Published 24 February 2020, by Sizwe Dlamini and Adri Senekal De Wet

CAPE TOWN – The much-awaited Commission of Inquiry report into allegations of impropriety at the Public Investment Corporation (PIC) has cleared erstwhile chief executive Dr Dan Matjila.

Business Report can reveal that the report made no adverse findings against Matjila, Sekunjalo chairperson Dr Iqbal Survé and his companies, and other black-owned companies. Sources claim that Matjila was described as a credible witness and his submission to Judge Lex Mpati as impeccable.

Presidential spokesperson Khusela Diko confirmed that the report had been sent by the President to the chairperson of the PIC Dr Reuel Khoza to give him line of sight of the issues contained therein.

“The President has also sent the same to the Minister and Deputy Minister of Finance to apprise and engage them on the findings and also to request a roadmap on the implementation of the recommendations contained therein,” said Diko

Please read the full article here.

Published 23 February 2020, by Mandla Mbusi

Sekunjalo Investment Holdings (Sekunjalo) would like to inform media corporations operating in South Africa, their journalists, the business community at large, and the citizens of South Africa that it will not be deterred from investing monies into media outlets in the country.

Sekunjalo, under the executive chairmanship of Dr Iqbal Survé, will also not be told where and how it should invest its monies. This as rival media organisations to Independent Media, in which Sekunjalo via a consortium, Sekunjalo Independent Media (SIM), is the main shareholder, attempted to infer it should not be shoring up its own investments, this past week.

Sekunjalo has repeatedly informed all media – and anyone who asks – that it is also the only shareholder at Independent Media that has invested monies (more than R300 million) into operations at the media house.

It has done so for a number of reasons. These included the dire need to modernise the legacy business, which had been run into the ground by its former owners.

Independent Media, as the most comprehensive print media establishment in South Africa, with a national footprint and a large distribution base was, and still is, an important vehicle for disseminating the news in South Africa.

Please read the full article here.

Published 21 February 2020, by Sizwe Dlamini

CAPE TOWN – JSE-listed ICT company AYO Technology Solutions (AYO), has grown its asset base to more than R5 billion. This is according to its latest financial statement and is despite the difficult environment the group has had to operate in over the last 18 months.

The company’s latest financial statement, which got a clean audit after one of the most detailed and thorough investigations corporate South Africa has seen to date, also revealed that cash on hand was now close to R4bn and the company’s investments exceeded the R1bn mark.

The company has paid more than R200 million in dividends over the past couple of years, continuing to deliver value to its shareholders, which includes the Public Investment Corporation (PIC). A maiden interim dividend of 35 cents per share, amounting to R120m, was paid to shareholders during the year under review.

A final dividend of 16c per share was approved by the board of directors in December for the year ended August 2019, according to the financial statement.

Please read the full article here.

Published 19 February 2020 by Sizwe Dlamini

CAPE TOWN – AYO Technology Solutions on Tuesday announced the withdrawal of a Cautionary Announcement dated June 4, 2019, as the tech company got a clean audit after a thorough audit and investigation by auditors BDO and the JSE.

The company said in a statement on the Stock Exchange News Service (SENS) that the withdrawal included the various subsequent renewals of the cautionary announcement, the most recent of which was dated January 17, 2020, regarding the audit currently being undertaken on the company’s interim results for the six months ended February 28, 2018.

Please read the full article here.

Published 13 February 2020, by Dr Iqbal Survé

This week in the media, and in many of our hearts, minds and homes, we have remembered the day that Nelson Mandela, the father of the new South African nation, became a free man after nearly 27 years of imprisonment. Thirty years on from this historic day, while much has changed, an awful lot has not.

A key element to shaping the narrative in those times (before, during, and now post) and how we respond to the happenings in the country is the media – the same element that has not undergone radical change to embrace the new democratic era.

Still by and large controlled by the same pro-apartheid conglomerates, South Africa’s mainstream media landscape is highly unusual in a post- revolution epoch, in as much as the incoming and current ruling party has not garnered a specific “media voice/outlet” where it can shape its own messaging. This is both admirable and possibly detrimental to the long-term survival of democracy in South Africa.

Admirable because the ANC upholds the country’s Constitution for a free, fair and diverse media sector. Detrimental because in the absence of a clear strong and dedicated voice for the masses – who missed out on being adequately represented in the pre-democratic era – the void has the potential to be filled by opposing forces.

Please read the full article here.

Published  5 February 2020, by Dr Iqbal Survé Business Report

DAVOS – Stakeholder capital may have been the theme at this year’s 50th staging of the World Economic Forum

(WEF), but South Africa has surely lost its currency at Davos, along with the last vestiges of any credibility we may once have had. 

Once the darlings of the African continent, South Africa’s sun has stopped rising, with WEF now embracing the rest of the continent as the answer to Africa 2.0, leaving the Southernmost tip of Africa firmly on the sidelines.

WEF has often been criticised for being elitist and pro capitalist, and sometimes, deservedly so. So it was refreshing (and necessary) for this gathering of global minds and decision makers to revert to its roots in 2020 and re-explore the notion of stakeholder capitalism v shareholder capitalism and what this means in the modern collaborative context.

Please read full article here.