Weekly Press Review – 21 May 2018

Transnet has appointed a new CFO after a scandal involving the Gupta family. According to the press, Transnet has appointed Mohammed Mahomedy as the interim chief financial officer to take over from Garry Pita who resigned last month amid the financial scandal.

Public Enterprises Minister Pravin Gordhan has also appointed a new Transnet interim board and removed the utility’s three remaining board members: Seth Radebe, Potso Mathekga and Zainul Nagdee.

“Transnet is facing serious allegations of maladministration and corruption. The previous board had not demonstrated appreciation of the seriousness of issues at hand or the ability to deal with these decisively in order to protect the entity in the interest of South Africa,” said Gordhan.

The share price of JSE-listed Premier Fishing & Brands rose 5.13 percent after the company delivered solid returns despite tough economic and environmental conditions.

According to the press, Samier Saban, chief executive of Premier said, “I am pleased with our interim results and the progress Premier has made against our strategy to date.”

Yoshi, the loggerhead turtle has made her way to the shallower waters off the Angolan coast. According to the press, the Two Oceans Aquarium team has reported that Yoshi appears to be enjoying her time along the Angolan coast.

“It is much shallower where she currently finds herself, so she is probably having a bit if a feeding frenzy,” said an aquarium spokesperson.

Yoshi was released from the Two Oceans Aquarium in December about 27 nautical miles off Hout Bay. She was fitted with a satellite tag allowing researchers to track her journey for the next three years.

In a follow-up to last week’s story regarding the Shark Spotters crowd-funding project to raise funds for new binoculars, we are happy to report that after a donation of R20,000 from the Chinese community’s Southern African North-east Chamber of Commerce, Shark Spotters reached their R60,000 goal for the new binoculars.

According to the press, Shark Spotters chief executive Sarah Weis said, “This will enable spotters to have the best tools to keep people safe. They will be able to see things further; and to identify threats and species of shark.”

The People’s Republic of China deputy consul general in Cape Town, Cao Li said, ”It feels good to be able to help, to increase the value of wildlife protection. This organisation protects our lives and the sharks’ lives.”

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Weekly Press Review – 31 October 2017

 Transnet has instituted a group-wide investigation into its contracts and suppliers amid the rampant allegations of rent seeking and kickbacks at state-owned companies.

 According to the press, chief executive Siyabonga Gama said that the company was dealing with allegations of wrong-doing in its contracts, insisting that the problem was not about Transnet governance processes or integrity, but about suppliers.

According to the press this week, there is a growing optimism about the potential of Africa’s oil and gas development, given the sustained increase in crude oil prices.

Speaking at the open session of the 24th Africa Oil Week conference, held in Cape Town last week, Energy Minister David Mahlobo said, “This bodes well for many of the continent’s economies that had suffered when there was a downturn in commodity prices.”

Also making headlines this week is a statement from Premier Fishing and Brands saying that it would continue to grow its business both organically and through acquisitions in the future as it sought to diversify its portfolio.

“We will continue to grow our business organically and by acquisition, as well as focus on the expansion of our product basket to meet our customer’s demands,” said chief executive Samir Saban.

According to the press, despite the fishing season officially beginning on October 1, the delegated authority, Siphokazi Ndundane, has yet to determine the global rock lobster total allowable catch (TAC) for the commercial offshore and near-shore, small scale and recreational sub-sectors.

The Collective representing thousands of small-scale fishers from coastal near-shore fishing sectors says that the system used to allocate West Coast rock lobster fishing rights remains skewed and does not benefit small-scale and near-shore fishers.

Spokesperson for the fishers, Pedro Garcia, says, “When they eventually finalise the allocation for the TAC for the rock lobster, it will be percentages and not kilos. This will not address the imbalances in a system that still only caters for the commercial companies and keeps the indigenous and traditional fishers marginalised.”

Garcia added that the collective still felt that the best solution at this point would be to suspend the current allocations and implement interim relief for a period of three years.