COMPANY NEWS IN BRIEF
Sasol legal cases mount over pipeline charges
Sasol is opposing a legal bid by South Africa’s state-owned logistics company to claw back almost R816 million in oil pipeline tariffs, adding to other cases against the fuel and chemical maker that threaten its biggest operations.
The company said last week in its earnings presentation that South Africa’s "uncertain regulatory environment" is one of Sasol’s persistent near-term challenges.
In the latest dispute, Transnet is suing Sasol and TotalEnergies for services related to the use of its pipeline to transport crude oil to their jointly owned Natref refinery in Sasolburg in the Free State province from the port city of Durban, according to a copy of court documents seen by Bloomberg.
The latest developments in the case were first reported by Business Day newspaper. Disputes over the cost of using the line have been ongoing for a decade, with South Africa’s highest court ruling on it last year.
"The matter is currently subject to court processes and Transnet will make any detailed statements once these have been concluded," a Transnet spokesperson said in a response to questions. In addition to the funds sought from Sasol, Transnet seeks R462 million in pipeline fees from TotalEnergies, which didn’t immediately respond to an emailed request for comment.-Fin24
SAICA appoints new CEO
The South African Institute of Chartered Accountants (Saica) has appointed Patricia Stock as its new CEO.
Stock, who previously served as CEO of accounting and auditing company MGI RAS, will start in December this year when the four-year term of the current CEO, Freeman Nomvalo, comes to an end.
The new CEO has a master's degree in international accounting from the University of Johannesburg and is a former board member of SAICA.
She was previously a partner and head of transformation for the group of companies under BDO SA. She also worked in various auditing positions at the Auditor General of South Africa.
In a statement, she said she wanted to "champion excellence, innovation, and transformation" at Saica.
Nomvalo was appointed in 2019 when the accounting profession had suffered a series of scandals, including the collapse of Steinhoff.
Earlier this year, the accounting regulator made headlines after it fined former SAA board member and chartered accountant Yakhe Kwinana R6.1 million, and barred her from being a member.
An inquiry found that Kwinana appeared to have "no clue about some of the basic obligations that she should know as a charted accountant" or "dishonestly pretended" she did.-Fin24
Fry’s wins appeal against govt clampdown
South Africa's largest plant-based food producer, Fry's, has won its appeal against a government directive claiming six of its meat alternative products did not comply with processed meat regulations.
The company said on Monday that an appeal board established by the Department of Agriculture, Land Reform and Rural Development (DALRRD) also recommended that the state create regulations that specifically cover the meat analogue industry.
"This victory for Fry's is a substantial one for the plant-based food industry and will play a critical role in helping the relevant stakeholders move forward with discussions that will hopefully lead to the development of regulations specifically aimed at meat analogue products," said Tammy Fry, co-founder of Fry's and a plant-based food advocate, in a statement.
The matter in question goes back roughly a year ago when Fry's and other plant-based food groups and retailers clashed with the DALRRD and its agency, the Food Safety Agency (FSA) over the government's plan to seize plant-based meat analogues that carried names similar to their animal protein counterparts.
After initially obtaining a temporary interdict against the planned seizure, the Consumer Goods Council of South Africa (CGCSA) in July managed to stave off the planned seizure of some products from its members' supermarkets indefinitely.-Fin24
Sasol is opposing a legal bid by South Africa’s state-owned logistics company to claw back almost R816 million in oil pipeline tariffs, adding to other cases against the fuel and chemical maker that threaten its biggest operations.
The company said last week in its earnings presentation that South Africa’s "uncertain regulatory environment" is one of Sasol’s persistent near-term challenges.
In the latest dispute, Transnet is suing Sasol and TotalEnergies for services related to the use of its pipeline to transport crude oil to their jointly owned Natref refinery in Sasolburg in the Free State province from the port city of Durban, according to a copy of court documents seen by Bloomberg.
The latest developments in the case were first reported by Business Day newspaper. Disputes over the cost of using the line have been ongoing for a decade, with South Africa’s highest court ruling on it last year.
"The matter is currently subject to court processes and Transnet will make any detailed statements once these have been concluded," a Transnet spokesperson said in a response to questions. In addition to the funds sought from Sasol, Transnet seeks R462 million in pipeline fees from TotalEnergies, which didn’t immediately respond to an emailed request for comment.-Fin24
SAICA appoints new CEO
The South African Institute of Chartered Accountants (Saica) has appointed Patricia Stock as its new CEO.
Stock, who previously served as CEO of accounting and auditing company MGI RAS, will start in December this year when the four-year term of the current CEO, Freeman Nomvalo, comes to an end.
The new CEO has a master's degree in international accounting from the University of Johannesburg and is a former board member of SAICA.
She was previously a partner and head of transformation for the group of companies under BDO SA. She also worked in various auditing positions at the Auditor General of South Africa.
In a statement, she said she wanted to "champion excellence, innovation, and transformation" at Saica.
Nomvalo was appointed in 2019 when the accounting profession had suffered a series of scandals, including the collapse of Steinhoff.
Earlier this year, the accounting regulator made headlines after it fined former SAA board member and chartered accountant Yakhe Kwinana R6.1 million, and barred her from being a member.
An inquiry found that Kwinana appeared to have "no clue about some of the basic obligations that she should know as a charted accountant" or "dishonestly pretended" she did.-Fin24
Fry’s wins appeal against govt clampdown
South Africa's largest plant-based food producer, Fry's, has won its appeal against a government directive claiming six of its meat alternative products did not comply with processed meat regulations.
The company said on Monday that an appeal board established by the Department of Agriculture, Land Reform and Rural Development (DALRRD) also recommended that the state create regulations that specifically cover the meat analogue industry.
"This victory for Fry's is a substantial one for the plant-based food industry and will play a critical role in helping the relevant stakeholders move forward with discussions that will hopefully lead to the development of regulations specifically aimed at meat analogue products," said Tammy Fry, co-founder of Fry's and a plant-based food advocate, in a statement.
The matter in question goes back roughly a year ago when Fry's and other plant-based food groups and retailers clashed with the DALRRD and its agency, the Food Safety Agency (FSA) over the government's plan to seize plant-based meat analogues that carried names similar to their animal protein counterparts.
After initially obtaining a temporary interdict against the planned seizure, the Consumer Goods Council of South Africa (CGCSA) in July managed to stave off the planned seizure of some products from its members' supermarkets indefinitely.-Fin24
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