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).

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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.