Leading packaging company Nampak is undergoing a group restructuring project that organised labour fears will result in massive job losses as the plan revolves around the company expanding its business outside the country.
The company has employed the services of discredited consulting firm Bain & Company for the restructuring.
Bain has been at the centre of questionable restructuring exercises, especially at the SA Revenue Service (Sars), which led to its managing partner Vittorio Massone stepping down from …
Read the full article at: https://www.iol.co.za/sundayindependent/news/unions-fear-nampak-restructuring-project-will-result-in-massive-job-losses-17856874
This is according to research conducted by Lifecheq, a personal finance advisory organisation based in Cape Town and Johannesburg.
The research, conducted on a sample of 150 Lifecheq clients last year, 84% of those with high debt took a loan to help a family member or to adjust to a loss in the family.
Eighty percent of these professionals are supporting family members financially and otherwise, while 32% got into debt because of a vehicle finance on a luxury car.
The study further shows that 24% of these professionals are working side jobs to make ends meet.
Lifecheq…
Read the full article at: https://www.iol.co.za/weekend-argus/news/dispelling-the-myth-of-black-debt-17848828
This is according to research conducted by Lifecheq, a personal finance advisory organisation based in Cape Town and Johannesburg.
The research, conducted on a sample of 150 Lifecheq clients last year, 84% of those with high debt took a loan to help a family member or to adjust to a loss in the family.
Eighty percent of these professionals are supporting family members financially and otherwise, while 32% got into debt because of a vehicle finance on a luxury car.
The study further shows that 24% of these professionals are working side jobs to make ends meet.
Lifecheq chief execu…
Read the full article at: https://www.iol.co.za/weekend-argus/news/dispelling-myth-of-black-debt-17848828
A brothel keeper who housed prostitutes from eastern Europe has been ordered to carry out 60 hours of community service.
Paul McGrory was also given a three-year enhancement combination order, where he must obey any directions given to him by his probation officer.
Judg…
Read the full article at: https://www.belfasttelegraph.co.uk/news/northern-ireland/bankrupt-father-of-three-who-ran-brothel-in-city-avoids-prison-term-37512116.html
LONDON: The UK subsidiary of Punjab National Bank (PNB) is suing five Indians, one American and three companies in the UK high court claiming they fraudulently misled the bank to lend them tens of millions of dollars and now owe the bank approximately $37 million (Rs 271 crore) in unpaid loans.
PNB (International) Ltd, which has seven branches in the UK, whose parent bank is PNB, is suing the individuals and companies for fraudulent misrepresentation in respect of numerous loans and breach of contract, according to its claim lodged with the high court. The loans were advanced, the bank states in its claim, to assist the financing of the construction of a lube oil re-refining unit in South Carolina and the development and sale of wind en…
Read the full article at: https://timesofindia.indiatimes.com/world/uk/duped-in-uk-pnb-in-legal-battle-to-recover-37-million/articleshow/66562517.cms
Developer pleads guilty to $58M ponzi scheme involving projects in Manhattan and the Hamptons
He allegedly used money to pay off gambling debt, early investors
Michael DAlessio (Credit: Youtube via Crains)
A White Plains real estate developer pleaded guilty on Thursday to defrauding investors in his development projects in Manhattan, the Hamptons and Westchester.
Michael DAlessio, former CEO and president of Michael Paul Enterprises, funneled more than $58 million of investor money to shell accounts he controlled, which he then used to pay off his gambling debt, cash out early investors and cove…
Read the full article at: https://therealdeal.com/2018/11/09/developer-pleads-guilty-to-58m-ponzi-scheme-involving-projects-in-manhattan-and-the-hamptons/
Bankers are struggling to arrive at a consensus on the resolution of several stressed power sector assets outside of the insolvency proceedings. They fear large loan losses or haircuts in the sector given the lower valuations.
Negotiations are going on but we are yet to finalise the pricing as the current levels demanded by buyers will lead to huge hair-cuts for us. Even if the assets are pushed to NCLT (National Company Law Tribunal), the assets will not fetch much value, said a senior banking source.
A haircutis a banking parlance used for losses on the principal loan given to the borrowers.
Another banker said they are also awaiting the Supreme Court verdict starting November 13 when it will hear a case filed by the po…
Read the full article at: https://www.moneycontrol.com/news/business/companies/bankers-struggle-to-resolve-power-sector-assets-outside-insolvency-process-3145031.html