Company news in brief
Russian oligarch sues Credit Suisse
Russian oligarch Vitaly Malkin is suing Credit Suisse for the loss of US$515 million he claims was the fault of a former adviser at the Swiss banking giant, Sonntagszeitung daily reported yesterday.
Malkin, a resident of Monaco and an ex-business partner of former Georgian prime minister Bidzina Ivanishvili, has hired the American firm Quinn Emanuel to sue Credit Suisse in the case concerning Patrice Lescaudron, the newspaper reported.
Lescaudron was a former private banker at Credit Suisse in Geneva but was sacked in 2015. A Swiss court later sentenced him to five years in prison in 2018 on charges of fraud and forgery, Swiss media reported. Lescaudron died by suicide in 2020.
The bank told AFP it "rejects all the allegations".
The latest case comes after a Bermuda judge ruled in March that Ivanishvili suffered a loss of $553 million because of failures by a Credit Suisse affiliate in Bermuda.
The ruling said the Credit Suisse affiliate did not prevent Lescaudron's fraud because "it was prioritising the revenues Mr Lescaudron generated for Credit Suisse over the interests of its clients".
Credit Suisse said it would appeal against the ruling. – Fin24/AFP
Capco and London firm agree to merge
JSE-listed and UK headquartered Capital & Counties Properties (Capco) and property firm Shaftesbury have agreed to a merger, giving the new real estate investment trust (REIT) company a R98 billion portfolio in London's West End.
When the merger goes through, the combined group will be called Shaftesbury Capital, and have 2.9 million square feet (around 270 000m2) of lettable space across approximately 2 000 commercial and residential units.
"The combined group's portfolio is located in a number of vibrant, high-profile and high-footfall destinations across London's West End, including Covent Garden, Carnaby, Chinatown and Soho, close to its major cultural and entertainment attractions, employment locations and transport hubs," Capco said in a market update.
"Their popularity provides a seven-days-a-week trading environment and exposure to an extensive and diverse local, domestic and international customer base which has proven to be resilient throughout economic cycles."
The combined group's portfolio would be valued at approximately GBP5 billion (around R98 billion), with annualised income of approximately GBP165.5 million and an estimated rental value of about GBP218.0 million as at 31 March. – Fin24
SpaceX fires employees over letter
SpaceX has fired “a number of employees” responsible for an open letter critical of the behaviour of Chief Executive Officer Elon Musk, according to an internal memo, an unusual clash hinting at growing discord over the billionaire’s controversial comments.
The open letter called Musk’s behaviour and tweets “a frequent source of distraction and embarrassment for us, particularly in recent weeks.” The document, which began circulating among staff in recent days, called on SpaceX leadership to condemn and distance itself from Musk’s “personal brand.”
SpaceX president Gwynne Shotwell said in the memo, which was seen by Bloomberg, that the company investigated the open letter and has terminated employees involved.
The situation “made employees feel uncomfortable, intimidated and bullied, and/or angry because the letter pressured them to sign onto something that did not reflect their views,” Shotwell said in the email. “We have too much critical work to accomplish and no need for this kind of overreaching activism.”
SpaceX didn’t immediately respond to a request for comment. The firings were reported earlier by the New York Times. A separate report from Reuters said at least five workers were fired. – Fin24/Bloomberg
Tongaat Hulett delays release of results
Sugar producer Tongaat Hulett says its annual results for the year ended March 2022, will be delayed.
The embattled group has been grappling with a R6.8 billion debt pile, leading it to embark on a R5 billion rights issue, with about R2 billion to be underwritten by Mauritius-based company Magister Investment.
But a ruling by the Takeover Regulation Panel (TRP) earlier this month put the arrangement with Magister at stake.
In a statement on Wednesday, the company said it was still engaging with stakeholders on a possible rights issue "as a sustainable solution".
"The lenders remain supportive of Tongaat Hulett and the company is currently engaging with them to provide liquidity which will allow further time to progress a comprehensive restructure solution," said the sugar producer.
Tongaat, which was meant to publish its results by 30 June, did not provide any details on when the results are likely to be published. – Fin24
Russian oligarch Vitaly Malkin is suing Credit Suisse for the loss of US$515 million he claims was the fault of a former adviser at the Swiss banking giant, Sonntagszeitung daily reported yesterday.
Malkin, a resident of Monaco and an ex-business partner of former Georgian prime minister Bidzina Ivanishvili, has hired the American firm Quinn Emanuel to sue Credit Suisse in the case concerning Patrice Lescaudron, the newspaper reported.
Lescaudron was a former private banker at Credit Suisse in Geneva but was sacked in 2015. A Swiss court later sentenced him to five years in prison in 2018 on charges of fraud and forgery, Swiss media reported. Lescaudron died by suicide in 2020.
The bank told AFP it "rejects all the allegations".
The latest case comes after a Bermuda judge ruled in March that Ivanishvili suffered a loss of $553 million because of failures by a Credit Suisse affiliate in Bermuda.
The ruling said the Credit Suisse affiliate did not prevent Lescaudron's fraud because "it was prioritising the revenues Mr Lescaudron generated for Credit Suisse over the interests of its clients".
Credit Suisse said it would appeal against the ruling. – Fin24/AFP
Capco and London firm agree to merge
JSE-listed and UK headquartered Capital & Counties Properties (Capco) and property firm Shaftesbury have agreed to a merger, giving the new real estate investment trust (REIT) company a R98 billion portfolio in London's West End.
When the merger goes through, the combined group will be called Shaftesbury Capital, and have 2.9 million square feet (around 270 000m2) of lettable space across approximately 2 000 commercial and residential units.
"The combined group's portfolio is located in a number of vibrant, high-profile and high-footfall destinations across London's West End, including Covent Garden, Carnaby, Chinatown and Soho, close to its major cultural and entertainment attractions, employment locations and transport hubs," Capco said in a market update.
"Their popularity provides a seven-days-a-week trading environment and exposure to an extensive and diverse local, domestic and international customer base which has proven to be resilient throughout economic cycles."
The combined group's portfolio would be valued at approximately GBP5 billion (around R98 billion), with annualised income of approximately GBP165.5 million and an estimated rental value of about GBP218.0 million as at 31 March. – Fin24
SpaceX fires employees over letter
SpaceX has fired “a number of employees” responsible for an open letter critical of the behaviour of Chief Executive Officer Elon Musk, according to an internal memo, an unusual clash hinting at growing discord over the billionaire’s controversial comments.
The open letter called Musk’s behaviour and tweets “a frequent source of distraction and embarrassment for us, particularly in recent weeks.” The document, which began circulating among staff in recent days, called on SpaceX leadership to condemn and distance itself from Musk’s “personal brand.”
SpaceX president Gwynne Shotwell said in the memo, which was seen by Bloomberg, that the company investigated the open letter and has terminated employees involved.
The situation “made employees feel uncomfortable, intimidated and bullied, and/or angry because the letter pressured them to sign onto something that did not reflect their views,” Shotwell said in the email. “We have too much critical work to accomplish and no need for this kind of overreaching activism.”
SpaceX didn’t immediately respond to a request for comment. The firings were reported earlier by the New York Times. A separate report from Reuters said at least five workers were fired. – Fin24/Bloomberg
Tongaat Hulett delays release of results
Sugar producer Tongaat Hulett says its annual results for the year ended March 2022, will be delayed.
The embattled group has been grappling with a R6.8 billion debt pile, leading it to embark on a R5 billion rights issue, with about R2 billion to be underwritten by Mauritius-based company Magister Investment.
But a ruling by the Takeover Regulation Panel (TRP) earlier this month put the arrangement with Magister at stake.
In a statement on Wednesday, the company said it was still engaging with stakeholders on a possible rights issue "as a sustainable solution".
"The lenders remain supportive of Tongaat Hulett and the company is currently engaging with them to provide liquidity which will allow further time to progress a comprehensive restructure solution," said the sugar producer.
Tongaat, which was meant to publish its results by 30 June, did not provide any details on when the results are likely to be published. – Fin24
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