Author: The Bulrushes

The Public Investment Corporation (PIC) case to set aside its investment in Ayo Technologies Limited (Ayo) and recover R4.3 billion, started in the Western Cape High Court on Tuesday, (7 March 2023). This investment occurred through the PIC’s participation in the Ayo initial public offering (IPO) through a private placement in December 2017. Through this investment, on behalf of its biggest client, the Government Employees Pension Fund (GEPF), the PIC acquired a 29% shareholding in Ayo. In the Ayo litigation, the PIC said it intends to pursue its claim vigorously. Through its legal representatives, the PIC said it will present…

The Labour Court has granted the Department of Public Service and Administration (DPSA) leave to enforce the interdict of the public service workers’ strike. However, the National Education, Health, and Allied Workers’ Union (NEHAWU) on Monday said it has launched an appeal at the Labour Appeal Court (LAC). The union insists the strike was going ahead. NEHAWU added: “Having launched an appeal of today’s judgment, the national union will be forging ahead with the Public Service Strike until a determination is made on our appeal at the LAC. “As NEHAWU, we remain resolute that no amount of court intimidation by the…

Eskom, which has been implementing Stage 6 load-shedding, on Wednesday announced that it has parted ways with its Group Chief Executive Andrè de Ruyter with “immediate effect”. De Ruyter resigned in December 2022 and had been expected to leave the power utility at the end of March. Eskom said a special Board meeting was held earlier on Wednesday, (22 February 2023) during which it was resolved to release De Ruyter. “The Eskom Board and Group Chief Executive (GCE) Andrè de Ruyter have reached a mutual agreement to curtail his notice period to 28 February 2023,” said the communique from the…

By Busi Mavuso, No matter what largesse Finance Minister Enoch Godongwana allocates in Wednesday’s budget to address SA’s numerous ailments, unless there’s a massive improvement in government’s ability to implement policy and spend the funds effectively, I fear much of it may not achieve its intent. A glance at the unfortunate states of our public health and education systems shows that often it is not lack of money but inappropriately capacitated departments, misgovernance and, sadly, corruption that causes the problems. SA spends 20.3% of GDP on health care and 12.3% on education – far more than most emerging markets and…

Struggling Eskom on Sunday said owing to the breakdown of eight generation units Stage 6 load-shedding was continuing “until further notice”. “Since Sunday afternoon a generating unit each at Arnot, Hendrina, Lethabo and Majuba, as well as two units at Camden Power Station have suffered breakdowns and were taken offline for repairs,” Eskom said. “Further, two generating units at the Lethabo Power Station were shut down due to coal constraints as the New Vaal Mine that is supplying the station has been unable to deliver the expected amount of coal during the past week because of the heavy rains.” The…

Construction of a 900 MW Mpumalanga wind farm, South Africa’s largest of its kind, is about to start in the heart of the country’s coal industry, reports Construction Review Online. The project will begin with the implementation of its first phase which has a proposed capacity of 155 MW. This is after Seriti Green and Seriti Resources signed a power purchase agreement for this phase. The PPA has a 20-year underpin. The first phase of the 900 MW Mpumalanga wind farm which spans around 27 000 ha of farmland, will come online in 2025. Over the next three years, construction on…

Al Jama-ah Councillor Thapelo Amad, who was backed by the African National Congress, has been elected as the new mayor of Johannesburg. Amad scored 138 votes, Dr. Phalatse 81, Ngobeni 46 and there was one spoiled vote. A total of 266 votes were counted. Amad was elected Friday afternoon ahead of the ousted mayor, Dr. Mpho Phalatse of the Democratic Alliance and ActionSA’s Funzi Ngobeni. Incredibly, Dr. Phalatse contested the election to be mayor of Johannesburg a day after she was removed from the position through a no-confidence vote. The secret ballot elections were run by the IEC. OBSERVING: Ballots…

Air Liquide and Sasol have signed two Power Purchase Agreements (PPA) with Enel Green Power for the long-term supply of 220 MW of renewable power to Sasol’s Secunda site, in South Africa. Air Liquide operates the biggest oxygen production site in the world at Sasol’s Secunda. These PPAs are the first results of the Request for Proposal (RFP) process launched jointly by Air Liquide and Sasol in April 2021, for the procurement of a total capacity of 900 MW of renewable energy. They will significantly contribute to the decarbonization of the Secunda site, and in particular to the targeted reduction by…

An ailing former senior accountant at Impala Platinum Ltd (Implats) in the North West has been given a suspended sentence after she was convicted of stealing as much as R850 000 from the company. The Specialised Commercial Crime Court, sitting in Tlhabane, convicted 56-year-old Hlengiwe Masilela of 24 counts of fraud and 23 of money laundering committed at Implats. The court sentenced the ailing fraudster to five years imprisonment, wholly suspended for five years. The National Prosecutions Authority on Wednesday said the court took into consideration Masilela’s poor state of health – she is on 24-hour oxygen support. Senior accountant…

The Office of the FAIS Ombud on Tuesday announced that it was now able to investigate any complaints in respect of crypto assets. The development comes after the Financial Sector Conduct Authority (FSCA) officially declared crypto assets as financial products On 19 October 2022, the Financial Sector Conduct Authority (FSCA) officially declared that crypto assets are now classified as financial products in terms of the Financial Advisory and Intermediary Services Act, 37 of 2002 (FAIS Act). The Declaration was published in Government Notice 1350 in Government Gazette 47334. Crypto asset providers have until 30 November 2023 to apply for a…