Latest News & Developments
Corporate power must be wielded with responsibility and accountability. If Nedbank does not reverse its course, this issue will inevitably escalate, says the writer.
In the end, what matters most is transparency and truth. Despite the relentless media campaign, AYO has not been found guilty of any wrongdoing, says the writer.
Why attack a company that is actively generating employment, especially at a time when unemployment levels are at an all-time high, asks the writer.
The group alleges a calculated loss of about R75 billion, emphasising that this step is a last resort after enduring systemic persecution that has not only threatened the company’s sustainability but also led to significant job losses and immeasurable pain for its employees and their families
It was expected that the PIC would seize this opportunity to demonstrate its commitment to clean governance by openly disclosing all expenses.
With the government outsourcing much of its responsibilities and citizens and corporate SA instituting private measures to things like security, policing, health, vital infrastructure et al, who’s wagging whose tail these days, is there any impartiality/objectivity left in our country?
Economic Freedom Fighters president Julius Malema says South Africa’s banks have been “weaponised”.
The much-anticipated case between the Public Investment Corporation and Ayo Technology Solutions kicked off in the Western Cape High Court last week with some explosive claims.
Are we headed for Mpati Commission V2 where AYO, once again, becomes the fall guy for the PIC’s own inadequacies?
In a brief order delivered before the resumption of the main case featuring the PIC and AYO, the judge said that the application by the PIC was set aside.
Cross-examination of the Public Investment Corporation’s first witness, Victor Seanie got under way on Wednesday afternoon, in the case being heard in the Western Cape High Court.
The case in which AYO Technology Solutions (AYO) is defending itself against claims by the PIC that a subscription agreement entered into by both parties in 2017, was illegal, opened with evidence from a former PIC staffer, Victor Seanie.
Marcus and Lediga officially submitted their notice of intention to withdraw opposition to the official review of the report they helped compile
Banks ordered to keep Sekunjalo’s accounts open, and to reopen those that were closed
Banks continue to view the PIC Commission Report as a sword hanging over the company’s head even though nothing had been tested or proved in court.
Heath in his extensive report found that the commission could be rendered illegal. Heath also found that there were critical documents missing from the commission’s website that were of public interest.
The Chamber said that it has always been the view of Black Business Chamber that Sekunjalo and its Chairperson Dr. Iqbal Survé are being targeted
In its review application, Sekunjalo said the unlawful and unjustified actions of the Mpati Commission resulted in unnecessary reputational damage to the group due to the resulting defamatory media coverage.
OPINION: In its papers, Sekunjalo emphasised that it is one of the pioneers of change in the economy. Closing its bank accounts without sufficient reasons poses a threat of snuffing out its business, writes Zelna Jansen.
As South African banks wage war against the Sekunjalo Group, its executive chairperson Dr Iqbal Survé and related entities, the matter of bank discrimination has come to the fore. Survé has stated numerous times that there were about 20 companies, including Steinhoff, Tongaat Hulett and EOH, that have been found to have engaged in accounting fraud and some in money laundering, yet their bank accounts and those of their directors remain open.
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.
Heath in his extensive report found that the commission could be rendered illegal. Heath also found that there were critical documents missing from the commission’s website that were of public interest.
Leading the headlines at almost every turn, the name of Sekunjalo, inter-changed with AYO. Yet ‘Sekunjalo’ was never included in the Commission’s self-declared terms of reference, so how did the Mpati Commission and subsequent media reporting, end up being dominated by discussions around this Group, and its executive chairman, Dr Iqbal Survé, and the Commission reporting on ‘findings’ against Sekunjalo?
Opinion: Next, your bank accounts are closed – and all without having been given any opportunity to prove otherwise, because, if it’s written in the media, it must be true.
Dr Dan Matjila, has lamented the reputational damage black professionals and black-owned businesses have suffered as a result of the findings of commissions that lacked substantial evidence.