Business News Roundup


Hi ladies, I hope you had a great weekend. It was a very quite weekend. But here are some stories to keep you update with what happened in the business world. 
The South African Reserve Bank said on Sunday that the Registrar of Banks has placed VBS Mutual Bank under curatorship. Governor Lesetja Kganyago told a televised news conference that VBS Mutual Bank has been placed under curatorship because of liquidity issues. VBS Mutual Bank became popular after it granted former President Jacob Zuma a loan to finance the R7.8 million he owed relating to the upgrades of his private residence in Nkandla. Source: Fin24

The Public Servants Association (PSA) has written to the Public Investment Corporation (PIC), requesting information regarding the number of shares purchased at Steinhoff.
The PSA’s Tahir Maepa says they requested the documents to assist them with the planning of the class action against the retail giant. Source: EWN

Richard Spoor Incorporated Attorneys and the US food safety firm Marler Clark have teamed up to file a class action lawsuit against Tiger Brands.The lawsuit is filed on behalf of the families of people who died after eating processed meat contaminated with listeria produced and distributed by the company. Source: News24

Angry property owners in the City of Johannesburg are airing their frustrations on a petition against the high prices being set on their assets on the council’s new valuation roll. By Wednesday morning‚ over 1‚500 people had signed the petition as the call #RatesMustFall gained momentum on Twitter. Source: Dispatch Live

A spokesman for the working group on Occupational Lung Disease (OLD) said, South African gold producers will likely reach a settlement within six weeks in a lawsuit over a fatal lung disease that companies have set aside 5 billion rand in provisions for. Source: Reuters 

China’s Sinopec Corp got a major boost in its pursuit of Chevron’s South Africa and Botswana assets after South Africa’s Competition Tribunal approved, with conditions, the $900 million transaction on Friday. Source IOL

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