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Explore the inconsistencies in how South African banks manage reputational risk, as highlighted by the Sekunjalo Group’s case, and question whether bias influences their decision-making
Major corporations, implicated in corruption scandals that have cost investors, pensioners, and the nation hundreds of billions, continue to operate with impunity.
Only a few out of 1 438 who have been implicated in allegations of state capture were prosecuted.
So far, the company’s former executive, Jehan Mackay, has been arrested, but other people fingered for corruption have not been.
The inquiry led by Chief Justice Raymond Zondo heard that Zizi Kodwa received money from South Africa’s largest technology group, EOH Holdings, before he was appointed as minister of sport.
EOH, through EOH Abantu trading as Highveld, has been involved in negotiations with SARS over a PAYE dispute which has now been resolved and settled.
Van Coller would leave the company next year for personal reasons, he added. CFO Megan Pydigadu is also leaving the company.
Despite the narrowing in its headline and per share losses, EOH CEO, Stephen Van Coller, will be stepping down from the company on 31 March 2024.
Bret Lang said he suffered the same heavy-handed business and personal approach that Sekunjalo’s executive chairman, Dr Iqbal Survé, might currently be going through
A report focused on the corruption that took place at EOH details how the economy can be affected in the private sector.
The curious case of AYO who won’t go quietly
EOH’s share price fell yesterday after it outlined a plan to restructure its debt through a planned rights issue.
It now has the go-ahead to raise up to R600 million.
A joint statement by the SIU, the Department of Water and Sanitation and JSE-listed IT company EOH, stated that EOH has agreed to pay back R191 883 000, inclusive of interest, over a period of 36 months.
Firm reaches a R178 million settlement deal with the Special Investigating Unit and the Department of Water and Sanitation as it proceeds with a R600m rights offer.
The SIU and the Department of Water and Sanitation (DWS) have signed a settlement agreement with EOH, a JSE listed technology company, to pay back over over R178m it irregularly received.
Sekunjalo Group chairman Dr Iqbal Survé has spoken out about the banks’ perceived role as a weapon aimed at closing Sekunjalo, and said that despite the complete lack of any wrongdoing, banks had proceeded to shut down bank accounts linked to Sekunjalo, which in effect, would lead to the closure of Sekunjalo.
EOH has been paring down its debt as part of a turnaround strategy after a corruption scandal in 2018 involving senior directors.
EOH has been given the green light by the Competition Commission for a R144. 9 million sale of its telecom assets
Part four of the report deals with Eskom, Alexkor, the City of Johannesburg and technology company EOH.
Heath found that the Mpati Commission ignored its terms of reference and did not investigate material transactions in which evidence had surfaced that the evidence leader was aware of. Heath was also of the view that the Sekunjalo Group and Survé did not fall within the ambit of the Mpati Commission’s Terms of Reference, which renders the commission tainted with illegality.
EOH said on Friday that it had sold off another non-core asset as it deleverages its balance sheet and boosts liquidity.
Opinion: There have been some 38 public censures issued by the JSE between 2014 and the end of 2021.
The Black Business Chamber yesterday called for the Competition Commission to investigate possible collusion between the countries four major banks in closing the accounts of Sekunjalo Investment Holdings, an empowerment company.
The investigation reveals the transactions were deliberately engineered to inflate the balance sheet of EOH at the expense of the creditors of Mehleketo and possibly the South African Revenue Services.