Business Lead South Africa

Former VBS CEO allegedly tried save the bank from liquidation using his own money – court hears

JOHANNESBURG, August 1 – Former VBS Mutual Bank chief operations officer tried to solve the liquidation problem at the bank by using cover up methods and fraud, the High Court in Johannesburg heard on Wednesday. Senior council, Michael Antonie, for the curator in the VBS Mutual Bank matter, said Robert Madzonga paid R18 million into […]

Business In The News South Africa

Eskom face risk of loadshedding as coal delivery disruption hits power stations

JOHANNESBURG, July – Eskom has reported that coal delivery at some of its power stations was disrupted due to a workers’ protest in the early hours of Monday morning, leaving the South African power utility at risk of yet another load-shedding. Eskom spokesperson Khulu Phasiwe tweeted that coal trucking at Majuba and Duvha power stations in Mpumalanga […]

Business In The News South Africa

National Treasury receives draft forensic report on Tegeta, China South Rail

PRETORIA, July 29 – The National Treasury has received the draft forensic report on alleged irregularities regarding Eskom’s coal supply contract with the Gupta-owned Tegeta and Transnet’s purchase of rail locomotives from China South Rail. “Further to the announcement of 4 August 2017, National Treasury has received the draft forensic report on the alleged irregularities […]

Business In The News South Africa

#BRICSSummit2018: Transport ministers sign agreement on regional aviation cooperation

JOHANNESBURG, July 26 – Transport ministers from South Africa, Russia, India and China on Thursday signed a memorandum to expand and deepen cooperation in regional aviation on the sidelines of the BRICS summit in Johannesburg. “We have signed this agreement on the basis of understanding and mutual benefits in order to bolster our regional aviation […]

Business Lead South Africa

Heads of leading developing countries sign declaration on cooperation

JOHANNESBURG, July 26 – The heads of state of Brazil, Russia, India, China and South Africa on Thursday committed to enhancing strategic partnership to benefit their countries’ citizens through promoting peace, a fairer international order, sustainable development and inclusive growth. In a declaration at the 10th summit of their BRICS formation, the leaders also resolved […]

Business Lead South Africa

Much scope to expand value of trade between BRICS countries – Ramaphosa

JOHANNESBURG, July 25 – BRICS countries are increasingly recognised as an influential formation in reinforcing the principles of transparency, inclusiveness and compatibility within the multilateral trading system, but have much scope to expand the value of trade amongst themselves, South African President Cyril Ramaphosa said on Wednesday. Ramaphosa told the 10th summit of the group […]