State-owned electricity utility Eskom will apply for urgent interim relief against the National Energy Regulator of South Africa’s most recent tariff determination, which it is taking on legal review, arguing that such relief is required to “avoid financial disaster”. The legal action follows the publication of Nersa’s long-awaited reasons for decision relating to the fourth multiyear price determination, covering the three years from 2019/20 to 2021/22, as well as the Regulatory Clearing Account balance for the 2018 financial year.
Denel is winding up its struggling Aerostructures aircraft parts business after receiving government approval, the state arms company said on Friday. Denel, a cornerstone of South Africa's once-mighty defence industry, is battling to emerge from a financial crisis and has pledged to shutter loss-making divisions.
JSE-listed Omnia, best known for the production of fertilisers, explosives and specialty chemicals, expects a strategic review of the business to be completed during the first quarter of 2020. The outcome of the review could result in the sale of certain product lines or units, as well as the company’s withdrawal from some territories – Omnia currently operates in 48 countries.
Business body Business Unity South Africa (Busa) on Friday welcomed the US Treasury announcement of sanctions against the wealthy fugitive Gupta family. Yesterday the US Treasury sanctioned three members of the Gupta family, friends of former South African President Jacob Zuma who are accused of influence-peddling, and one of their business associate for their involvement in alleged corruption.
Law firm ENSafrica has assisted information technology services company EOH in initial criminal charges against former employees implicated in alleged wrongdoing. JSE-listed EOH in July reported that preliminary findings of a forensic investigation undertaken by ENSafrica had uncovered R1.2-billion of bribery, corruption and inflated payments, mainly involving eight former EOH head office employees and the company’s public sector subsidiary EOH Mthombo.