SA-born billionaire, Patrick Soon-Shiong, gifts R3bn to SA vaccine works
SA-born billionaire Patrick Soon-Shiong has committed R3 bn rand to South Africa, to assist the country’s capabilities to produce the Covid-19 vaccine locally. The LA Times owner told the World Health Organisation that South Africa has “the science, the human capital and the capacity and the desire” to do so. The 68-year old surgeon has said that he plans to work with other African countries to empower the development of second generation vaccine capabilities. Born in what was then known as Port Elizabeth (now Gqeberha), Soon-Shiong studied medicine at Wits University before studying further in the US and eventually moving there. – Jarryd Neves
Ex-Deloitte auditor faces penalties in the Netherlands over Steinhoff
By Janice Kew
(Bloomberg) – An ex-Deloitte LLP partner is facing disciplinary action in the Netherlands for an improper audit of Steinhoff International Holdings NV prior to the South African retailer’s near-collapse more than three years ago.
The Dutch Authority for the Financial Markets accuses Patrick Seinstra of failing “to obtain sufficient and appropriate audit evidence from the annual accounts,” according to papers from the hearing.
Deloitte refused to sign off on Steinhoff’s accounts in late 2017, leading to the resignation of then Chief Executive Officer Markus Jooste and a share price slump. The firm had been auditing Steinhoff for years, initially in South Africa and then from Europe after the company moved its primary listing to Germany.
New Pick n Pay CEO to target online sales growth
Pick n Pay’s next CEO, Pieter Boone, plans to accelerate his predecessor’s eight-year turnaround of the South African grocer by focusing on stores that cater for lower-to-middle income consumers and by boosting online sales.
“Pieter speaks of evolution and acceleration, rather than revolution,” David North, Pick n Pay’s executive for strategy, said in an interview on Wednesday.
Boone, who takes over from Richard Brasher in about a week, plans to expand the company’s Boxer outlets “faster than we have been”, and “to make sure we have a second engine of growth” in this area of retailing, North said.
Shoprite to sell Nigerian division to Persianas Group
By Anthony Osae-Brown
(Bloomberg) – Shoprite plans to sell its Nigerian division to a local property group, according to a person familiar with the matter, as Africa’s largest food retailer pulls back from the continent’s most populous country.
Regulatory approval for Persianas Group to buy the Shoprite unit is expected by the end of April, said the person, asking not to be identified because the information isn’t yet public. While the asset has been valued by the seller at 30 billion naira ($73m), it’s not yet clear how much Persianas has agreed to pay.