EOH lifts lid on R1bn scandal; Tongaat seeks debt lifeline; Amplats dazzles; GEPF looks offshore; Thiel targets Google

By Jackie Cameron

  • Johannesburg listed ICT group EOH has been rocked by allegations of bribery, corruption and theft, with its CEO Stephen van Coller saying on Tuesday that an internal probe has revealed that “about eight” people had been involved in a “suspicious transaction” totalling R1.2bn between 2014 and 2017.
  • The once-great Tongaat Hulett is fighting for survival. The KwaZulu-Natal corporate giant wants an interest repayment holiday on R11bn worth of debt, and is cutting costs and restructuring.
  • Anglo American Platinum is set to dazzle investors when it unveils its financial results on July 22. It is promising an increase in Headline Earnings Per Share of at least 108% to 128% for the six months to the end of June, compared to the same time last year.
  • One of South Africa’s biggest shareholders of South African listed companies, the Government Employees Pension fund, wants to invest more of its R2trn under management outside the country. There are concerns that this strategy could send shockwaves through the JSE, Bloomberg news agency has warned.
  • Paypal co-founder Peter Thiel has lashed out at Google for cosying up to the Chinese government, with US President Donald Trump moving quickly to support the billionaire silicon valley entrepreneur. He went as far as accusing Google of treasonous steps, a comment that impressed Trump.
  • On the JSE, the big mover was paper company Sappi, which rose more than 4%. Mining companies South32 and Kumba Iron Ore were the big losers, shedding about 3%.
  • By the end of the business day, one US dollar cost R13.94, while R17.30 would get you one British pound and it was R15.63 for one Euro.