Weekly Press Review – 12 March 2018

Transnet has launched a new company, Transnet International Holdings (TIH), to facilitate multiple rail, port and pipeline projects in Africa.

According to the press, with a capital injection of R100 million, TIH held its inaugural annual general meeting this week with the aim of commencing trade on 1 April.

Transnet chief executive Siyabonga Gama says that TIH will not be a burden on Transnet’s balance sheet. “The idea is to ring fence TIH to make sure that it does not take risks that are not managed,” he said.

Nine officials from the Department of Agriculture, Forestry and Fisheries, are amongst the 17 people facing charges related to corruption and abalone poaching and remanded into custody after appearing in the Hermanus Magistrate’s Court this week.

According to the press, department officials allegedly colluded with abalone poachers by illegally selling seized abalone and escorting illegal abalone shipments.

Those accused face charges of corruption, racketeering, theft and defeating the ends of justice.

This week the SATS General Botha Old Boys’ Association paid homage to those from the training ship killed during World War II.

According to the press, the event was attended by deputy mayor, Ian Neilson, as well as representatives from the SA Legion, the Moths, the Royal Air Force Association, the SA Gunners Association and both the Lawhill Maritime Centre and TS Woltemade Sea Cadets.

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Weekly Press Review – 5 March 2018

Transnet has launched a new company, Transnet International Holdings (TIH), in order to facilitate multiple rail, port and pipeline projects in the rest of Africa.

According to the press, TIH, with a capital injection of R100 million, held its inaugural general meeting this week to appoint board members.

Transnet chief executive Siyabonga Gama said that the new entity would commence on 1 April 2018, adding that TIH would not be a burden on Transnet’s balance sheet.

“The idea is to ring fence TIH to make sure that it does not take risks that are not managed,” said Gama.

After a seven month voyage to navigate the globe the INSV Tarini, along with its all female crew, finally arrived in Cape Town this weekend. The vessel will remain moored at the Royal Cape Yacht club until its departure on 14 March.

A UCT study, completed every ten years, focusing on small plastic fragments on South Africa’s beaches has found that most plastic pollution derives from local sources.

According to the press, the study indicates that the significance of this is that distant nations with far larger plastic industries can no longer be blamed for the poor state of many of our beaches and adjacent coastal waters.

“All available evidence indicates that the amount of litter entering the system continues to grow.  Identifying key source areas is critical in designing and implementing effective mitigation measures to reduce the amounts of plastic entering marine and freshwater systems,” says the study’s lead author Professor Peter Ryan.

Weekly Press Review – 6 November 2017

Transnet is distancing itself from the kickbacks scandal currently rocking the state-owned rail and logistics group. According to the press, the scandal includes allegations that some of its suppliers paid third parties millions of rands in order to win tenders.

Chief executive, Siyabonga Gama said, “These allegations are made against Transnet suppliers, where it is alleged that some of them, such as SAP, McKinsey, CSR and Liebherr-Africa, were paying commissions to third parties after securing contracts with Transnet.

“We have requested these companies to indicate to us if any past or current employees of Transnet requested that they pay any kickbacks to them or any third parties.”

The Hawks arrested two people in connection with abalone poaching and seized R5 million worth of abalone in Brackenfell this week.

According to the press, spokesperson Lloyd Ramovha said that police arrested the suspects at a house doubling as an illegal abalone processing facility.

The suspects appeared in the Kuilsriver magistrates court during the week.

Two more suspects from Caledon were also arrested this week in possession of abalone with a street value of R5 million.

Also making headlines this week was the announcement by seafood group Sea Harvest that the company’s Australian subsidiary, Mareterram, had acquired two mackerel licence packages comprising of an established fishing fleet and support vessels for A$9 million (R53 million).

Weekly Press Review – 23 January 2017

Grindrod Asset Management this week announced plans for a deal that would culminate in Infinitus Holdings gaining a 76 percent stake in Grindrod.

According to the press Infinitus is focused on high-growth businesses in the consumer, industrial and financial services sector.

Through its subsidiary GFS Holdings, Grindrod will exchange its entire Grindrod Asset Management for Infinitus shares.

GFS managing director, David Polkinghorne, said, “Grindrod is changing the way it holds its interest. This is an important step to free up the business to develop its own identity as Bridge Fund Managers pursue sensible growth opportunities while retaining its loyal client base. Grindrod will continue to support the business in every way.”

Also making headlines this week is the news that Transnet has initiated an investigation into complaints regarding the management of the training programme at its Marine School of Excellence.

According to a statement by Transnet executive head, Siyabonga Gama, the complaints are focused mainly on the issues of access to practical training and the duration of the programme.

Transnet has made a R7.7 billion investment in training over the next decade and with hopes to expand the maritime training academy.