for a Fulfilling Life. This inspirational work is designed to serve as a lifeline for individuals who are trying to navigate new beginnings. As the new year unfolds, countless people are keen to rebuild their emotional resilience. This is as the start of the new year often prompts individuals from all walks of life to take stock of their lives as they make New Year’s resolutions.…

Peeping through a window of the ladies’ changing room at work while a fellow female nightshift worker was half naked after taking a shower came at a costly price to the peeping Tom, who was fired. The man, Moshe Bakang, however, has now turned to the Johannesburg Labour Court in a bid to get his job back. During CCMA proceedings, the commissioner ruled that the dismissal of Bakang was both procedurally and substantively fair - a ruling he now wanted overturned. Bakang was employed as a sampler preparer by a mining company until his dismissal on a charge of misconduct. The charge against him read: sexual harassment, non-verbal conduct such as unwelcome gestures, and indecent exposure towards a member of the opposite sex. The victim, only identified as B, testified…

When you finally beat a rival team after eight attempts, then you surely have found the secret to success against them. That is what the Bulls will hope they have worked out ahead of Saturday’s massive United Rugby Championship clash against the Stormers at Cape Town Stadium (2pm start). The 40-22 victory at Loftus Versfeld last March may have given the Bulls the blueprint on how to get past the Stormers, but they haven’t tasted success against John Dobson’s team in the Mother City yet. Jake White’s outfit have even been considered favourites at times, only to come up short. A born-and-bred scrumhalf from the Western Cape, Embrose Papier, believes he has the answer: silencing the 50 000 capacity crowd. “I actually think that they planted that seed in our…

Lucas Ribeiro Costa didn’t imagine it would get this big. But such has been the change in fortunes in his career since landing in South Africa, he’s soaking it all in. The Mamelodi Sundowns talisman has been one of the best players in the top-flight in the last 18 months, including winning the league. His maiden season didn’t yield any individual major trophy at the PSL awards, as teammate Ronwen Williams scooped the coveted Footballer of the Season gong. However, such has been his fine exploits this season, the 28-year-old has taken things up a notch – thanks to his attacking prowess and knack for goals. He has been recognised with the Player of the Month award for November and December, and Goal of the Month for January. His other…

It is always deflating when you realise that your hero is only human, and that they have particular idiosyncrasies and shortcomings that oppose your worldview and core beliefs. I recall the year 2000, while still in high school in the south of Johannesburg, when news broke that Hansie Cronjé was implicated in a match-fixing scandal. I refused to believe that the former Proteas captain – whom I adored and looked upon in high esteem – could betray me so, never mind the rest of the country. After all, Cronjé – to my mind – was the very definition of integrity and honesty. So, when the King Commission laid bare the truth, and Cronjé’s role in it, I was left heartbroken. Now, over two decades later, recalling that moment in time…

Euphoria engulfed Chloorkop yesterday afternoon as the official FIFA Club World Cup trophy was unveiled at the Mamelodi Sundowns headquarters. The Brazilians are one of the four teams alongside Al Ahly, Esperance Sportive de Tunis and Wydad Casablanca who’ll represent Africa at the event. This global showpiece will be staged in the US between June 14 and July 15, but FIFA have already started with their trophy tour. Sundowns were the first team to see the cup on the continent before it made its way to North Africa – Egypt, Tunisia and Morocco respectively. The Brazilians made their respective debut in the World Cup in 2016 after winning their maiden CAF Champions League crown under coach Pitso Mosimane. Since then, they’ve huffed and puffed in their bid to add another…