COMPANY NEWS IN BRIEF
Former Anglo, De Beers chair Thompson dies
Julian Ogilvie Thompson, former chairperson of De Beers and Anglo American, has died at age 89 in Johannesburg. This followed a period of declining health, according to a family death announcement published in The Telegraph.
Born in Cape Town, Ogilvie Thompson's father was a former chief justice. He matriculated from Bishops and studied at the University of Oxford.
At age 22, he married Tess Brand, the daughter of an English viscount, and started his career at Anglo American’s London office.
Ogilvie Thompson became personal assistant to mining magnate Harry Oppenheimer in the following year, in 1957.
Oppenheimer's son Nicky later wrote that his father "put up" with "a very large and very difficult" personal assistant.
"My father did it because he knew Julian was someone special who, with nurture, would make a real and important contribution to Anglo and De Beers."-Fin24
SIU seeks to challenge ruling on Telkom
The Special Investigating Unit (SIU) has filed papers to apply for leave to appeal a court ruling halting its investigation into allegations of wrongdoing at Telkom.
Last month, the North Gauteng High Court in Pretoria ruled that the SIU's probe into the telecommunications provider was invalid and "of no force or effect".
The court also set aside President Cyril Ramaphosa's proclamation from early 2022 that authorised the investigation.
Ramaphosa had directed the SIU to probe allegations of maladministration and malpractice at Telkom stretching back to 2006.
The investigation included probing Telkom's decision to grant consultancy Bain & Co. a R91 million contract for advisory services in 2013 without going to tender.
Court documents show that Telkom denied there was anything wrong with the tender. It said Bain was appointed during a period when it had been exempted from the Public Finance Management Act.-Fin24
MTN announces revenue growth
Shares in Africa's largest mobile operator MTN jumped 10% on Monday morning, after it reported double-digit revenue growth for its half-year to end-June, and a new strategic investment from payments giant Mastercard that values its fintech business at R100 billion.
Group service revenue rose 16.5% to R107.7 billion to end-June, the company said, with after-tax profit rising 7.3% to about R11.2 billion.
The group now services almost 292 million cellphones across the continent, a 3.6% rise, while group data revenue rose 23.5% and fintech revenue just over 21%. Smartphone penetration rose almost four percentage points to 59%.
Shares in the group, which also announced that Mastercard agreed to take a minority stake in its financial-technology business, were up almost 9% to R141.07 in late morning trade, earlier reaching R142.57.
MTN, which is in the midst of shaking up its portfolio, also gave an update on plans to reduce its stakes in some operations, particularly in west Africa, in order to advance its localisation initiatives.
MTN owns controlling stakes in operations in Nigeria, Ghana, Uganda and Cameroon, in which the sales will happen as market conditions allow.-Fin24
Germany wants Jooste extradited
Authorities in Germany are working on an extradition request for former Steinhoff boss Markus Jooste.
Jooste is wanted in Germany on two counts of fraud that could put him behind bars for up to three years.
Two months ago, a regional court in Oldenburg issued a warrant of arrest against Jooste, after he failed to appear for the start of his fraud trial. Jooste lost his appeal against the warrant last month.
A spokesperson for the Oldenburg court said on Monday that extradition proceedings would be started with the help of the Oldenburg public prosecutor's office.
"Since this is a formal procedure, it will probably take some time," said Isabelle Möllers. Jooste has repeatedly declined to comment on the court proceedings he is facing.
"To my knowledge, there has been no contact with the South African authorities yet," said Möllers, adding that the extradition itself would be handled by federal authorities.-Fin24
Julian Ogilvie Thompson, former chairperson of De Beers and Anglo American, has died at age 89 in Johannesburg. This followed a period of declining health, according to a family death announcement published in The Telegraph.
Born in Cape Town, Ogilvie Thompson's father was a former chief justice. He matriculated from Bishops and studied at the University of Oxford.
At age 22, he married Tess Brand, the daughter of an English viscount, and started his career at Anglo American’s London office.
Ogilvie Thompson became personal assistant to mining magnate Harry Oppenheimer in the following year, in 1957.
Oppenheimer's son Nicky later wrote that his father "put up" with "a very large and very difficult" personal assistant.
"My father did it because he knew Julian was someone special who, with nurture, would make a real and important contribution to Anglo and De Beers."-Fin24
SIU seeks to challenge ruling on Telkom
The Special Investigating Unit (SIU) has filed papers to apply for leave to appeal a court ruling halting its investigation into allegations of wrongdoing at Telkom.
Last month, the North Gauteng High Court in Pretoria ruled that the SIU's probe into the telecommunications provider was invalid and "of no force or effect".
The court also set aside President Cyril Ramaphosa's proclamation from early 2022 that authorised the investigation.
Ramaphosa had directed the SIU to probe allegations of maladministration and malpractice at Telkom stretching back to 2006.
The investigation included probing Telkom's decision to grant consultancy Bain & Co. a R91 million contract for advisory services in 2013 without going to tender.
Court documents show that Telkom denied there was anything wrong with the tender. It said Bain was appointed during a period when it had been exempted from the Public Finance Management Act.-Fin24
MTN announces revenue growth
Shares in Africa's largest mobile operator MTN jumped 10% on Monday morning, after it reported double-digit revenue growth for its half-year to end-June, and a new strategic investment from payments giant Mastercard that values its fintech business at R100 billion.
Group service revenue rose 16.5% to R107.7 billion to end-June, the company said, with after-tax profit rising 7.3% to about R11.2 billion.
The group now services almost 292 million cellphones across the continent, a 3.6% rise, while group data revenue rose 23.5% and fintech revenue just over 21%. Smartphone penetration rose almost four percentage points to 59%.
Shares in the group, which also announced that Mastercard agreed to take a minority stake in its financial-technology business, were up almost 9% to R141.07 in late morning trade, earlier reaching R142.57.
MTN, which is in the midst of shaking up its portfolio, also gave an update on plans to reduce its stakes in some operations, particularly in west Africa, in order to advance its localisation initiatives.
MTN owns controlling stakes in operations in Nigeria, Ghana, Uganda and Cameroon, in which the sales will happen as market conditions allow.-Fin24
Germany wants Jooste extradited
Authorities in Germany are working on an extradition request for former Steinhoff boss Markus Jooste.
Jooste is wanted in Germany on two counts of fraud that could put him behind bars for up to three years.
Two months ago, a regional court in Oldenburg issued a warrant of arrest against Jooste, after he failed to appear for the start of his fraud trial. Jooste lost his appeal against the warrant last month.
A spokesperson for the Oldenburg court said on Monday that extradition proceedings would be started with the help of the Oldenburg public prosecutor's office.
"Since this is a formal procedure, it will probably take some time," said Isabelle Möllers. Jooste has repeatedly declined to comment on the court proceedings he is facing.
"To my knowledge, there has been no contact with the South African authorities yet," said Möllers, adding that the extradition itself would be handled by federal authorities.-Fin24
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