Sunday Tribune 2024-04-28

The recent developments in the Steinhoff scandal, particularly the forfeiture of assets belonging to Markus Jooste’s former “lover”, Berdine Odendaal, have set a significant legal precedent in the fight against corporate fraud in South Africa. Within the clutter of financial irregularities that came to light following the Steinhoff scandal, the South African Reserve Bank and other regulatory bodies have been pivotal in untangling and addressing the malfeasance. The legal framework used in the Odendaal case, particularly under the Exchange Control Regulations, allowed for the attachment and subsequent forfeiture of assets even in the absence of a criminal conviction. This is crucial as it highlights the proactive stance taken by the Treasury under these regulations, which prioritise the prevention of asset dissipation over waiting for lengthy criminal trials. Regulation 22A of…

While the country battles the cost-of-living crisis, one thing South Africans refuse to compromise on is looking good. This comes after data released by Standard Bank showed that consumers in the country continue to embrace online shopping, particularly in the fashion and apparel category, where local fashion e-tailers and international fashion e-commerce giants are capturing an increasing amount of consumer spend. “Growth in South Africa’s digital economy is continuing to grow at a remarkable pace, but not at the detriment of bricks and mortar as our data shows. “Still data from both local and international fashion retailers has been staggering,” Tumelo Ramugondo, head of credit card at Standard Bank, said. Data gleaned from Standard Bank Credit reveals a significant rise in card not present (CNP) transactions – purchases made remotely,…

WHILE the country is currently enjoying a steady supply of electricity, this was not the case a few months ago when the nation contended with Stage 5 and 6 rolling blackouts imposed by the ailing power utility, Eskom. Many businesses suffered during this period and Nhlanhla Dlamini, who founded Maneli Pets in 2016, was one of them. “Our business would not survive another 12 months with constant rolling blackouts. We had to find an alternative solution,” the Harvard-trained entrepreneur Dlamini told Business Report. The small, Johannesburg-based pet food manufacturer uses refrigeration and dehydration machines that run on 24 to 48-hour cycles. During Stage 5 and 6 load shedding, the factory had to close, with raw materials going to waste, affecting their bottom line and ability to provide consistent work to…

There was fresh wind under the wings of SAA this week as it celebrated the momentous occasion of the airline regaining its route to Perth, Australia. The airline’s first relaunched flight takes off from Johannesburg’s OR Tambo International Airport this evening, and lands at Perth Airport tomorrow at around midday, Australian Western Standard Time. The airline exited business rescue three years ago after being decimated amid the Covid-19 national shutdowns but is recovering. International tourist arrivals from January to December 2023 in South Africa surged by 48.9%, to 8.5 million, versus the comparative period, according to Statistics South Africa. SAA said: “This is an important route for both SAA and South Africa. Perth has long been a favoured destination for South African travellers. Approximately 80% of our target market travel…

Innocent Masuku is the latest South African to shine on the global stage. The 33-year-old has captivated Britain's Got Talent” judges and audiences during the latest season of the hit reality talent show competition. He took to the stage to belt out his opera rendition of Lucio Dalla's Caruso, which earned him a “yes” from all four judges: Simon Cowell, Amanda Holden, Alesha Dixon and Bruno Tonioli. Masuku’s powerful performance also won the audience over. That said, he didn’t earn a Golden Buzzer, which would have automatically moved him directly to the live shows. Meanwhile, the buzz surrounding Masuku’s performance has spread far and wide, with a video clip of his act making waves across social media platforms. The Mpumalanga-born operatic tenor, who is currently living in London, was referred…

April and May are known as the fashion week season in South Africa. This is when designers launch their Spring/Summer collections. Following the successful launch of the 2024 collections, we still can’t get over the guests who brought their A-fashion game. And if fashion week guests look like fashionistas we see in magazines, well, it’s because they are. There is always the potential when seated in the front row to be photographed and featured on social media, and darling, the last thing you need is to look out of place. Fortunately, at SA Fashion Week, the guests never miss the memo. In fact, they make some of the best style moments. The designers As much as all eyes are on the new collections being showcased, the designers are always in…