Here’s what caught our attention on Monday:
1. KPMG comes clean on VBS dealings
Two senior partners at auditing firm KPMG resigned on Friday, after the firm said it was misled by their dealings with VBS Bank. Sipho Malaba and Dumi Tshuma did not disclose details of their dealings with the bank. Moneyweb reported that VBS Bank made loans to the senior partners and the partners misled KPMG on the nature of the loans. The South African Reserve Bank placed VBS Bank under curatorship over fears of it facing a liquidity crisis. A forensic investigation is underway.
2. Eskom wants an additional 2% to recover
Eskom said it could do with an additional 2% tariff increase on an annual basis for the next five years in an attempt to recover R66 billion in unforeseen expenses and unrealised revenue for the three years ended March 31 2017, Moneyweb reported. The National Energy Regulator of South Africa (Nersa) is also expected to start its public hearings into Eskom’s application for the additional R66 billion on Monday.
3. AngloGold’s Venkat resigns
The CEO of AngloGold Ashanti Srinivasan Venkatakrishnan has handed in a resignation, effective in August. Bloomberg reported that Venkatakrishnan has been with AngloGold Ashanti for 18 years and has held the position as CEO for five years. He is to take up the position of CEO at Vedanta Resources.
4. What to expect from Consol’s listing
Glass packaging company Consol, due to list on the JSE next month, aims to raise R3.4 billion by way of a private placement. It is to offer up 34.2% of the total issued ordinary shares in Consol at a price range of R1.50 to R6.50 a share.
5. EOH shareholders express grievances
EOH shareholders voted against five executive directors and resisted its remuneration policy at the annual general meeting on Thursday. The CEO himself, Zunaid Mayet who was newly appointed, had 15.4% of shareholders vote against his appointment as EOH executive director, Moneyweb reported.