Vele Investment owns 53 percent of VBS and is the majority shareholder in multiple other entities that include Bophelo Life, which was formerly known as Mvunonala Holdings. Vele Investments acquired the company back in September 2017 for R300 million. Almost one year later, after the implosion of the company, Lebashe is now in the process of acquiring the company for R1. PHOTO: Supplied

CAPE TOWN –  Good morning. This is all the latest business news that you need to know today.

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Steinhoff International share price was on a free-fall last week, shedding more than 17 percent after the allegations that its former chief executive Markus Jooste tipped some of his friends to sell the shares just before the accounting irregularities emerged in December. 

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Thousands of National Union of Metalworkers of South Africa are expected to strike in more than 450 companies in the plastic sector on Monday over wages and benefits, the union said.

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Kumba Iron Ore has officially transferred the Thabazimbi mine in Limpopo to ArcelorMittal South Africa (Amsa) after all conditions were met, it was announced on Friday. 

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Toyota South Africa Motors (Tsam) has obtained an interim interdict to stop the strike by about 4 000 National Union of Metalworkers of SA (Numsa) that halted production at the company's Prospecton plant in Durban for most of last week.

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JSE-listed Resource Generation (Resgen) is looking for alternative funding for its Boikarabelo mine after being hit by unexpected delays in securing credit approval from one of its banks.

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Vele Investment, the majority shareholder of the embattled VBS Mutual Bank, is allegedly being stripped of its assets by the South African Reserve Bank after plans were put in motion where Lebashe Investment Group finds itself in pole position to acquire one of Vele’s subsidiaries, valued at R300 million for R1.

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Tiger Brands’ share price rose by more than 5 percent on the JSE after the group announced that it would re-open its Germiston value-added meat products processing facility, which was affected by the listeriosis outbreak. 

BUSINESS REPORT ONLINE