Author: Gugu Lourie

Allegations have surfaced suggesting that a select group of current and former Cell C executives may have secretly apportioned to themselves parts of the struggling business. Insiders, who are making the allegations, however, said Cell C CEO Douglas Craigie Stevenson and chief financial officer Zafar Mohammed were not part of the select group. The insiders point to what they said was the “opaque” new shareholding for Cell C as described in filings at ICASA. “Some former and current executives ‘hijacked’ a part of the business for themselves,” claimed an insider who spoke on condition of anonymity. “Some former and…

Pharmacy group Dis-Chem has reported that online sales grew by 218.7% for the 22-week period from 1 September 2020 to 2 February 2021 compared to the previous corresponding period in 2019. “Our online sales continue to be positively impacted as consumers prefer staying safe and shopping from the comfort of their homes,” the listed pharmaceutical chain said on Wednesday. The company also said the change in consumer shopping behaviour due to COVID-19 continued to impact our sales mix and in turn, our margins. Despite the strong top-line growth, margins are still lagging pre-COVID-19 levels. Revenue grew by 12.1% to R11.6…

Etion announced on Tuesday its chief executive of 16 days, Elvin de Kock, is stepping down due to health issues. The JSE-listed tech group said in a statement that de Kock’s resignation is effective from 31 May 2021. It added that de Kock will, however, remain on the board of directors of Etion as a non-executive director. Etion also informed investors that Richard Willis, a non-executive director, has been appointed as the acting GCEO. Willis appointment is effective from 1 June 2021. The company said Willis will oversee the completion of the disposal process. The company announced at the end…

Phuthuma Nathi, a MultiChoice BBBEE share scheme, is looking for 22 000 shareholders who owned shares and did not receive dividends between 2006 and 2020. There is R207 million in unclaimed dividends, waiting for their rightful owners. TechFinancials has received a request from shareholders who want to know how to check if they qualify to claim these unpaid dividends. We have uplifted information from Phuthuma Nathi’s website about how to check if you qualify to claim unpaid dividends. Shareholders who owned Phuthuma Nathi shares and have not received dividends between 2006 and 2020, can claim their dividends by: Contacting the Phuthuma Nathi call centre…

The Independent Communications Authority of South Africa (ICASA) has appointed Judge Thokozile Masipa as chairperson of the new five-member Complaints and Compliance Committee (CCC). Masipa, who was a presiding judge in the 2014 trial of Oscar Pistorius for the killing of Reeva Steenkamp, will serve as the chairperson of the CCC. She previously served as a member of the Broadcasting Monitoring and Complaints Committee, – the predecessor of CCC. The CCC is an independent tribunal established in terms of section 17A of the Independent Communications Authority of South Africa Act, 2000 (Act No13 of 2000) to, among others, investigate and…

Serame Taukobong, the brains behind Telkom Mobile’s revival, is carving up a spot as a future boss for the telco. Sipho Maseko, the current CEO of Telkom, is not likely to go anywhere soon. But one day he will need to pass on the telco’s reins. Growth engine for Telkom Taukobong runs Telkom Consumer Business, an internet service, and converged communications services provider offering fixed and mobile broadband solutions. This business unit is the growth engine for Telkom. Under Taukobong’s leadership, Telkom Consumer Business, which also include Telkom Mobile, is moving towards being more reliable. When Telkom Mobile boss Attila Vitai…

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…

Self-driving startup Aurora announced that it entered a partnership with Toyota and auto-parts supplier Denso to develop autonomous ride-sharing vehicles at scale, beginning with a fleet of Toyota Sienna minivans. Engineering teams from Aurora and Toyota will work together to develop and test driverless-capable vehicles equipped with the Aurora Driver, starting with the Toyota Sienna, the self-driving startup said in a blog on Tuesday. Aurora added that by the end of 2021, it expects to have designed, built, and begun testing an initial fleet of these Sienna’s near our areas of development. “Toyota has an unparalleled legacy, engineering expertise, leadership,…

Kia has announced a new brand strategy which will see the automaker transition to electric cars and redefining the entire mobility ecosystem. The company stated that under the new “Plan S” strategy it plans to launch seven new electric cars globally by 2027. It is starting with the launch of its first dedicated electric vehicle (EV) later this year. Kia will strengthen its EV lineup by 2026 with 11 new models – seven dedicated EVs built on the Electric-Global Modular Platform (E-GMP) architecture, and four based on existing ICE derivatives. EVs built on E-GMP aim to set new benchmarks in All-Electric…

MTN announced it plans to sell its 20% associate stake in Belgacom International Carrier Services SA (BICS) to Proximus Group for R1 billion (€100 million). The Proximus Group is the largest telecommunications company in Belgium, headquartered in Brussels. In 2009, BICS and MTN announced the next step in their strategic co-operation by combining their international carrier services, resulting in MTN holding an equity stake in BICS. At the time, the current shareholders of BICS were Belgacom and Swisscom. In terms of the transaction, MTN contributed to BICS the assets of MTN ICS, its international wholesale subsidiary, which generated revenues of…

Facebook said in a statement that it plans to remove posts with false claims that COVID-19 vaccines are “toxic, dangerous or cause autism”. The social media company said it made in consultation with groups like the World Health Organization (WTO), to expand the list of false claims it will remove on its platforms, including Instagram. In October, Facebook prohibited people and companies from purchasing advertising that included false or misleading information about vaccines. In December, it threatened to remove posts with claims that the WTO or government agencies had debunked. The social network says it will also remove posts that claim COVID-19 is human-made…

Telkom’s mobile business is a company reborn. A few years ago, Telkom Mobile, which was known as Heita and 8ta and launched in October 2010, was facing an uncertain future as South Africa’s fourth mobile operator. Fast forward to today, and Telkom Mobile is back in the game and has surpassed struggling Cell C to become South Africa’s third-largest mobile operator. Today, Telkom announced that Telkom Mobile is gaining more market share. Telkom Consumer Business, which is run by Serame Taukobong, continues to be the driver of growth. The Mobile company sustained its growth trajectory with mobile service revenue growing by…

A British woman has been detained and faces a R2 million (AED500,000) fine in Dubai after her flatmate reported her for saying ‘f**k you’ in a private WhatsApp row during the lockdown. She has admitted sending a ‘f*** you’ message during a row over the use of a dining room table last October. The MailOnline reported that the 31-year-old unnamed women face charges under the United Arab Emirate’s (UAE) strict cyber-crime laws. Saying ‘f*** you’ is considered a crime in Dubai, as the word “disgraces the honour or the modesty” of a person, according to Article 373 of the UAE…

The Nigerian Central Bank has instructed banks to immediately close accounts related to cryptocurrencies, stating such deals are “prohibited”. In a letter published on its website dated February 5, 2021, the Nigerian Central Bank warned Nigerian financial institutions against having any transactions in crypto or facilitating crypto exchanges. The Nigerian Central Bank’s circular notified Deposit Money Banks, Non-Bank Financial Institutions, other financial institutions and the public against doing business in crypto and other digital assets. The circular, which you can find here, reads: “The Central of Bank of Nigeria’s (CBN) circular of January 12, 2017 ref FPR1DIR/GEN/C1R106/010 which cautioned Deposit…

Telkom announced on Friday that it has promoted Dirk Reyneke to the position of Group Chief Financial Officer (CFO) His appointment is effective from today. Last December, Reyneke was appointed as the acting CFO after the resignation of Tsholofelo Molefe. Molefe joined the MTN Group board and took over from Sugentharan Perumal who has been acting in the position of GCFO since 1 September 2020. Perumal took on that role following the appointment of Ralph Mupita as MTN’s new president and CEO, replacing Rob Shuter. For more read: MTN Taps Telkom CFO As New Finance Chief Reyneke was the CFO of…

US-based LegalTech startup Lupl, an open industry platform for legal matters, wants to digitise South Africa’s legal sector. The company recently secured $14 million (R210 million) in a recent funding round as it builds momentum for its launch this year. Lupl’s latest funding round is in addition to the more than $10 million (R150 million) raised before its beta launch, taking its overall financing to over $25 million (R375 million) and making it amongst the most well-backed legal technology startups at its stage of development. The platform is currently in beta testing and will have its public release in 2021. The…