Table of contents for 2025-02-07 in Cape Times

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…

Despite a temporary reprieve, the Newcastle community in KwaZulu-Natal has urged the government to take stronger action to prevent thousands of job losses at ArcelorMittal South Africa (Amsa). Amsa had planned to shutter its longs division in Newcastle and Vereeniging, Gauteng, at the end of this month, but it announced at its annual results presentation yesterday that the move has been delayed by a month due to talks on further support from the government, and following a R380 million shareholder loan from the Industrial Development Corporation. A final announcement on the decision is expected in the second half of February. The steel giant reported a staggering annual headline loss of R5.1 billion from last year’s R1.89bn loss reflecting the severe pressures facing the South African steel industry in 2024. The…

THE Independent Police Investigative Directorate (IPID) has recorded a total of 110 rape incidents involving police officers around the country. According to the 2023/2024 Annual Report by the police watchdog, this was 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, and Gauteng with a total of 20 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 19, followed by the Northern Cape with 14. The report reveals that the province with the highest number of overall rape cases is Gauteng, which reported 897 cases of rape, followed by the…

MI Cape Town’s appearance in a first-ever SA20 final tomorrow at the Wanderers (5.30pm start) is just reward not only for the team’s approach to the shortest format, but more its perseverance to that approach. Former Proteas all-rounder Robin Peterson switched roles from general manager to head coach at the beginning of last season, when he replaced Australian Simon Katich after MI Cape Town had finished bottom in their inaugural SA20 campaign. Peterson did not fare any better, with the Cape outfit yet again propping up the basement in the second season. For a franchise accustomed to success as Mumbai Indians are, it would have been easy to hit the panic button and send Peterson on his way. But the 45-year-old is an integral part of the MI family though,…

The Stormers will play their last match in the United Rugby Championship for more than two months at the Cape Town Stadium tomorrow afternoon, which should be enough motivation for them to tame the Bulls. An expected sold-out North-South Derby (2pm start) awaits, and that will give the Cape outfit more reason to reward the loyalty of their supporters by picking up a seventh win in the tournament over the Jake White-coached side. After tomorrow, they are only expected to be back in action in Cape Town in April again. The inaugural URC champions have never lost against the Bulls at home in this tournament, and despite being devoid of several key players, they will be desperate enough to keep that record intact. That desperation to not go down against…

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…

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.…

FOR victims of the listeriosis outbreak like Thenjiwe Dodo from Bloemfontein who lost her child, the frustration amid an ongoing class action lawsuit, seven years after her tragedy, continues. She won’t benefit from the interim assistance announced recently. Between 2017 and 2018, South Africa experienced the largest outbreak of listeriosis ever reported worldwide at the time, the World Health Organisation (WHO) said. The outbreak was declared in December 2017. Of the 1060 laboratory-confirmed cases of listeriosis reported by the National Institute of Communicable Diseases (NICD), 216 deaths were recorded. Listeriosis is caused by a bacterium, listeria, which manifests in a flu-like illness with diarrhoea, fever, general body pain, vomiting and weakness, as well as infection of the blood stream and of the brain. Dodo had responded to calls on the…

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 little Abraham Lebogang Tsheoleboy, who was laid to rest at the De Deur Cemetery. It was reported that the boy was playing outside on Friday while his family were inside their home not realising that the 18-year-old suspect was allegedly planning to poison him. The 18-year-old suspect has since appeared in the Vereeniging Magistrate’s Court on Monday on a charge of murder. NPA spokesperson, Lumka Mahajana, indicated that the…

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.…

Stellenbosch FC are plotting to inflict more pain on Kaizer Chiefs tonight (7.30pm kick-off) after own goals spared their blushes in their midweek Premiership clash against AmaZulu. Despite home-ground advantage at the FNB Stadium, Chiefs were unable to score against battling AmaZulu, who had to settle for a 2-2 stalemate after they scored two own goals. First defender Ramahlwe Mphahlele headed the ball into his net while trying to deal with a Chiefs corner. Later in the match, by which time AmaZulu had taken a 2-1 lead, goalkeeper Richard Ofori knocked the ball into his net while trying to gather Glody Lilepo’s powder-puff parting shot. These two gift goals avoided an embarrassing situation for Chiefs, who were still reeling from their Soweto Derby defeat a few days earlier. Tonight, Chiefs…

In a pivotal move for the financial stability of rugby in the country, the South African Rugby Union have resolved to appoint a financial institution to conduct a comprehensive review of the sport’s financial ecosystem. The decision was made during a General Council meeting held yesterday in Johannesburg, where Saru were prompted by the need to reassess their commercial strategies after a failed private equity investment deal. With a significant setback in December, when the Ackerley Sports Group’s (ASG) private equity investment bid failed to secure the required 75% majority vote from member unions, SA Rugby are now taking decisive steps forward to finding alternatives. Their Executive Council and management have been given the mandate to initiate a new process that aims to enhance the union’s financial sustainability, with the…

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…

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 ActionSA in KwaDukuza Local Municipality has called for authorities to swiftly investigate the theft of R30 million from the municipality’s account. Absa last week picked up suspicious transactions on the municipality’s main account and quickly alerted the municipality’s financial management, however, R30 million was already transferred out of the main account. In a special council meeting that was solely convened to discuss the matter yesterday, opposition parties demanded answers from the municipal manager, who is an accounting officer, however, there were no clear answers whether the breach was internal or external. Speaking after the meeting, ActionSA councillor Halalisani Ndlovu said his party wants credible corruption fighting units such as the Hawks and SIU to investigate the matter, not an internal unit. Ndlovu said the seriousness of the issue warrants…

Two Bidvest Protea Coin security officers who were fired for sleeping on the job, face a fresh Commission for Conciliation, Mediation and Arbitration (CCMA) hearing after the Labour Court overturned their reinstatement. Bidvest turned to the Johannesburg Labour Court to have the CCMA’s ruling overturned after the commissioner 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 then 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…

In advocating for the protection of African penguin from extinction, BirdLife South Africa and the Southern African Foundation for the Conservation of Coastal Birds (SANCCOB), will head to the Gauteng High Court, Pretoria, next month in a landmark litigation. The environmental organisations, represented by the Biodiversity Law Centre, have hauled the Minister of Forestry, Fisheries and the Environment to court over the protection of African penguins. This comes after former minister Barbara Creecy announced the continuation of inadequate “interim closures” around breeding colonies at Dassen Island, Robben Island, Stony Point, Dyer Island, St. Croix Island and Bird Island in August 2023. The organisations want the court to review and set aside the minister’s decision to put in place island closures at six breeding colonies “which are not biologically meaningful”,…

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…

If the Sharks and Springboks want to get the most out of Eben Etzebeth in the dusk of his career, the veteran lock should be given as much time to recover from his concussion symptoms. While the Durban outfit will need him possibly later in the season, the Boks’ mission of winning a third Rugby World Cup in a row in 2027 must be given preference when it comes to Etzebeth. That is why the 33-year-old enforcer should be wrapped in cotton wool for the rest of the season to allow him to recover optimally from the injury he picked up in December. It’s been two months since he’s been on the rugby field after sustaining the concussion against Exeter Chiefs in the Champions Cup. He would’ve returned against the…

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…