62-458: Daily News is a daily newspaper owned by Independent News & Media SA and published every weekday afternoon in Durban , South Africa. It was called Natal Daily News between 1936 and 1962 and The Natal (Mercantile) Advertiser prior to 1936, going back to the 19th century. In June 2010 the newspaper had daily average sales of 57,000 and an estimated daily readership of 320,000 people. It
124-676: A 25% share. The purchase of the South African-based media group from Independent News and Media was concluded in August 2013 for €150-million (R2 billion). Sekunjalo Independent Media's 55% purchase of INMSA was largely funded by a loan from the Public Investment Corporation (PIC) and Government Employees Pension Fund. In 2019 Sekunjalo claimed that the PIC and Sekunjalo had come to an amicable agreement for
186-586: A debt-for-shares swop in 2018, while other sources reported that a large proportion of the PIC's investment in Sekunjalo were written off . The South African Clothing and Textile Workers Union (SACTWU) has sued Sekunjalo Independent Media in the Western Cape High Court for failing to repay a loan of ZAR 150 million plus interest in aid of funding the purchase of the company from Tony O'Reiley . The PIC has also filed an application asking
248-551: A fishing licence at the time when the contract was awarded. On 5 December 2013, the South African Public Protector released its report on accusations that the contract to manage South Africa's fleet of fishing patrol vessels was improperly handled and awarded to Sekunjalo's Marine Service Consortium. The report found that the awarding of the R800 million a year contract was improper and did not comply with
310-492: A hate comment article agaisnt journalist Karyn Maughan. Surve's posts on X (formerly known as Twitter) were found to have compounded the harm to Maughan, where he had referred to her as a dog. In 2023, Independent Media issued retrenchment notices to its staff for the fifth time since Sekunjalo's purchase of the news organisation. By October, at least a third of staff were let go off and the company failed to pay severance packages on time and instead issued grocery vouchers to
372-754: A heading named “findings” against The Sekunjalo Group, like it does against other companies it investigated in the same report. Hence the Sekunjalo Group took exception to the PIC Commission's report having made unfounded statements in relation to the Group that were not supported by any evidence. JSE Limited JSE Limited (previously the JSE Securities Exchange and the Johannesburg Stock Exchange )
434-822: A perceived attack on press freedom, several organizations have issued statements of support for Dasnois and of concern over editorial independence at the Cape Times . These include Index on Censorship , the International Federation of Journalists , the SA Centre for PEN International , the SA National Editors Forum , the Freedom of Expression Institute, and the Right2Know campaign. In September 2014 Dasnois filed papers in
496-508: A sharp fall in net assets in December 2023 following the unbundling of AYO Technology Solutions and an alleged cybercrime hit with ZAR 15 million being transferred out of a subsidiary company's bank accounts. According to AEEI, the crime was reported to SAPS and one or more employees may face criminal charges. AEEI and its former subsidiary AYO Technology Solutions, both subsidiaries of Sekunjalo Investment Holdings, faced suspension from
558-509: A story that Dasnois's lawyer claims sought to accuse Dasnois of being disrespectful to Mandela. In January 2015 the company and its director Iqbal Survé were accused of pro- African National Congress (ANC) political bias in how they operated Independent News and Media SA and its subsidiary newspapers such as the Cape Times. Although there had been lingering concerns over press freedom at Independent Media following Skunjalo's acquisition of
620-652: Is a privately owned and separately controlled segment company that is not directly related to the publicly listed African Equity Empowerment Investments segment of the Sekunjalo Investments parent company, however, Independent Media employees were transferred to the payroll of the JSE-listed AYO Technology Solutions, a subsidiary of both Sekunjalo Investment Holdings and AEEI. Sekunjalo holds 55% ownership of Cape Town-based Independent News and Media South Africa (INMSA) with
682-634: Is an English-language newspaper and was first published in 1878. This South African newspaper-related article is a stub . You can help Misplaced Pages by expanding it . Sekunjalo Investments Sekunjalo Investment Holdings (parent company of African Equity Empowerment Investments) is a South Africa -based private equity firm specializing in acquisitions, PIPEs , and buyouts. It has principal operations in publishing , Internet, fishing , healthcare, pharmaceuticals, telecommunication , financial services, aquaculture , biotechnology , enterprise development, events management, travel. The company
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#1732782720089744-559: Is the largest stock exchange in Africa . It is located in Sandton , Johannesburg , South Africa , after it moved from downtown Johannesburg in 2000. In 2003 the JSE had an estimated 473 listed companies and a market capitalisation of US$ 182.6 billion (€158 billion), as well as an average monthly traded value of US$ 6.399 billion (€5.5 billion). As of March 2022, the market capitalisation of
806-430: The Johannesburg Stock Exchange (JSE) due to both companies' failure to submit their annual financial statements. AYO was previously fined for 6.5 million rand by the JSE. In February 2024, AEEI shareholders unanimously voted to delist from the JSE. The final day of trading AEEI shares was set to 9 April 2024. Five directors and former directors of AEEI and AYO Technology Solutions have been fined and censured by
868-598: The Public Investment Corporation Commission (aka as the PIC or Mpati Commission) which was chaired by retired Judge Lex Mpati . The commission was set up to investigate allegations of impropriety regarding the Public Investment Corporation . There were accusations that PIC executives bypassed normal processes to invest R4.3 billion of public money into Sekunjalo Investments subsidiary company AYO Technology Solutions. The Companies and Intellectual Properties Commission (CIPC) instructed
930-484: The South African Labour Court for unfair dismissal and for breach of contract. In May 2016 Sekunjalo reached an agreement with Dasnois to settle out of court and issued a statement that acknowledged that Dasnois did not show disrespect to Mandela's legacy and neither was her conduct in any way motivated by racism. Shortly after releasing this statement the Sekunjalo owned Cape Times newspaper ran
992-574: The City of Cape Town's subscription to that publication. In the same report the Cape Times rejected any accusation that it or any Sekunjalo owned publication was reporting unfairly towards any opposition political party. In 2012, prior to the purchase of Independent Media South Africa, Sekunjalo entered into an agreement with the Gupta family (a family best known for their relationship with ANC president Jacob Zuma ) owned Oakbay Investments to purchase 50% of
1054-554: The Competition Tribunal dismissed Sekunjalo's application for an extension of a 2022 interim order seeking to disallow the banks from closing Sekunjalo companies' accounts. Sekunjalo's claim that the banks acted in collusion was shot down by the tribunal. This followed a July 2023 Competition Appeal Court (CAC) ruling that found the Competition Tribunal had erred in granting an extension in the first place. The matter remains unresolved as Sekunjalo has vowed to appeal
1116-541: The JSE after a six-year stint on Africa's largest stock exchange. This followed the sale by the government-controlled PIC of its entire 20% stake in Premier Fishing back to the company at a steep loss. In October 2023, AEEI announced its intention to delist citing "costs and administrative burden associated with a listing" no longer being warranted following the sale of its stake in former subsidiary and sister company AYO Technology Solutions. AEEI announced
1178-646: The JSE became a founding member of the United Nations Sustainable Stock Exchanges initiative on the eve of the United Nations Conference on Sustainable Development (Rio+20) . On 14 April 2014, the JSE re-branded to demonstrates the bourse's identity as a modern African marketplace that connects investors to growth opportunities not only in South Africa but globally. In May 2022, the JSE became
1240-680: The JSE become an active member of the African Stock Exchanges Association. After 108 years, the open outcry system of trading was changed to an electronic system on 7 June 1996. In September 2000, the Johannesburg Securities Exchange moved to its present location in Sandton, Gauteng at the corner of Maude Street and Gwen Lane. It adopted the JSE Securities Exchange as its new official name. In 2001 an agreement
1302-517: The JSE was at US$ 2.35 trillion. The discovery of gold on the Witwatersrand in 1886 led to many mining and financial companies opening and a need soon arose for a stock exchange. The first share transactions on the Rand took place in a rustic canvas tent, with trade taking place on Sundays, as this was the only day when mining was not allowed, owing to a strictly enforced regulation prohibiting
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#17327827200891364-559: The JSE's listing requirements. Khalid Abdulla was censured and fined two million rand for breaching listing requirements and for instructing a fellow director to adjust amounts in AYO's interim results. Abdulla appealed the censure but a judge of the High Court dismissed the appeal. Abdulla's fine was reduced to 1.2 million rand and he resigned as chairman and director of AYO Technology Solutions. Sekunjalo Independent Media Consortium
1426-455: The JSE, including Survé's brother-in-law Khalid Abdulla. The first to be censured were Mbuso Khosa and Telang Ntsasa who served on AYO's Audit and Risk Committee. Khosa and Ntsasa were censured and banned from serving as JSE directors for publishing false and misleading annual financial statements. Abdul Malick Salie and Naahied Gamieldien, who both served as AYO's CFO at different times, were publicly censured and fined 250 000 rand for breaching
1488-450: The Navy could not properly maintain the fleet of six patrol vessels and issued an emergency tender to Nautic SA and Damen Shipyards. On 5 December 2013 former president and struggle hero of South Africa Nelson Mandela passed away . Most newspapers in South Africa, and major international newspaper titles dedicated their front pages to coverage of Mandela's death. Except for Die Burger and
1550-725: The PIC to recoup to recoup the R4.3 billion investment it made into AYO Technology Solutions in 2017 by issuing a Compliance Notice against the board of directors of the Public Investment Corporation (PIC). The notice was declared unlawful by Judge Cornelius van der Westhuizen at the North Gauteng High Court as the PIC was not given a hearing before the issuance of the Compliance Notice. The PIC Commission of Inquiry Report does not have
1612-515: The Public Investment Corporation. The banks' decision in this regard has been fought vehemently by the Sekunjalo Group, most notably by means of a lawsuit in the country's Equality Court, which challenges the discriminatory tactics and dominance of the largest banks in South African's banking sector. Sekunjalo and Survé have been accused of using newspapers owned by Independent Media and their online news website Independent Online to attack
1674-603: The Public Protector's report highlighting irregularities in the awarding of the Sekunjalo Marine Services Consortium tender. The same day, the newspaper's editor, Alide Dasnois , was dismissed from her post by Iqbal Survé, executive chairman of Sekunjalo Investments. One of the stated reasons by Survé for Dasnois's dismissal was that Mandela's death was not on the front page of the Cape Times. Sekunjalo Investments threatened to sue
1736-645: The Public Protector. To investigate allegation of improper awards of this tender by the Department of Agriculture Forestry and Fisheries. That "the company had submitted four separate bids under different company and consortium names, which were all accompanied by Sekunjalo’s 2010 annual report." Additional concerns were raised over possible conflict of interests that neither the company nor the Department of Agriculture Forestry and Fisheries adequately addressed over one of its holdings, Premier Fishing, also having
1798-409: The Sekunjalo owned Cape Times which instead led with a special edition that wrapped around the regular edition covering Mandela's death that was regarded by TIME magazine as one of the best covers from around the world on the event. On 6 December 2013, the day after Mandela's death and at the same time other publications were covering the event, the Cape Times led with a front-page article on
1860-503: The South African Department of Science and Technology 's research innovation centre. In April 2015, Sekunjalo Investments Limited (SIL) was renamed, African Equity Empowerment Investments (AEEI) to avoid confusion with its parent company, Sekunjalo Investment Holdings (SIH). SIH became a privately held company whilst AEEI took Sekunjalo's publicly traded status on the Johannesburg Stock Exchange (JSE) trading under
1922-503: The allegation that submitting four tenders under the Sekunjalo Group constitute collusive tendering. Therefore, Sekunjalo was cleared of charges of collusion and corruption, the Public Protector referred the matter to the Competition Commission. The Competition Commission found that there was no collusive bidding by four entities of the Sekunjalo Group when they each put in a bid for an R800 million tender. The contract
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1984-668: The banking sector as well as to publish articles biased in favour of Survé against the banks. On 18 December 2023 , the Supreme Court of Appeal ruled that Nedbank’s decision to terminate Sekunjalo’s banking services was not based on unfair racial discrimination and that Sekunjalo Group had not provided any evidence in that regard on a prima facie basis. Sekunjalo appealed to the Constitutional Court, which in September 2024 announced that Sekunjalo's appeal
2046-510: The committee. Policy decisions are made by the committee and carried out by a full-time executive committee headed by the executive president. The JSE is governed by its members but through their use of JSE services and facilities, these members are also customers of the Exchange. Each year the JSE must apply to the Minister of Finance for an operating license which vests external control of
2108-676: The company any longer. Karima Brown, the Chief Content Officer of Independent Media replied to Du Preez's resignation letter by rejecting accusations of political bias, as their publications still feature a number of articles critical of the ANC government, claimed that Du Preez had inaccurately accused Schabir Shaik and President Jacob Zuma of pursuing a corrupt relationship, and that Du Preez and those who have supported him were motivated by racism. Opposition leader Helen Zille stated that Skunjalo's operation of Independent media
2170-462: The company partly due to the 2014 firing of Cape Times editor Alide Dasnois and partly due to Survé's close relationship with the ANC the catalyst for the accusation was "group Executive Editor Karima Brown and Editor of Opinion and Analysis Vukani Mde's decision to wear ANC colours at an ANC rally." The accusations were first made by former Independent News columnist Max du Preez in his open resignation letter as reasons for his refusal to work for
2232-563: The court to liquidate Sekunjalo Independent Media. Survé has been accused of editorial interference at Independent Media and of using transformation to remove credible journalists and editors to replace them with others who write favourably about him and his businesses. In August 2024, the Press Council found that Independent Media newspapers and news website IOL were being used to advance Sekunjalo's corporate interests. The ruling that ordered IOL to publiush an apology and remove
2294-483: The decisions in the Constitutional Court. In December 2011 a Sekunjalo subsidiary, Sekunjalo Marine Services Consortium, was awarded an R800 million (equivalent to roughly US$ 98 million in 2011) tender for the crewing, management and maintenance of the research and fisheries patrol services. On 19 February 2012, Mr Pieter van Dalen, the Democratic Alliance member of parliament, lodged a complaint with
2356-412: The department of Agriculture, Forestry and Fisheries supply-chain management requirements. The Public Protector found that the head of the department's tender evaluation had been "irrational, biased and improper" in its awarding of the bid to Sekunjalo. In the final report, the Public Protector was unable to find any improper maladministration by the Department of Agriculture Forestry and Fisheries on
2418-471: The entry of African workers to the gold reefs. The Johannesburg Exchange & Chambers Company was established by a London businessman, Benjamin Minors Woollan and housed at the corner of Commissioner and Simmonds Streets. Out of this the JSE was born on 8 November 1887. What immediately gave the JSE a clear advantage over exchanges such as Kimberley, Barberton, and, most importantly, London,
2480-903: The exchange in the FSB . The JSE's fully automated (electronic trading) trading system is called the Millennium Exchange, which replaced the JSE TradElect system in 2012, which in turn had replaced the JSE SETS system in April 2007, which had replaced the JSE JET system in May 2002. The change to the Millennium Exchange involved moving the platform from London to a new platform housed in the JSE building in Johannesburg, thus speeding up
2542-527: The execution of transactions. The JSE operates an order-driven, central order book trading system with opening, intra-day and closing auctions. In August 1997, the JSE launched the real-time Stock Exchange News Service (Sens) to enhance market transparency and investor confidence. Initially, it was optional for listed companies to use the service during its two-month trial period. From 15 October, augmented JSE listing requirements oblige companies to disseminate any corporate news or price-sensitive information on
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2604-454: The first exchange to come to market with a new service from provider xyt that would utilize peer group rankings to help trading firms explore market share and examine and view trading interactions and performance. It would be called JSE Trade Explorer. The JSE provides a market where securities can be traded freely under a regulated procedure. It not only channels funds into the economy, but also provides investors with returns on investments in
2666-586: The following companies in South Africa: In 2021 and 2022, banks in South Africa issued notices indicating termination of banking services to the company. Absa, Investec and FNB all closed their accounts with Sekunjalo subsidiaries after the bad press and “reputational risk” that came with the Mpati report. The banks cited the high risk of doing business with the Sekunjalo Group following the publication of an inquiry by Judge Lex Mpati into irregularities at
2728-504: The form of dividends. The exchange successfully fulfils its main function—the raising of primary capital—by rechannelling cash resources into productive economic activity, thus building the economy while enhancing job opportunities and wealth creation. The exchange is directed by an honorary committee of 16 people, all with full voting rights. The elected stockbroking members, who cannot number less than eight or more than eleven, may appoint an executive president and five outside members to
2790-448: The newspaper company after Sekunjalo had completed the purchase from the company's original owner. This agreement fell through and led to a court case being brought against Sekunjalo by Oakbay. Former Independent Media columnist Azad Essa said that the newspaper cancelled his column immediately after he published a column distributed to a number of Independent Media newspapers critical of China's mass internment of ethnic Uighurs . Essa
2852-406: The paper, Dasnois, and journalist Melanie Gosling over the tender story, but Survé has denied that Dasnois' removal was connected to the article. He instead pointed to the title's declining circulation figures as his primary motivation. Compounded loss of sales, between 2008 and 2012, amounted to 28%, he said. The Cape Times is one of the titles in the Sekunjalo owned INMSA stable. In response to
2914-555: The remaining ownership made up of Chinese and Public Investment Corporation of South Africa (a South African government owned company). Two Chinese State Owned Enterprises ( China International Television Corporation and the China Africa Development Fund ) invested R400 million in the deal to acquire 20% of the Newspaper. The Public Investment Corporation of South Africa invested R500 million to acquire
2976-481: The service prior to using any other media outlet. Sens is carried by all the major wire services . Since its inception over ten years ago, Strate (Pty) Ltd has become the licensed South Africa's Central Securities Depository (CSD) for the electronic settlement of financial instruments in South Africa. Strate's stated core purpose is to mitigate risk, bring efficiencies to South African financial markets and improve its profile as an investment destination. Strate handles
3038-718: The settlement of a number of securities, including equities and bonds for the Johannesburg Stock Exchange (JSE), as well as a range of derivative products such as warrants, exchange-traded funds (ETFs), retail notes and tracker funds. It has now added the settlement of money market securities to its portfolio of services. It provides services to issuers for their investors in terms of the Companies Act and Securities Services Act (SSA), 2004. JSE's normal trading sessions are from 9:00am to 5:00pm on all weekdays except Saturdays, Sundays and holidays declared by
3100-504: The state-controlled Public Investment Corporation which manages assets on behalf of the Government Employees Pension Fund, leading major banks to cut ties. In January 2024, the Johannesburg Stock Exchange (JSE) announced that AEEI, as well as its sister company and former subsidiary AYO Technology Solutions, faced possible suspension from the JSE for failing to submit annual financial statements within
3162-497: The stipulated 4-month period. In February 2024, AEEI shareholders voted to delist from the JSE. The termination of being listed on the JSE was effective on 16 April 2024. Sekunjalo was founded in 1996 by Iqbal Survé, Mohammed Kajee and two others. Three of the founding members sold their shares, with only Survé remaining as the founding shareholder. In 2006, Sekunjalo subsidiary Bioclones (trading as Genius Biotherapeutics) received an investment of US$ 5.3 million from BioPAD,
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#17327827200893224-409: The ticker AEE. The ownership of subsidiaries was restructured so as to "better reflect the underlying businesses and investments of the Group going forward and to differentiate from the private holding company." Founder Iqbal Survé stepped down from managing all investments held by AEEI so as to focus on the company's media holdings. In August 2023, AEEI's subsidiary Premier Fishing Ltd delisted from
3286-481: The trading hall became too small and had to be rebuilt but this too was outgrown. Trading then moved into the street. The Mining Commissioner closed off Simmonds Street between Market Square and Commissioner Street by means of chains. In 1903, a new building was built for the JSE on Hollard Street. It was a storey building that took up an entire whole city block bounded by Fox and Main, Hollard and Sauer Streets. After World War II , it became apparent that this building
3348-474: The value of ZAR 2500 which initially were not loaded with any cash, forcing shoppers to abandon their groceries at the till. At the end of 2023, Independent Media's CEO suddenly resigned after 16 months in the job prompting Survé to once again take up an executive role in the company. AEEI has strategic investments in the following companies in South Africa: AEEI has strategic investments in
3410-448: Was "dismissed with costs as it bears no reasonable prospects of success". The Court's nine justices unanimously agreed that Sekunjalo had provided no evidence to support its allegations against Nedbank. Nedbank and other banks that were previously interdicted from closing Sekunjalo companies' bank accounts in the interim are now legally permitted to close the bank accounts of more than 200 Sekunjalo-linked companies. On 19 December 2023,
3472-548: Was again inadequate and in 1947 the decision was made to rebuild the stock exchange. It took 11 years before construction began and in February 1961 the second exchange at Hollard Street was officially opened. By 1963, the JSE became a member of the Federation International Bourses de Valeurs (FIBV). In 1978, the JSE took up residence at 17 Diagonal Street near Kerk Street, Johannesburg . 1993 saw
3534-544: Was also informed that the article he wrote would not be published online. Essa went on to accuse the newspaper group owned by both Sekunjalo and Chinese interests of espousing "sycophantic praise for Chinese investment, lacks critical engagement with the much-ballyhooed BRICS ... and fails to ask basic questions on Chinese motives in Africa." Spurred on by a series of letters by United Democratic Movement leader Bantu Holomisa , in 2018 President Cyril Ramaphosa established
3596-471: Was an example of state capture that threatens both the independence of the media and the development of democracy in South Africa. The company was again criticised for its close links with the ANC and of allegedly having an anti- Democratic Alliance (DA) bias in a report on Al-Jazeera in March 2016. The DA for its part was accused of trying to silence criticism from the Cape Times by threatening to cancel
3658-512: Was founded by Iqbal Survé and three others in 1996 with the aim of investing and assisting black-owned businesses. In April 2015 all of Sekunjalo's investments except its 55% ownership in Independent Media SA was spun-off into a new company, still owned by Sekunjalo Investments, known as African Equity Empowerment Investments (AEEI) . The company is currently facing allegations of corruption and misappropriation of funds from
3720-490: Was previously held by rival marine services firm Smit Amandla Marine until it expired in 2011 and a new bidding process started. Smit Amand Marine complained that its contract bid application had been leaked to Sekunjalo. The contract was initially awarded to Sekunjalo only to withdraw it and instead gave Smit Amandla one month to hand over their operation to the South African Navy . The department then found that
3782-583: Was struck with the London Stock Exchange enabling cross-dealing between the two bourses and replacing the JSE's trading system with that of the LSE. In 2009 the JSE acquired the Bond Exchange of South Africa for R240 million and rebranded it the JSE debt market adding South African government and corporate bonds as well as interest rate derivatives to its product set. On 18 June 2012,
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#17327827200893844-465: Was that listing of companies for a quotation on the Official List of the JSE was an easy and relatively cheap procedure. This relatively simple and non-restricting nature of the early Exchange promoted a wave of initial registrations on the Official List, with 68 companies by the end of November 1887. The Official List further expanded to more than 300 companies by the end of January 1890. By 1890
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