BT Appoints Jan du Plessis as Next Chairman

LONDON (Reuters) – Britain’s BT has appointed Jan du Plessis CA(SA), chairman of miner Rio Tinto as its next chairman, taking over from Mike Rake who has led the telecoms group for 10 years. BT said on Thursday that du Plessis would join its board as a non-executive director on June 1, and become chairman on November 1. Du Plessis has led Rio Tinto through a volatile period, as it scrambled to pay down $39 billion in debt from its Alcan takeo...More

Murray & Roberts appoints new FD

Murray & Roberts (M&R) has appointed Daniël Grobler CA(SA) as its new group FD, effective April 1, to succeed retiring Cobus Bester who was in the position for six years. A chartered accountant, Grobler has been employed in various financial and leadership functions within the group since 2010. Most recently, he was the MD of M&R Cementation, the group’s African underground mining business, with a yearly turnover of R3.5-billion. P...More

Competition Commission finding on the banks

The National Treasury notes with concern the statement issued by the Competition Commission on the completion of an investigation into price fixing and market allocation by 17 banks, including three South African banks, all of which have an international footprint. As the Competition Commission indicated in its statement, the matter has now entered a new phase in which “… the banks [will have] an opportunity to answer for themselves” at the Compe...More

How the new lease accounting standard IFRS 16 affects financing transactions

By Lionel Shawe, Managing Partner at Allen and Overy and Lauren Tunstall, PSL at Allen & Overy On 13 January 2016, the International Accounting Standards Board (IASB) issued its new international lease accounting standards IFRS 16 Leases which removes the distinction between finance leases and operating leases for lessees with effect from 1 January 2019. The new lease accounting rules will affect most companies that report under the full IFRS...More

Jurgen Boyd CA(SA) to lead investment institutions

Following the departure of Mr Bert Chanetsa from the FSB at the end of December 2016, Adv. Tshidi, in his capacity as the Registrar in terms of the Financial Markets and Credit Rating Services Acts has delegated his powers and functions to Mr Jurgen Boyd, who will exercise the said powers and functions in addition to the powers and functions as previously delegated to him as the Deputy Executive Officer (DEO) of Collective Investment Schemes. Mr Boy...More

Listed Namibian Property company appoints Carel Fourie CA(SA) as new Chief Executive Officer

Oryx Properties Limited, the only Namibian property company listed on the Namibian Stock Exchange, has announced the appointment of Carel Fourie as its new chief executive officer with effect from 1 March 2017. Oryx Properties has a premier-quality retail, industrial and office real-estate portfolio valued at about R2.326 billion which generates a dependable, sustainable and growing income stream for investors. These include the major Namibian shopp...More