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Five things making headlines in South Africa today

Mark Lamberti resigns from BLSA, Ramaphosa seeking R100bn for SA, Tiso Blackstar cancels listing, Star appoints new member, and Sars to prosecute those with outstanding tax returns.

Here’s what caught our attention on Tuesday:

1. Mark Lamberti resigns from BLSA board

Imperial Holdings CEO Mark Lamberti, has handed in his second resignation in a week. On Monday Lamberti resigned as a board member of Business Leadership South Africa (BLSA); this followed his resignation as a board member from power-utility Eskom. This comes after a court ruling which found him guilty of impairing a female employee’s dignity, by referring to her as ‘female employment equity’. BLSA said it appreciates Lamberti’s apology, in this context.

2. President on an investment hunt

The president has appointed his investment A-team, consisting of business and finance experts, to help garner $100 billion in investments to save the ailing economy. The team includes two former finance ministers, Pravin Gordhan and Trevor Manual, former Treasury director-general Lungisa Fuzile, former deputy finance minister, Mcebisi Jonas, former Standard Bank CEO Jacko Maree and executive chairperson of Afropulse Group, Phumzile Langeni. The president also appointed economist Trudi Makhaya as his special economic advisor.

3. Tiso Blackstar cancels listing

Media and broadcasting company Tiso Blackstar announced on Sens on Tuesday that it has cancelled the primary listing of its shares in the Alternative Investment Market (Aim) of the London Stock Exchange, effective today. The company has 272 307 233 ordinary shares in issue. The shares held in the UK register have been transferred into the South African register.

4. Changes to board members of Star

Before market close on Monday, Steinhoff Africa Retail (Star) said in a Sens statement that it would appoint Fagmeedah Petersen-Cook as an independent non-executive director to Star’s board, effective immediately. She will serve on the board’s audit and risk committee.

5. Sars taking action on outstanding tax returns

The South African Revenue Services (Sars) and the National Prosecuting Authority said on Monday that they will prosecute all taxpayers (including prominent figures) who fail to submit their tax returns. In March, records showed that taxpayers owed Sars R30 million in returns. Bloomberg reported that finance minister Nhlanhla Nene said the outstanding returns showed a lack of tax compliance.

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5. Wow. Two South African government agencies actually doing their jobs and upholding the law? That IS news.

S.A. citizens are still considering if the winds of change in S.A. politics to bring about positive changes and clamping down on wasteful expenditure and blatant fraud are for real and lasting, before tax compliance will be rectified (irrespective of administrative fines). This is unfortunately the result of citizens’ revolting against a prolonged bad government under the Jacob gang-leader. Not in my name and not with my tax monies.

End of comments.

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