Good morning. This is all the latest business news that you need to know today.
1. Committee rules M&R board contravened Companies Act
The conduct of Murray & Roberts’ (M&R) independent board in the hostile takeover offer by German family-owned investment holding firm Aton was a contravention of various sections of the Companies Act dealing with frustrating actions, a Takeover Special Committee has ruled.
2. Nene expands scope of VAT panel
Finance Minister Nhlanhla Nene has expanded the scope of a panel of experts appointed to review the current list of items exempt from value-added tax (VAT) charges.
3. Rand takes a drop as political turmoil sparks up in Italy
SA’s rand fell against the dollar on Tuesday as political turmoil in Italy hit global risk appetite, stoking a selloff in emerging market currencies and stocks as investors looked to buy safe-haven assets.
4. Radebe threatens court action against Gordhan over Transnet
Former Transnet board member Seth Radebe’s lawyers intend to launch a court action before the end of this week, challenging Radebe’s removal earlier this month.
5. R160m worth of unclaimed policies found - FNB
FNB Life has teamed up with the Department of Home Affairs to tackle the ongoing issue concerning unclaimed insurance benefits.
6. Inquiry into KPMG will be done by end of June
The Ntsebeza inquiry into auditing firm KPMG would be completed by the end of June, according to Advocate Dumisa Ntsebeza.
7. STAR is changing it's name back to Pepkor Holdings
Steinhoff Africa Retail (STAR) announced that its board had decided to change the company’s name back to Pepkor Holdings, subject to shareholders’ approval, in a move meant to divorce it completely from troubled owner Steinhoff International.