COMPANY NEWS IN BRIEF
JSE to consider lifting Trustco suspension
The Johannesburg Stock Exchange (JSE) has said it would consider lifting the suspension of Namibian company Trustco as soon as it restates its financials.
Earlier in the week, the North Gauteng High Court in Pretoria dismissed an appeal by Trustco against a previous finding by the JSE that it hadn't complied with accounting standards.
The ruling triggered the immediate suspension of the group's shares.
Following the ruling, Trustco's founder and CEO, South African-born Quinton van Rooyen, confirmed the group would restate its financials as ordered by the JSE.
Trustco, which has interests in financial services, property and mining, previously argued the local bourse had no power to compel it to change its financials.
But this week, Van Rooyen said the ruling had put the matter to rest.
The local bourse has now said it will consider lifting the suspension once it sees proof that Trustco has restated its financials.
"If the JSE decides to lift the suspension of Trustco's securities, this decision will be implemented expeditiously, and trading of securities will commence very shortly after the JSE's decision," said Andre Visser, director of issuer regulation at the JSE.
As News24 previously reported, the JSE probe of Trustco found that it had incorrectly booked gains of R1.5 billion after Van Rooyen waived two loans he made to the group. Reversing these gains will decrease the group's profit.-Fin24
Anglo denying justice to thousands of Zambians
Anglo American is denying access to justice for thousands of Zambian women and children affected by lead poisoning at a mine it used to own by seeking to block an application to file a class action against the company, a United Nations Agency said.
The mining company, which had a stake in the Broken Hill Mine between 1925 and 1974, has denied responsibility. Anglo has said it only held a shareholding in the operator and mining continued after the company was nationalized.
"It cannot both claim to be committed to respecting the rule of law and remediating the adverse impacts of its business activities, while at the same time actively resisting the certification of a class action," the UN Special Rapporteur on Toxics and Human Rights said in an application to join the case in the South African High Court as a "friend of the court". This would "effectively deny the prospective class members any prospect of litigating their claims, it said, in court papers ahead of a hearing on Thursday.
The case was filed by 13 plaintiffs on behalf of an estimated 100 000 people who are demanding compensation and a clean-up of the area. Lead poisoning can cause health problems ranging from learning difficulties to infertility, brain damage and, in some cases, death. In a 2019 report, Human Rights Watch said that a third of the population of Kabwe, or more than 76 000 people, live in lead-contaminated areas.
Anglo is opposing the UN agency’s admission to the court case.- Fin24
The Johannesburg Stock Exchange (JSE) has said it would consider lifting the suspension of Namibian company Trustco as soon as it restates its financials.
Earlier in the week, the North Gauteng High Court in Pretoria dismissed an appeal by Trustco against a previous finding by the JSE that it hadn't complied with accounting standards.
The ruling triggered the immediate suspension of the group's shares.
Following the ruling, Trustco's founder and CEO, South African-born Quinton van Rooyen, confirmed the group would restate its financials as ordered by the JSE.
Trustco, which has interests in financial services, property and mining, previously argued the local bourse had no power to compel it to change its financials.
But this week, Van Rooyen said the ruling had put the matter to rest.
The local bourse has now said it will consider lifting the suspension once it sees proof that Trustco has restated its financials.
"If the JSE decides to lift the suspension of Trustco's securities, this decision will be implemented expeditiously, and trading of securities will commence very shortly after the JSE's decision," said Andre Visser, director of issuer regulation at the JSE.
As News24 previously reported, the JSE probe of Trustco found that it had incorrectly booked gains of R1.5 billion after Van Rooyen waived two loans he made to the group. Reversing these gains will decrease the group's profit.-Fin24
Anglo denying justice to thousands of Zambians
Anglo American is denying access to justice for thousands of Zambian women and children affected by lead poisoning at a mine it used to own by seeking to block an application to file a class action against the company, a United Nations Agency said.
The mining company, which had a stake in the Broken Hill Mine between 1925 and 1974, has denied responsibility. Anglo has said it only held a shareholding in the operator and mining continued after the company was nationalized.
"It cannot both claim to be committed to respecting the rule of law and remediating the adverse impacts of its business activities, while at the same time actively resisting the certification of a class action," the UN Special Rapporteur on Toxics and Human Rights said in an application to join the case in the South African High Court as a "friend of the court". This would "effectively deny the prospective class members any prospect of litigating their claims, it said, in court papers ahead of a hearing on Thursday.
The case was filed by 13 plaintiffs on behalf of an estimated 100 000 people who are demanding compensation and a clean-up of the area. Lead poisoning can cause health problems ranging from learning difficulties to infertility, brain damage and, in some cases, death. In a 2019 report, Human Rights Watch said that a third of the population of Kabwe, or more than 76 000 people, live in lead-contaminated areas.
Anglo is opposing the UN agency’s admission to the court case.- Fin24
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