Tag Archives: ousted

PIC's Matjila to Say He Was Ousted to Facilitate Edcon Rescue

PIC's Matjila to Say He Was Ousted to Facilitate Edcon Rescue(Bloomberg) — Daniel Matjila, the ousted chief executive officer of Africa’s biggest fund manager, is expected to say his opposition to funding the rescue of South Africa’s second-biggest clothing retailer ahead of national elections was one of the reasons he was dismissed.Matjila is scheduled to begin testimony to a special commission of inquiry on Monday that will include his assertion that the rescue of Edcon Holdings Ltd., which supports 140,000 jobs through direct employment and its supply chains, didn’t meet the investment criteria of the Public Investment Corp.’s clients, according to his prepared statement.On the day he was ousted, Nov. 23, he met the chairman of the PIC, the country’s economic development minister and the CEO of Edcon to put forward the conditions for supporting the deal, he is expected to say at the inquiry. Those weren’t viewed favorably, he said.The ongoing inquiry has heard from about 70 witnesses — several of whom flagged Matjila as playing a key role in approving questionable deals. He has denied that. President Cyril Ramaphosa ordered the investigation in October last year, one of a handful he’s instituted to probe alleged graft since taking office 16 months ago after Jacob Zuma’s scandal-marred nine-year rule.Union PressureIn February, a senior official of the Congress of South African Trade Unions emailed the chairman of the PIC, who was also deputy finance minister at the time. He wrote that unless the PIC supported the rescue, the labor federation wouldn’t be able to encourage its members to vote for the ruling African National Congress party in May elections.The rescue was announced a week later, with the PIC leading the 2.7 billion rand ($ 191 million) rescue. It used 1.2 billion rand of money from the Unemployment Insurance Fund, one of its clients.Matjila is expected to say he was removed, at least partly, to ensure the Edcon rescue could take place. He cited the email, from Cosatu’s Parliamentary Coordinator, Matthew Parks, as evidence.Matjila asserts that he and the PIC’s then head of private equity, Mervin Muller, maintained they would only back the rescue if Long4Life Ltd.’s proposal to invest 500 million rand in the deal went ahead. Long4Life is led by Brian Joffe, a veteran South African businessman. The company didn’t invest.While the bailout would have rescued jobs it was unlikely to generate adequate returns, according to Matjila.The PIC on Thursday denied that the decision to invest the funds was politically influenced. Mondli Gungubele, the former deputy finance minister and chairman of the PIC, hasn’t responded to phone calls and text messages about the Edcon deal.Matjila’s departure from the PIC “occurred in the context of an avalanche of allegations of serious looting, indefensible investments costing billions of rand and a complete collapse of good governance at the PIC” and the labor federation only got involved two months later, in January, Cosatu said in an emailed statement on Sunday. “Yes we unashamedly championed the Edcon intervention. Cosatu’s members have mandated us to fight to the very end to defend workers’ jobs.”(Adds size of Edcon in first paragraph.)To contact the reporters on this story: Janice Kew in Johannesburg at jkew4@bloomberg.net;Antony Sguazzin in Johannesburg at asguazzin@bloomberg.netTo contact the editors responsible for this story: John McCorry at jmccorry@bloomberg.net, Gordon Bell, Karl MaierFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.



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Egypt's ousted president Morsi dies in court during trial

Egypt's ousted president Morsi dies in court during trialEgypt’s first democratically elected president, Islamist leader Mohammed Morsi who was ousted by the military in 2013 after a year in office, collapsed in court while on trial Monday and died, state TV and his family said. The 67-year-old Morsi had just addressed the court, speaking from the glass cage he is kept in during sessions and warning that he had “many secrets” he could reveal, a judicial official said. In his final comments, he continued to insist he was Egypt’s legitimate president, demanding a special tribunal, one of his defense lawyers, Kamel Madour told the Associated Press.



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Protesters Keep Pressure on Sudan's Army After Bashir Ousted

Protesters Keep Pressure on Sudan's Army After Bashir OustedDemonstrators maintained an overnight sit-in outside army headquarters in the capital, Khartoum, ignoring a 10 p.m.-4 a.m. curfew imposed when the military seized power. Defense Minister Ahmed Awad Ibn Auf was sworn in late Thursday as head of a military council, which plans to lead Africa’s third-largest country for two years and has declared a three-month state of emergency.



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Top Homeland Security officials ousted amid push for tougher policy

Top Homeland Security officials ousted amid push for tougher policyThe oustings come as ABC News has learned President Trump came far closer to closing the southern border than originally thought.



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Mormon fighting to end youth interviews ousted from faith

Mormon fighting to end youth interviews ousted from faithSALT LAKE CITY (AP) — A Mormon man who led a campaign criticizing the church's practice of allowing closed-door, one-on-one interviews of youth by lay leaders that sometimes included sexual questions has been kicked out of the faith following a disciplinary hearing.



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Ousted EPA head Pruitt denies getting improper gifts, income

Ousted EPA head Pruitt denies getting improper gifts, incomeWASHINGTON (AP) — Scott Pruitt, the scandal-ridden former Environmental Protection Agency chief, denied on Wednesday that he had obtained any out-of-the-ordinary gifts as a result of his Cabinet-level post, dismissing allegations he received perks in office ranging from much-sought sport tickets to a job for his wife.



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Philippines' ousted Supreme Court chief lambastes Duterte

Philippines' ousted Supreme Court chief lambastes DuterteThe ousted Philippine Supreme Court chief justice launched a blistering attack on President Rodrigo Duterte on Tuesday, calling him a “self-styled savior who is willing to kill”, after she lost an appeal against her removal from office. Maria Lourdes Sereno, the first woman chief justice of the Philippines who Duterte denounced as an “enemy” for her opposition to some of his proposals, was ousted by fellow-judges allied with the president last month. “Our sights have been set low by the very leaders who should lead us to pursue lofty visions for our nation and our people,” Sereno said in a speech to her supporters after the court ruling.



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A Gay Marriage Opponent Just Ousted A GOP Incumbent in North Carolina

A Gay Marriage Opponent Just Ousted A GOP Incumbent in North CarolinaMark Harris, a Baptist pastor with a long history of social conservatism, won



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Ryan meets with House chaplain he ousted, then reinstated

Ryan meets with House chaplain he ousted, then reinstatedWASHINGTON (AP) — House Speaker Paul Ryan met Tuesday with the House chaplain he ousted last month, then reinstated after the chaplain complained a Ryan aide told him it might be time to put a non-Catholic in the job.



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Ousted VA Secretary David Shulkin Calls Washington 'Toxic, Chaotic' In Scathing Op-Ed

Ousted VA Secretary David Shulkin Calls Washington 'Toxic, Chaotic' In Scathing Op-EdLess than 24 hours after he was fired as Veterans Affairs secretary under the



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