COMPANY NEWS IN BREIF

JSE suspends SalunganoInvestors in junior coal miner Salungano Group were hit with a triple whammy of bad news on Monday when the JSE suspended its shares, while the Eskom supplier also announced its biggest subsidiary would be facing both business rescue and liquidation proceedings on Tuesday.The suspension of trading in the company's stock follows its failure to publish results for its 2023 year by the end of June, which was extended to the end of July and then to August. In a separate announcement in the afternoon, Salungano announced it "has learnt" that a contractor had filed a court application for the liquidation of its major subsidiary Wescoal Mining.While Salungano said it had filed its own papers to oppose the liquidation bid by IPP Mining and Minerals Handling, it also announced it had instead applied to place the mining unit in business rescue.Both the liquidation and business rescue applications will be heard at the North Gauteng High Court in Pretoria on Tuesday, Salungano's company secretary Yolande Lemmer told News24.Wescoal Mining houses Salungano's coal mining assets in the Khanyisa Colliery near Ogies and Elandspruit Colliery in Middelburg. Salungano also owns half of the Arnot Colliery, which is also in business rescue, as well as Moabsvelden and Vaggatfontein mines.-Fin24Steinhoff's former finance boss jailedSteinhoff's former European finance chief, Dirk Schreiber, was handed a three-and-a-half year jail sentence by a German court, making him the first person to be imprisoned over an accounting scandal that led to the near-collapse of the retailer.The Oldenburg court, which issued the verdict on Monday, also convicted ex-director Siegmar Schmidt, 64, and gave him a suspended sentence of two years. Both men won a reduction of one year because the probe took too long, the court said, meaning Schreiber, 52, must only serve two-and-a-half years. He was convicted of accounting violations and aiding credit fraud.Schreiber also won some leniency from judges because he cooperated extensively, a court spokesperson said. A police investigator told the court earlier on Monday that the probe profited massively from his help. Schreiber is also providing information to the investigations in South Africa, she said. Former Chief Executive Officer Markus Jooste was also charged in the case but failed to show up in court for his trial in April. Jooste has only appeared once to answer questions about the global retailer’s downfall, when in 2018 he told lawmakers in Cape Town that it originated from a protracted dispute with a former partner.-Fin24

COMPANY NEWS IN BREIF

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