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May 23 2012 18:03
Facebook and banks are being sued by Facebook's shareholders, who claimed the defendants hid Facebook's weakened growth forecasts ahead of its initial public offering.
May 23 2012 09:47
Western investors must realise SA does not need their money as it can now turn to fellow Brics members for funding, says ANC secretary general Gwede Mantashe.
May 23 2012 15:59
Finance Minister Pravin Gordhan has made an unusual appeal to the Constitutional Court in a bid to set aside the high court order halting e-tolling.
Cape Town - The fact that Siyabonga Gama, chief executive of Transnet's freight rail company, has been found guilty on all charges in his disciplinary hearing will, the Democratic Alliance hopes,encourage other parastatals to clean up their act and take decisive action against corruption and widespread mismanagement.
The charges involved the irregular award of an R18m tender to a company owned by Communications Minister Siphiwe Nyanda.
Gama was suspended in September 2009 pending the outcome of the disciplinary process, which has now found him guilty on all charges related to the case, including one relating to an "irretrievable breakdown in relationship with Transnet".
"The ruling sends a clear message to both parastatals and the ANC government: if you engage in corrupt activities, you will be found out and charged," according to Manie van Dyk, who speaks for the DA on public enterprises.
"It speaks well of Transnet that it does not seek to curry favour with the ruling party."
Van Dyk said on Monday the DA hopes this ruling will illustrate for the ANC that using patronage to make appointments to top posts in key state-owned enterprises will only lead to further collusion and corruption.
It also emphasises just how important it is that the ANC government honours its call for a comprehensive review of the structure and management of the SOEs.
"I will be writing to Public Enterprises Minister Barbara Hogan to ask her how she plans to ensure the right people are appointed to the right posts," Van Dyk said.
- Sapa