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IOL News
a day ago
- Business
- IOL News
Court criticises Absa's bookkeeping after bank fails to recover R6. 7 million
In 2021, Absa and Gola Trading and Projects signed a business loan, secured by a mortgage bond of R5.6 million and supported by personal guarantees from Arandana and Tswane Refineries. Image: Absa/Facebook Absa has lost a bid to attach property after it claimed that this was the best way to recover some R6.7 million it said was owed to it by two companies and Authar Arandana after they allegedly defaulted on a loan. In dismissing the dispute over the multimillion-rand business loan, the South Gauteng High Court in Johannesburg was scathing in its judgement about the reliability of Absa's books. 'In any event, it seems clear to me that… it is evident the bookkeeping of the plaintiff was in disarray.' The Judge, N.S. Kruger, said this conclusion was based on a review of communication between Absa as plaintiffs and defendants Gola Trading and Projects, Arandana, and Tswane Refineries. Kruger also considered 'various conflicting loan statements'. Kruger said in the recent judgement that 'it seems that as far as [Absa] is concerned, the one hand is unaware of what the other is doing. In my view the defendants have succeeded in raising triable issues [matters that can be defended] in these respects'. In 2021, Absa and Gola Trading and Projects signed a business loan, secured by a mortgage bond of R5.6 million and supported by personal guarantees from Arandana and Tswane Refineries. The contract's date is in dispute, having been signed in either February or October 2021, but the court noted its structure and obligations are not. The loan included a capital facility of R5.535m, fees and VAT, and an additional amount for interest and potential legal costs. According to the Absa, by mid-2023, Gola Trading and Projects had defaulted on payments, falling five instalments behind, which was more than R430 000. This, Absa claims, triggered a contractual clause allowing the loan to be cancelled and the full balance, of more than R5.27 million, to be called in immediately. But the defendants contest this, saying no such arrears existed. They point to a series of loan statements showing lower arrears and argue that subsequent payments – including two of R90,000 and a larger one of over R194,000 – brought the account into a credit position. By 10 October 2023, they received a statement showing that no arrears were owed. Despite this, Absa continued to chase the money, later adjusting the alleged arrears to R312,000 and seeking summary judgment. The amount claimed was later revised again to R4.27 million, which the judge said raised further questions. The defendants argued that this pattern of inconsistencies undermines Absa's certificate of balance and suggested a material dispute that should be tested at trial. Among the errors cited was an apparent reference to a '2019 agreement' in the bank's court papers – something Absa later admitted was a drafting mistake, the judgment noted. There were also discrepancies in the bank's internal calculations, leading to conflicting figures across statements and correspondence, the judge said. The defendants argued that, even if the loan was technically in arrears at one point, Absa's subsequent conduct, accepting payments and requesting further instalments, effectively reinstated the contract. They assert that no formal notice of breach was served before the alleged cancellation, and that the bank's changing demands demonstrate the agreement was still in place. Adding to the complexity, the third defendant has since gone into voluntary liquidation. Absa has postponed its claim against this party, focusing instead on recovering funds from Arandana and Gola Trading and Projects, and seeking a court order to declare the mortgaged property executable. However, this matter will now have to be settled through mediation. IOL
The South African
12-06-2025
- Sport
- The South African
North African side table R5.6M bid for Kaizer Chiefs striker target!
Kaizer Chiefs have made it no secret that they're trying to sign a prolific striker ahead of next season. Chiefs' goal scoring woes have been well documented over the past three seasons and they hope to fix that. Subsequently there have been quite a few attackers linked with Chiefs going into the next season. This as a sign of what they're trying to fix in the final third. Amakhosi, however, have seen the likes of Fiston Mayele, Etiosa Ighodaro, Robert Polievka mentioned as strikers. In the wingers department Oswin Appollis, Elias Mokwana, Mihlali Mayambela and Keletso Makgalwa have been touted. It was rumoured, however, that coach Nasreddine Nabi had travelled to Egypt to try and convince Mayele to join. This after he had reportedly convinced Feisal Salum to sign for Chiefs ahead of the new season. During that trip to Tanzania the Tunisian-born mentor was seen attending game featuring Simba SC and Sinigida. Now earlier in the week this publication revealed that Chiefs held a 'secret meeting' to sign Steven Dese Mukwala of Simba. Now according to Soccer-Laduma , citing reports from the continent, Chiefs might lose him to RS Berkane. 'According to a report from Africafoot , Mukwala, who currently plays for Tanzanian giants Simba SC, is drawing growing interest from North Africa. A highly-placed source has confirmed that RS Berkane have submitted a $300,000 (approx. R5.6 million) bid for the player – a figure that may now set the benchmark for any club hoping to land the 24-year-old. Kaizer Chiefs, who are in the market for a proven goal scorer, see Mukwala as a potential solution to their ongoing issues in front of goal. But with RS Berkane's $300,000 (R5.6 million) offer on the table, Amakhosi will now need to decide whether they are willing to match – or better – the bid to secure the services of the prolific Ugandan. As things stand, Mukwala remains under contract at Simba, and any move will likely require swift negotiations and a competitive financial package. Chiefs' pursuit is far from over – but the race has undeniably become a lot more competitive.' Wrote the publication. Chiefs fans, should the club fight Berkane to get Mukwala's signature? Is the transfer fee reasonable? Let us know by clicking on the comment tab. Or by emailing info@ or sending a WhatsApp to 060 011 021 1. You can also follow @TheSAnews on X and The South African on Facebook for the latest news.
The Citizen
06-06-2025
- Business
- The Citizen
Pick n Pay CEO receives the highest salary in retail. Here's how much others get
The lowest-paid CEO in grocery retail is Marek Masojada, CEO of Boxer, with R5.6 million, while the highest-paid is Sean Summers (pictured), CEO of Pick n Pay, with R24.9 million. At the top of the corporate ladder, the CEO stands as the face of pressure and power, a single person trusted with steering a company through stormy seas of inflation, consumer hesitancy and relentless competition. Those at the helm of retail companies are paid handsomely due to several factors, including qualifications, experience and responsibilities. These are the people whose vision keeps customers walking through the doors despite the crushing cost of living. The lowest-paid CEO in grocery retail is Marek Masojada, CEO of Boxer, with R5.6 million, while the highest-paid is Sean Summers, CEO of Pick n Pay, with R24.9 million. How do grocery retailers pay? Those who are on the sales floors, in the stockrooms and behind the registers receive significantly less pay despite them being the people who grind through the chaos, carry out plans and turn PowerPoint strategies into tangible success. Is it truly fair that those who ensure the vision comes to life earn a fraction of what the visionary earns? The Companies Amendment Act, signed into law in July 2024, requires public and state-owned companies to disclose the earnings of their top and lowest employees. The Citizen attempted, with no success, to obtain the breakdown of how much the lowest-paid employee in each of six prominent grocery retailers in South Africa earns, as well as their positions. Enquiries were sent out earlier in the week. ALSO READ: Is Boxer taking over, or is trouble brewing? Lowest-paid CEO in grocery retail According to Boxer's financial results for the 53 weeks ended March 2025, its CEO, Marek Masojada, received a basic salary of R5.6 million. His total remuneration was R18.5 million. The total remuneration includes basic salary, retirement and medical contributions of R1.1 million, benefits of R300 000 and a short-term performance bonus of R11.5 million. The financial results outlined that Boxer has a total of 31 906 employees. The retailer spends nearly R3.1 billion paying these employees, representing a 19.1% increase from the R2.5 billion spent in the previous financial year. ALSO READ: Pick n Pay turnaround taking shape as it delivers on first year of recovery plan Highest paid with no benefits According to Pick n Pay's financial results for the 53 weeks ended 2 March 2025, the man responsible for restoring the retailer's glory, Sean Summers, received a basic salary of R24.9 million. Unlike other CEOs who receive benefits, retirement contributions and medical benefits, as well as short-term performance bonuses, Summers does not receive these. However, he got a whopping R40.1 million in long-term awards. Pick n Pay said that employee costs increased by 1.1% to R6.4 billion during the period, up from R6.3 billion in the previous financial year. ALSO READ: What does the future hold for Spar? Retailer's profits nosedive R16 million for Spar CEO Spar seems to include the remuneration of executives and staff in its annual financial results, which are released towards the end of the year. However, The Citizen reached out, with no success, to the retailer to get the figures for 2025. According to the retailer's annual financial statements for the financial year 2024, released on 28 November 2024, Spar's CEO, Angelo Swartz, got paid a basic salary of R9.5 million. During the period, he received a performance-related bonus of R4.3 million, retirement funding contributions of R1.1 million, and allowances and other benefits totalling R1 million, costing the retailer R16 million in remuneration. ALSO READ: How Shoprite made R20 million profit per day Shoprite and Checkers led by one man Shoprite and Checkers are led by one man under Shoprite Holdings. The Citizen was unable to get the remuneration report of the group for 2025. According to the financial statement for 2024, the group's CEO, Pieter Engelbrecht, received a salary of R18 million. Apart from the salary, he received retirement and medical benefits of R500 000, benefits worth R919 000, a short-term performance bonus worth R17 million and a long-term incentive bonus worth R14.3 million, making his total cost to the company of R52 million. ALSO READ: Is Woolworths in trouble? CEO said financial performance 'disappointing' Woolies CEO Woolworths' annual results for the year ended June 2024 show that the total remuneration for its CEO, Roy Bagattini, in 2024 was R65.29 million. The breakdown of his remuneration package includes the base salary of R19.39 million and benefits worth R2.5 million. Additionally, he received both short-term and long-term incentives. NOW READ: Capitec CEO tops banking pay charts — but how do staff salaries compare? A look at how SA's top five banks pay
The South African
31-05-2025
- Entertainment
- The South African
Taylor Swift reclaims her music masters in landmark deal
Taylor Swift, after years of public battles, heartbreak, and determination, now finally owns her first six albums. This move is a masterclass in standing up for your rights, regardless of how powerful your opponents are. 'All of the music I've ever made now belongs to me,' Taylor announced. 'I've been bursting into tears of joy… ever since I found out this is happening.' The saga began in 2019. Scooter Braun, a music mogul, bought Taylor's former record label, Big Machine, according to the BBC . With it, he got the rights to her first six albums. Imagine working for years, only to see someone else reap the rewards of your creations. Taylor called out Braun for 'incessant, manipulative bullying.' She felt betrayed. 'After 20 years of people dangling the carrot in front of me and then yanking it away, I almost gave up hope that it could ever happen,' she wrote. But she never gave up. In music, whoever owns the master recording controls how the songs are used. Want your hit in a movie, advert, or video game? The master owner decides. Taylor always kept her publishing rights, but without the masters, she couldn't call the shots. 'I do want my music to live on… but I only want that if I own it,' she told Billboard. The price for freedom wasn't small. When Big Machine first sold, the catalogue fetched $300 million (about R5.6 billion). Rumours swirled that Taylor paid up to $1 billion (over R18.7 billion), but insiders say that's too high. Still, it's a staggering sum—proof that music is big business. Taylor Swift didn't just sit back. She fought back. She started re-recording her old albums, releasing 'Taylor's Versions' packed with bonus tracks. Fans loved them. 'The success of the Eras tour is why I was able to buy back my music,' she said. That tour raked in over $2 billion (about R37.5 billion) in ticket sales. This victory is a beacon for artists everywhere, including in South Africa. 'Every time a new artist tells me they negotiated to own their master recordings. I'm reminded of how important it was for all of this to happen,' Taylor said. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
The South African
29-05-2025
- Business
- The South African
Billions allocated to rescue Johannesburg's infrastructure
The City of Johannesburg has committed over R13 billion in multi-year funding to stabilise struggling municipal entities, improve service delivery, and support long-term economic growth. Finance MMC Margaret Arnolds revealed the allocations during the city's 2025/26 budget speech on Wednesday, pledging to move Johannesburg 'from planning to progress.' Johannesburg's municipal entities are under significant strain. Years of underinvestment, ageing infrastructure, and revenue shortfalls have created essential services backlogs. Furthermore, Arnolds said the new budget responds to that challenge, reflecting a 'statement of intent' from the city and its residents. 'This budget was built through public dialogue, regional forums, and sectoral engagements,' she said. 'And in every hall, every meeting, every township, the message was clear: We want a city that works.' City Power, which owes Eskom over R1 billion, will receive R4.6 billion over the next three years. The allocation aims to help stabilise the city's power grid. 'This infrastructure will not only support economic continuity, but also enhance household financial stability,' said Arnolds. In addition, Johannesburg Water will receive the largest allocation, R5.6 billion, to address a R27 billion infrastructure backlog and reduce water losses. 'Through intentionally increasing infrastructure investment, the city will begin to claw back on water losses that eat away at resources that could potentially be available to re-invest in infrastructure for the future,' Arnolds noted. The water utility loses over R2 billion annually due to leaks and illegal connections and is owed nearly R500 million by government departments and state-owned entities. Furthermore, the Johannesburg Roads Agency (JRA) has been allocated R2.8 billion, with R400 million earmarked for expanding stormwater infrastructure in flood-prone areas like Orange Farm and Ivory Park. The goal is to boost urban resilience and improve access between townships and economic hubs. 'These investments are part of the broader spatial transformation agenda, creating inclusive, walkable neighbourhoods and connecting marginalised communities to the city economy,' said Arnolds. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
