Author: Gugu Lourie
Drip, one of proudly South African popular sneaker brand, has opened its sixth store in Thavhani Mall, Thohoyandou. Drip Footwear was founded two years ago by a local entrepreneur Lekau Sehoane. The company operates mostly online and recently opened its stores in Polokwane at Mall of the North, Pretoria CBD 012 Central, Joburg Newtown Junction, Mall of Tembisa and Masingita Mall in Giyani. “I have been getting a lot of support from Thohoyandou, and that is why I knew I had to bring it closer to the people. I am very excited about the growth of this brand, it’s just…
Investment firm Finsbury is taking MyBucks, a FinTech company owned by JSE-listed Afristrat, to court in the UK. The battle is related to the failed acquisition of MyBucks Zambia by Finsbury from the Frankfurt-listed FinTech and banking group. Finsbury wanted to buy 45% equity in MyBucks Zambia under a Put and Call Option Agreement between MyBucks and Finsbury. A put and call option agreement is defined as when you buy an options contract; it grants you the right, but not the obligation to buy or sell an underlying asset at a set price on or before a specific date. A call option gives…
MyBucks will delist from the Frankfurt Stock Exchange as it sells some of its assets across the African markets. JSE-listed investment firm Afristrat, MyBucks’s controlling shareholder, shareholders voted to delist from the Frankfurt Stock Exchange at a general meeting on 12 February 2021. “As a result, the company will commence the process of delisting from the Frankfurt Stock Exchange,” read the statement. “Therefore, the Board will submit a notice of termination to Deutsche Börse AG (“DBAG”) today.” Afristrat further said: “The company further stated: It must be assumed that the Frankfurt Stock Exchange will cease trading the shares immediately following…
Former executives at South Africa’s VSS Financial Services (VSS), a wholly-owned subsidiary of Frankfurt-listed Fintech and African banking group MyBucks, are in hot water after a probe fingered them into financial irregularities MyBucks instituted a forensic investigation into dealings of VSS, which is now in the process of liquidation. The company said it has recently received the forensic report from Kahamelo Forensic Services. “The findings justify, in the opinion of the Board, that MyBucks should, together with other affected parties and stakeholders, consolidate their resources to bring justice to bear and to seek rectification from those individuals that the report…
Synthesis Software Technologies is planning to invest in Mauritius and employ top local talent. The company, owned by JSE-listed FinTech firm Capital Appreciation (Capprec), planned to open its fourth office in Mauritius in 2020, however, was delayed by the spread of COVID-19. The company said in a statement that it still intends to open a local office in Mauritius. Synthesis has partnered with BYRD Consulting as one of its first steps to invest in the island. BYRD, a Mauritian company led by CEO Alex Bechard, offers management consultancy services that help companies elevate financial strategy, accelerate growth, and raises capital.…
JSE-listed technology company Jasco has promoted Warren Prinsloo to the position of CEO. He will replace the interim CEO, Pete da Silva. As committed to the market, Da Silva stepped in as interim CEO to ensure stability to the group following the resignation of the previous CEO nine months ago, the company said. Da Silva will resume his role as alternate non-executive director to the Deputy Chairman. Prinsloo, who has been the company’s group Chief Financial Officer (CFO) for the last 15 years, will takeover as CEO with effect from 1 March 2021. He is also currently filling the role…
The Intergovernmental Fintech Working Group (IFWG) Innovation Hub has announced the launch of Project Khokha 2 to explore the policy and regulatory implications of innovation in financial markets driven by distributed ledger technology. Distributed Ledger Technology, such as blockchain, is all about the idea of a “decentralised” network against the conventional “centralised” mechanism. The IFWG was established to respond to changes in the the financial sector is driven by financial technology (FinTech) and promote responsible innovation. The IFWG is made up of the Financial Intelligence Centre (FIC), the Financial Sector Conduct Authority (FSCA), the National Credit Regulator (NCR), National Treasury,…
Teddy Daka, the chairman of JSE-listed group Etion, is joining engineering group Zutari as a joint-CEO. Daka will co-lead Zutari together with current CEO Dr Gustav Rohde. He will focus on digital transformation, technology, strategic partnerships and future growth of Zutari. He is no stranger to the Zutari business, having served as a strategic partner since 2007. As Global Chairman of the Aurecon board from 2013 to 2019, Daka was a key driver of demerging and establishing Zutari. The company officially launched in July 2020 following the decision by the owners of Aurecon Africa in October 2019 to demerge from…
IG, a global firm based in London that specializes in online derivatives trading, has appointed Ndabezinhle Mkhize as an independent chairman of IG Markets South Africa. The company said Mkhize brings over 20 years of local financial services experience to the board. The company ahs been operating in the country for more than 10 years. Mkhize joins IG as it embarks on a significant expansion in its operations in Johannesburg. The company is creating more than 40 new, high-skilled, high-tech jobs, representing a 65% increase in the Johannesburg workforce. Mkhize is the Chief Investment Officer at Eskom Pension and Provident Fund.…
The Hawks’ Serious Commercial Crime Investigation team in Germiston arrested Adriraan Pillay (39) for alleged fraud and corruption involving approximately R130 million tender scam at Cell C. It is alleged that Pillay and his co-accused, Ismail Adanjee Mohamed (44) were both Information Technology (IT) executives at Cell C. He is the second former Cell C IT professional to be arrested and charged in relation to the case. It is allegedly that Pillay and Mohammed colluded with a director of a contracted entity responsible for IT and network service provider, falsely inflated invoices which resulted in an actual loss of over…