African Bank chief exec quits

African Bank Investments Ltd, South Africa’s largest provider of unsecured loans, said founder and chief executive Leon Kirkinis resigned as it plans to increase capital for the second time in less than a year.

Kirkinis stepped down with immediate effect after 23 years with the Johannesburg-based bank, Abil, as it’s known, said on Wednesday in a statement. Nithia Nalliah, chief financial officer, will take over as acting chief executive, the bank said.

The lender expects to post a record full-year loss of as much as R7.6-billion and will talk to investors about a potential R8.5-billion capital increase. That follows a R5.5-billion stock sale in December.

Abil has about R1-billion of debt maturing in September and almost R10-billion next year. Moody’s Investors Service cut the lender’s foreign rating to Ba1 in May, one step below investment grade.

Abil plans to separate its banking activities from its unprofitable furniture retail unit, Ellerine, it said. Abil bought the company in 2008 for R9.2-billion.– Bloomberg


Golding opportunity for kleptocrats

Government must take steps to clean up the country’s dirty real estate market, which has long offered a safe haven for criminals

SAA’s rescue men fly in defiance

The airline’s business rescue practitioners ignored a warning not to announce route closures and possible job cuts ahead of a restructuring plan

Press Releases

Response to the report of the independent assessors

VUT welcomes the publishing of the report of the independent assessors to investigate concerns of poor governance, leadership, management, corruption and fraud at the university.

NWU student receives international award

Carol-Mari Schulz received the Bachelor of Health Sciences in Occupational Hygiene Top Achiever Award.

Academic programme resumes at all campuses

Lectures, practicals, seminars and tutorials will all resume today as per specific academic timetables.

Strategic social investments are a catalyst for social progress

Barloworld Mbewu enables beneficiaries to move away from dependence on grant funding

We all have a part to play to make South Africa work

Powering societal progress demands partnerships between all stakeholders

So you want to be a social entrepreneur?

Do the research first; it will save money and time later

Social entrepreneurship means business

Enterprises with a cause at their core might be exactly what our economy desperately needs

Looking inwards

Businesses are finding tangible ways to give back – but only because consumers demand it