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Domestic IPOs by African issuers increase for a second year

By: Creamer Media Reporter      19th January 2018 While 2017 registered fewer domestic listings in Africa, the capital raised in domestic listings by African issuers increased by 19.5% year-on-year to $1.4-billion, the second consecutive year of growth. The latest research by global law firm Baker McKenzie shows that there were seven domestic... 

Former Land Bank CEO convicted of fraud

By: African News Agency      19th January 2018 The specialised commercial crimes court in Pretoria has convicted former Land Bank CEO Philemon Radichaba Mohlahlane and three others of defrauding the bank of at least R6 million in a case dating back to 2012. The Directorate for Priority Crime Investigation, commonly known as the Hawks, said... 

Miners to focus on M&A activity, sustainability in year ahead

By: Megan van Wyngaardt     18th December 2017 Nearly two-thirds, or 63%, of mining and metals respondents to the latest EY Capital Confidence Barometer (CCB) say they intend to pursue deals in the next 12 months, demonstrating a higher inclination to transact than the average across all industries (56%). The findings support the EY third... 

M&A markets remain resilient despite geopolitical risks

By: Megan van Wyngaardt     14th December 2017 Despite the growth in global geopolitical risks, merger and acquisition (M&A) markets continued to prove highly resilient, with a 19% year-on-year increase recorded in the number of deals valued at between $1-billion and $5-billion, international law firm Allen & Overy’s (A&O’s) latest M&A... 

Blockchain set to change transactions, information flow and business processes

By: Schalk Burger     8th December 2017 Trust is the underlying factor supporting financial systems – from the value of currency and financial transactions to public spending. Similarly, trust underpins almost all information transfers, and money is a medium that allows people to ‘communicate’ value throughout an economy, says... 

Blockchain set to change transactions, information flow and business processes

By: Schalk Burger     8th December 2017 Trust is the underlying factor supporting financial systems – from the value of currency and financial transactions to public spending. Similarly, trust underpins almost all information transfers, and money is a medium that allows people to communicate value throughout an economy, says financial... 

General public taking heed of environmental law

By: Simone Liedtke     1st December 2017 The general public is becoming more familiar with the tools that are available under the Constitution and environmental law to protect what is perceived as the unacceptable environmental or social impacts of businesses, says law firm Norton Rose Fulbright environment lawyer Matthew Thornton-Dibb. 

Kingsgate facing board spill

By: Esmarie Swanepoel     16th November 2017 Embattled gold miner Kingsgate Consolidated is facing a board spill after shareholder Metal Tiger requested a general meeting to remove a number of the company’s directors. Metal Tiger is hoping for shareholder support to remove Ross Smyth-Kirk, Sharon Skeggs and Peter Warren as directors of... 

Parliament wants report clearing Sars number two

By: African News Agency      6th November 2017 Parliament’s standing committee on finance on Monday said it had sent official letters to South African Revenue Service (Sars) commissioner Tom Moyane and Finance Minister Malusi Gigaba asking for a copy of a disciplinary inquiry report which cleared a senior Sars official. Jonas Makwakwa, widely... 

Guptas inflated Oakbay price through trading by Singapore firm

By: Bloomberg     2nd November 2017 The Gupta family inflated the share price of a company it controlled on its Johannesburg Stock Exchange debut by lending money to a Singapore firm to be used to trade the equities. That came ahead of plans to raise funds for a uranium mine. The Guptas, who are embroiled in a corruption scandal... 

Glencore Congo deals are said to be part of latest offshore leak

By: Bloomberg     30th October 2017 Glencore could face renewed scrutiny of its business in the Democratic Republic of Congo after confidential information was released in the data breach of a major offshore law firm, according to people familiar with the matter. The documents relate to Glencore’s acquisition of Katanga Mining,... 

Rio Tinto faces class action suit over Mozambique coal

By: Esmarie Swanepoel     24th October 2017 US law firm Hagens Berman has launched a class action lawsuit against mining major Rio Tinto over the miner’s 2011 investment in the Mozambique coal assets. The lawsuit claims that Rio and certain of its former executives violated the Securities Exchange Act, and made false and misleading... 

Miner defends Western Cape phosphate project, highlights its importance

By: Ilan Solomons     19th October 2017 Emerging miner Kropz has warned that the West Coast Environmental Protection Association’s (WCEPA’s) application to have the water-use license (WUL) for Kropz’s Elandsfontein phosphate mine, near Saldanha Bay, in the Western Cape, suspended, would, if successful, cause “irreversible environmental... 

Open immigration regime central to S Africa’s growth

By: Robyn Wilkinson     13th October 2017 Countries seeking to promote economic growth and job creation tend to adopt policies that create flexible and open immigration regimes, contrasting with South Africa’s adoption of restrictive immigration laws, which when coupled with bureaucratic inefficiency creates a barrier to the entry of... 

This junior miner surged five-fold on mine asset sale

By: Bloomberg     6th October 2017 West High Yield Resources, a little-known Canadian miner, surged as much as 1 000% after it said it sold a magnesium deposit to a US buyer for $750-million – or 46 times the company’s market value. West High Yield, which has no revenue, jumped five-fold in Toronto trading to close at C$2 after... 

SAP Provides Update on Investigation into South Africa Business

     26th September 2017 SAP SE today announced that it will provide an update on the investigation into allegations of wrongdoing in its South African business during the last week of October 2017.   The company initiated an investigation spearheaded by international law firm Baker McKenzie on July 12, 2017. At the same... 

Climate change is an ‘extreme green’ hoax

By: Kelvin Kemm     8th September 2017 I read yet another of those ‘we are all headed for doom’ newspaper articles about climate change in a national business newspaper. To make matters worse, it was written by a fellow who is the director of the environmental law division at a law firm. The article was peppered with the word ‘may',... 

Private equity increasing in Africa – report

By: Anine Kilian     6th September 2017 Private equity activity in Africa has increased significantly in the last 30 years, a report commissioned by global law firm Baker McKenzie and The Economist Corporate Network shows. The report, entitled ‘A growth engine: Trends and outcomes of private equity in Africa’, stipulates that the... 

Anglo, South Africa set to pay to end miners' lung-damage battle

By: Bloomberg     1st September 2017 Former workers who contracted deadly lung diseases in South African gold mines decades ago may soon finally receive compensation. Six large mining companies including  Anglo American Plc have set aside about $390-million to settle a class-action lawsuit brought by victims. At the same time, a... 

Beech advises mining firms to prepare for implementation of Mining Charter 3

By: Dylan Slater     22nd August 2017 The implementation of the third iteration of the Mining Charter, or Mining Charter 3, in some form or another, is inevitable and mining companies should start the process of bringing their operations in line with the regulations set out in the charter, law firm Hogan Lovells mining head and... 

Biofuels company launches franchise solution

     18th August 2017 Cape Town-based biofuel company Biogreen Diesel will start franchising its ‘Biodiesel & Research model’, to aid in the expansion of the industry and simultaneously increase awareness of biofuels in the region. The company, having made the announcement in June on its website, says it felt it had... 

Firms joining forces to raise $500m for mining projects, particularly in Africa

By: Ilan Solomons     18th August 2017 Mining investment advisory company MX Mining Capital Advisors and law firm Norton Rose Fulbright South Africa are collaborating to assist in raising about $500-million in finance for mining projects worldwide and for Africa based ones in particularly. MX Mining is focused on raising capital and... 

Kenya strengthens competition regulation but leaves grey areas

     11th August 2017 Kenya is making good progress with its latest efforts to strengthen competition regulation but there are still question marks over some key areas. These include the rules that will govern the work of the newly established Competition Tribunal and, more controversially, a High Court ruling in... 

Clyde & Co further expands its insurance footprint in South Africa with key partner hires

     8th August 2017 Global law firm Clyde & Co has today announced the appointment of Deon Francis and Reshana Pillay as Partners in its leading insurance practice in South Africa. They will be based in Johannesburg. Deon and Reshana both join from Hogan Lovells, where they have built successful self-standing... 

New maritime transport policy to facilitate sector growth

By: Marleny Arnoldi     4th August 2017 The Department of Transport finalised its Comprehensive Maritime Transport Policy (CMTP) for South Africa in June.  

Moves to fast-track regulation could ignite energy efficiency sector

By: Mia Breytenbach     28th July 2017 As businesses move to become more self-reliant and decrease their exposure to electricity price volatility, government is also moving ahead with policy support for energy efficiency initiatives in homes, business and industry, says Pan-African law firm Bowmans public law and regulatory head and... 

Lifetime process approach required for successful mine closure

By: Dylan Slater     27th July 2017 A common misconception of mine closure is that it requires planning for an end-of-life event, when, in actual fact, it should be a life-long process that should be started as early as when the planning of a mine starts.  

Industry retaliates, dismisses Zwane's proposed moratorium as 'unlawful'

By: Samantha Herbst     20th July 2017 An outraged Chamber of Mines (CoM) has dismissed Mineral Resources Minister Mosebenzi Zwane’s proposed moratorium on new mining right applications as “unlawful”, owing to the damage that the proposal might inflict on the embattled mining sector and because, according to the chamber’s legal team,... 

High standard of fire and security technology & services at Securex 2017 win the approval of decision makers

     19th July 2017 Securex 2017, held at Gallagher Convention Centre from 30 May to 1 June, again proved that it is Africa’s premier exhibition for sourcing security- and fire-related solutions all under one roof. With 121 local (75%) and 53 international exhibitors showcasing their solutions on 3 388 m2 of stand... 

Water and sanitation department DG given notice of intention to suspend him – DWS

By: African News Agency      17th July 2017 Water and sanitation department director general Dan Mashitisho has been given a notice of intention to suspend, subject to him providing reasons as to why he should not be suspended, the ministry said on Sunday. Water and Sanitation Minister Nomvula Mokonyane had “requested the DG to provide... 

SAP Committed to Integrity and Transparency; Initiates Thorough Investigation into South Africa Business

     13th July 2017 SAP SE mbodies an unwavering commitment to maintain the highest standards of integrity and transparency across its business. SAP has initiated an independent investigation spearheaded by a multinational law firm and overseen by Executive Board Member Adaire Fox-Martin to vigorously review... 

Sacked City Power MD denies corruption allegations 

By: Megan van Wyngaardt     5th July 2017 Former City Power MD Sicelo Xulu, who was relieved from his position by City of Johannesburg (CoJ) Mayor Herman Mashaba this week, denied media reports that he was corrupt or that there was any corruption within the municipal entity. Mashaba earlier this week said a forensic report tabled in... 

‘Radical Economic Transformation’ in the mining sector may prove unconstitutional

     19th June 2017 The new “top-up” provision in the latest Mining Charter gazetted on 15 June 2017 may prove to be unconstitutional, and may lead to further expensive legal action by the industry, writes Nicola Jackson, a partner at the law firm Fasken Martineau and a member of the firm’s global mining group.... 

Junk status impact on construction industry widely exaggerated

     6th June 2017 Dentons SA discusses the real effect of junk status on SA’s construction industry There has been highly publicised, widespread concerns about how South Africa’s downgraded status by international agencies will affect the local construction sector. Fears of non-payment, rising credit costs and a... 

Tribeca planning to target overhaul of BHP board directors

By: Bloomberg     6th June 2017 BHP Billiton’s board is being targeted for a sweeping overhaul by Tribeca Global Natural Resources Fund, opening a potential new front in the burgeoning activist campaign against the world’s biggest mining company. The Sydney-based hedge fund, which last month joined billionaire Paul Singer’s... 

Johannesburg needs clear infrastructure delivery plan to attract investment

By: Megan van Wyngaardt     5th June 2017 To examine challenges posed by, and find possible solutions to, Africa's urban infrastructure deficit as a result of rapid urban growth, international law firm Pinsent Masons has launched a thought leadership programme, which will bring together numerous experts from its network of 23 global... 

Patel moves to bolster Competition Act’s powers to fight economic concentration 

By: Terence Creamer     26th May 2017 Economic Development Minister Ebrahim Patel has established an advisory panel to develop draft amendments to the Competition Act with a view to bolstering South Africa’s legislative capacity of to address “persistently high levels of economic concentration”. Patel announced the proposed... 

New-look procurement rules punted as possible transformation game changer 

By: David Oliveira     26th May 2017 Major reform of the Preferential Procurement Policy Framework Act (PPPFA) regulations, which came into effect last month, has been held up as a key tool in driving radical economic transformation in South Africa by providing greater opportunities for small, medium-sized and microenterprises... 

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