COMPANY NEWS IN BRIEF
Mediclinic names independent investigator
Mediclinic has appointed Steven Powell, head of law firm ENSafrica's forensics practice, to head its independent audit following claims of account manipulation.
Earlier this week, a person who claims to be a former Mediclinic employee sent an email to more than 50 principal officers of some of South Africa's largest medical schemes, along with News24.
It contained detailed information about what the person claimed to be their experience as a former clinical case manager at six Mediclinic hospitals in the Western Cape and Gauteng.
The person paints a picture of widespread manipulation of patients' clinical coding, which is used for medical scheme claims at these hospitals to Mediclinic's alleged financial benefit.
The person sent an email directly to Greg van Wyk, CEO of Mediclinic Southern Africa, along with the initial recipients.
The person accused Mediclinic of not acting against employees who allegedly manipulated accounts, highlighting a recent alleged incident where coding was changed on the source of medicine to benefit a Mediclinic hospital. Van Wyk responded to the person, while copying in all the recipients, to inform them that Powell would head the audit.
Powell is well known for his forensic work and conducted an investigation into IT group EOH, finding that it benefitted from state tender fraud. His probe found that then-deputy security minister Zizi Kodwa received millions from EOH; Powell also testified at the State Capture Inquiry.-Fin24
Harmony reports profit surge
Harmony Gold said its underground grade recoveries have exceeded expectations and it met the upper end of its production guidance in its year to end June.
Headline earnings per share are expected to rise by between 50% and 70% to end June, it said in an update, also reporting it benefited from higher gold prices.
"Full year was a year filled with many highlights as Harmony delivered on its strategic objectives of producing safe, profitable ounces," CEO Peter Steenkamp said in the update.
"We have met the upper end of our production guidance of 1.4 to 1.5 million ounces at an all-in-sustaining cost of below R900 000/kg."
Valued at about R42 billion on the JSE, Harmony is the largest gold producer by volume in SA, and is a significant operator of gold tailings retreatment facilities. In Papua New Guinea, it owns and operates the Hidden Valley mine and owns 50% of the Wafi-Golpu copper-gold project.
The group generated just over R3 billion in headline earnings in its 2022 year.-Fin24
Transnet rail ops hit by protest action
Three of Transnet's rail lines have been impacted by what is believed to be sabotage, amid protests by disgruntled security personnel over a new outcomes-based security contract.
In the face of rampant criminality that has been impacting its operations, Transnet Freight Rail (TFR) on 1 August adopted an outcomes-based security solution to combat theft and vandalism on its rail network.
The change-over has sparked protest among former employees of the outgoing security service provider and has resulted in incidents of sabotage and vandalism that have disrupted three rail corridors.
"The protests, including vandalism and damage to the network, are having a severe impact on our rail operations and, in some instances, bringing operations to a complete standstill for hours at a time," Transnet said in a statement.
"Criminal cases were opened with the South African Police Service ... for tampering, damaging, or destroying essential infrastructure. Perpetrators found guilty of this offence face a minimum sentence of 15 years' direct imprisonment. Investigations are continuing."-Fin24
Mediclinic has appointed Steven Powell, head of law firm ENSafrica's forensics practice, to head its independent audit following claims of account manipulation.
Earlier this week, a person who claims to be a former Mediclinic employee sent an email to more than 50 principal officers of some of South Africa's largest medical schemes, along with News24.
It contained detailed information about what the person claimed to be their experience as a former clinical case manager at six Mediclinic hospitals in the Western Cape and Gauteng.
The person paints a picture of widespread manipulation of patients' clinical coding, which is used for medical scheme claims at these hospitals to Mediclinic's alleged financial benefit.
The person sent an email directly to Greg van Wyk, CEO of Mediclinic Southern Africa, along with the initial recipients.
The person accused Mediclinic of not acting against employees who allegedly manipulated accounts, highlighting a recent alleged incident where coding was changed on the source of medicine to benefit a Mediclinic hospital. Van Wyk responded to the person, while copying in all the recipients, to inform them that Powell would head the audit.
Powell is well known for his forensic work and conducted an investigation into IT group EOH, finding that it benefitted from state tender fraud. His probe found that then-deputy security minister Zizi Kodwa received millions from EOH; Powell also testified at the State Capture Inquiry.-Fin24
Harmony reports profit surge
Harmony Gold said its underground grade recoveries have exceeded expectations and it met the upper end of its production guidance in its year to end June.
Headline earnings per share are expected to rise by between 50% and 70% to end June, it said in an update, also reporting it benefited from higher gold prices.
"Full year was a year filled with many highlights as Harmony delivered on its strategic objectives of producing safe, profitable ounces," CEO Peter Steenkamp said in the update.
"We have met the upper end of our production guidance of 1.4 to 1.5 million ounces at an all-in-sustaining cost of below R900 000/kg."
Valued at about R42 billion on the JSE, Harmony is the largest gold producer by volume in SA, and is a significant operator of gold tailings retreatment facilities. In Papua New Guinea, it owns and operates the Hidden Valley mine and owns 50% of the Wafi-Golpu copper-gold project.
The group generated just over R3 billion in headline earnings in its 2022 year.-Fin24
Transnet rail ops hit by protest action
Three of Transnet's rail lines have been impacted by what is believed to be sabotage, amid protests by disgruntled security personnel over a new outcomes-based security contract.
In the face of rampant criminality that has been impacting its operations, Transnet Freight Rail (TFR) on 1 August adopted an outcomes-based security solution to combat theft and vandalism on its rail network.
The change-over has sparked protest among former employees of the outgoing security service provider and has resulted in incidents of sabotage and vandalism that have disrupted three rail corridors.
"The protests, including vandalism and damage to the network, are having a severe impact on our rail operations and, in some instances, bringing operations to a complete standstill for hours at a time," Transnet said in a statement.
"Criminal cases were opened with the South African Police Service ... for tampering, damaging, or destroying essential infrastructure. Perpetrators found guilty of this offence face a minimum sentence of 15 years' direct imprisonment. Investigations are continuing."-Fin24
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