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The week that was: Fin24's top 5 stories

Mar 29 2019 18:54


From Finance Minister Tito Mboweni lashing out at Sanral over its decision to temporarily suspend summonses to recover e-toll debt to the SA Revenue Service appointing Edward Kieswetter as its new commissioner, here is the week that was...

1. Rothschild's Kingston eyes role in state-owned enterprises

Martin Kingston, who on April 1 steps down as chief executive officer of Rothschild & Co.’s South African unit after 13 years, wants to take on the country’s beleaguered state-owned companies.

Kingston, 61, will shift to executive chairman of the investment bank’s unit, and plans to wind down his executive responsibilities over the next two years before getting more involved with advising and mobilising resources and skills for South Africa’s public sector.


2. Watchdog's order for PIC to recoup R4.3bn from AYO declared unlawful, set aside

The Companies and Intellectual Properties Commission order issued to state asset manager the Public Investment Corporation to recoup R4.3bn from AYO Technology Solutions has been declared unlawful by the Pretoria High Court. 

The compliance notice was for the PIC to recover its R4.3bn investment in the JSE-listed technology company.

In a judgment on Tuesday, the court ruled that the compliance notice issued by the CIPC in February to the PIC should be set aside as it "lacked legality".

Ayo Technology

3. Former Alexander Forbes boss Edward Kieswetter appointed new SARS commissioner

Edward Kieswetter has been appointed as the new Commissioner of the South African Revenue Service, with effect from May 1, 2019, the Ministry of Finance said in a statement on Wednesday.

Kieswetter, a former group chief executive at Alexander Forbes, will serve a term of five years.

The decision was informed by the recommendation of the president, the ministry said.

Edward Kieswetter

4. Mboweni: Sanral must reverse 'very bad' decision on e-toll debt

Finance Minister Tito Mboweni says he is "very unhappy" with the Sanral board's decision to temporarily suspend summonses to recover e-toll debt and that it must be reversed "immediately".

The minister was speaking at a briefing on Thursday where Treasury introduced its new SARS Commissioner Edward Kieswetter.

Mboweni was commenting on the importance of South Africans paying their taxes, and mentioned e-tolls specifically.

Finance minister Tito Mboweni, SARB governor Leset

5. Property developer rides the Jobs Fund train

A costly joint venture between a property developer and national treasury’s Jobs Fund has raised questions about who’s really benefiting from construction of the Riversands Incubation Hub for small businesses.

Boasting almost 180 business premises, a business support centre, conference rooms and a 10 000-seat amphitheatre, the Riversands Incubation Hub near Fourways, Johannesburg, is a big development with a big price tag.

riversands incubation hub

fin24 top stories  |  sa economy


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