How Allan Gray lay down with dogs and got up with fleas

How Allan Gray lay down with dogs and got up with fleas

Allan Gray, one of South Africa’s finest and most successful asset managers, has recently had to stave off some fairly sharp criticism due to its investments in Net1 Universal Electronic Payment System Technologies (UEPS), whose subsidiary company, Cash Paymaster Services, was irregularly contracted by the Department of Social Security to distribute billions of rands in social grants each month.

Faced with continuing controversy, Serge Belamant, NET1’s CEO, is to depart with severance pay of R263 million.

ANC bigwigs nobble 103-year-old land claimant

ANC bigwigs nobble 103-year-old land claimant

Vultures delay transfer to wrest rightful ownership from centenarian and his family.

The legal transfer of a piece of land occupied by nine goats and a centenarian appears as if it is being deliberately and collusively delayed by a politically connected condom dealer, a parastatal chairman and the Department of Rural Development and Land Reform.

A glance at the facts can only lead to the plausible explanation that the property owner and the department are waiting for the 103-year-old Zabalaza Mshengu to die.

Stuffed

Stuffed

A land claim, some hard luck...My story.

Before I try to explain what happened when I sold my farm to the Land Claims people, I need to make it clear: I never wanted to sell. First, the story behind the story.

Fifteen years ago I lost the use of my right shoulder as the result of a road accident. Until then I had travelled the country building fruit packaging machines. I was very good at it. After the accident I could not even brush my teeth. As my whole family was into farming, when I was paid out by the Road Accident Fund, it made good sense to buy a farm with the money.

Library at the end of the universe

Library at the end of the universe

The dream became a nightmare – a social improvement scheme turned into a looting frenzy.

The region of Maputaland in the far north of KwaZulu-Natal is press-studded on one side by Swaziland and on the other by Kosi Bay. It is a land of wild and fragile beauty: bright fever trees and ancient gnarled fig trees tower over green grass, red sand and mirrored lakes.

It is home to a large but scattered rural population – along the roads north of Jozini Dam there is a mud-and-thatch homestead every hundred metres-or-so.

The riddle of Nedbank's Box 47

The riddle of Nedbank's Box 47

When the safety container was opened, the gold Roman coin collection was gone.

Who opened Safety Deposit Box number 47 in a Nedbank security vault and plundered a collection of gold Roman and early Briton coins? And why after three years of promises has Nedbank failed to produce the results of its investigation into the theft?

Could this be because the evidence points to the thief being a trusted Nedbank employee? And that, to conceal an embarrassing “inside job” – and a possible big settlement payout – the bank has been deliberately spinning out its investigation until the time limitation for claim and blame expires?

JCI and KPMG pull another fast one

JCI and KPMG pull another fast one

Investec and its auditors contrive an AGM that isn’t really, to approve a clutch of annual accounts that aren’t really either.

On Friday, 10 June 2017 JCI held what it called its “Annual General Meeting”. Accompanying the notice of the meeting was a document titled “Group Financial Statements for the periods ended 31 March 2013, 30 June 2014, 30 June 2015 and 30 June 2016. Prepared by Guy Patron (JCI Group Accountant)”.

These “Group Financial Statements” were not compliant with the law in that they were not prepared according to International Financial Reporting Standards (IFRS) or in accordance with the Companies Act. The document did not contain a Statement of Financial Position or a Statement of Comprehensive Income, instead it contained what it called a Group Statement of Net Assets.

MTN ignores court ruling - again

MTN ignores court ruling - again

Call-centre staff fighting for R60m in salaries.

For the second time in two years a court has ordered MTN to pay 38 call-centre staff members an estimated R60 million in salaries after they were illegally retrenched in December 2010. But, again, Africa’s largest mobile-phone operator ignored the order. Instead it labelled the claimants “deserters” and, illogically, accused them of failing to turn up for work during the time they were litigating against MTN  in order to win the right to return to work.

New life for man who made Pistorius cry

New life for man who made Pistorius cry

Will South Africa witness Gerrie Nel versus Jacob Zuma in court? Will the celebrity prosecutor made famous by the trial of Oscar Pistorius find himself back on the world stage using his trademark  phrase “I put it to you…” on the South African president?

This delicious prospect was top of many people’s minds when Nel announced the formation of his new private prosecutions unit, at the request of lobby group AfriForum. He dropped his bombshell shortly after resigning from the National Prosecutions Authority (NPA) in February, ending a decades-long career in the unit, which, said Nel, did not treat everyone equally.

Dithering provokes KZN cancer crisis

Dithering provokes KZN cancer crisis

Who will cash in on the collapse of the oncology departments at KZN’s public hospitals – and who is to pay?

Someone in KwaZulu-Natal’s oncology fraternity is set to get an annual windfall of potentially several hundreds of millions of rands.

While details are not yet clear, what emerged at a recent provincial health portfolio committee meeting held on May 30 is that the KZN health department intends sending all its cancer patients to be treated in the private sector.

UPDATE: Mpisanes still ducking and diving

UPDATE: Mpisanes still ducking and diving

The clawback by SARS of R203 million in taxes from Durban’s Teflon Two is bumbling along as smoothly as a student protest. Court-appointed curators Pieter Strydom and Tshifhiwa Mudzusi say in an affidavit that S’bu and Shauwn Mpisane have gone to extraordinary lengths to obstruct them from managing the couple’s multiple businesses, which are in disarray.

FNB's kiss for my silence

FNB's kiss for my silence

Rabbi breaks silence secured by FNB with an R800,000 incentive. One of the country’s best known rabbis has broken a 16-year silence to reveal to Noseweek an extraordinary deal in which he agreed not to ...
 
How Allan Gray lay down with dogs and got up with fleas

How Allan Gray lay down with dogs and got up with fleas

Allan Gray, one of South Africa’s finest and most successful asset managers, has recently had to stave off some fairly sharp criticism due to its investments in Net1 Universal Electronic Payment System ...

ANC bigwigs nobble 103-year-old land claimant

ANC bigwigs nobble 103-year-old land claimant

Vultures delay transfer to wrest rightful ownership from centenarian and his family. The legal transfer of a piece of land occupied by nine goats and a centenarian appears as if it is being deliberately ...

Stuffed

Stuffed

A land claim, some hard luck...My story. Before I try to explain what happened when I sold my farm to the Land Claims people, I need to make it clear: I never wanted to ...

Library at the end of the universe

Library at the end of the universe

The dream became a nightmare – a social improvement scheme turned into a looting frenzy. The region of Maputaland in the far north of KwaZulu-Natal is press-studded on one side by Swaziland and on ...

The riddle of Nedbank's Box 47

The riddle of Nedbank's Box 47

When the safety container was opened, the gold Roman coin collection was gone. Who opened Safety Deposit Box number 47 in a Nedbank security vault and plundered a collection of gold Roman and ...

JCI and KPMG pull another fast one

JCI and KPMG pull another fast one

Investec and its auditors contrive an AGM that isn’t really, to approve a clutch of annual accounts that aren’t really either. On Friday, 10 June 2017 JCI held what it called its “Annual General Meeting”. ...

MTN ignores court ruling - again

MTN ignores court ruling - again

Call-centre staff fighting for R60m in salaries. For the second time in two years a court has ordered MTN to pay 38 call-centre staff members an estimated R60 million in salaries after they ...

New life for man who made Pistorius cry

New life for man who made Pistorius cry

Will South Africa witness Gerrie Nel versus Jacob Zuma in court? Will the celebrity prosecutor made famous by the trial of Oscar Pistorius find himself back on the world stage using his ...

Dithering provokes KZN cancer crisis

Dithering provokes KZN cancer crisis

Who will cash in on the collapse of the oncology departments at KZN’s public hospitals – and who is to pay? Someone in KwaZulu-Natal’s oncology fraternity is set to get an annual windfall of potentially ...

UPDATE: Mpisanes still ducking and diving

UPDATE: Mpisanes still ducking and diving

The clawback by SARS of R203 million in taxes from Durban’s Teflon Two is bumbling along as smoothly as a student protest. Court-appointed curators Pieter Strydom and Tshifhiwa Mudzusi say in an affidavit ...