Company news in brief
SA's KPMG reports ex-partner to police
KPMG South Africa has reported a former partner to the police over his alleged role in a corruption scandal in which almost R2 billion was stolen from VBS bank, two KPMG employees familiar with the matter said.
The KPMG employees said the accounting firm had sent an internal email to staff on Friday that said its board had "assessed information on VBS and support criminal action being taken" against the partner, Sipho Malaba.
KPMG audited VBS Mutual Bank's financial results before it was placed under curatorship in March, a step that permits the central bank to appoint an administrator or curator to run a bank.
Malaba is one of two former partners of KPMG South Africa who resigned in April after facing disciplinary charges over their failure to disclose financial interests in connection with VBS, KPMG said at the time.
Reuters has been unable to reach Malaba for comment. He did not respond to personal messages sent to his LinkedIn profile. – Nampa/Reuters
Kenya Power gets tough on late bill payers
Kenya Power Co said on Friday it will be much tougher on chasing unpaid bills after its provisions for bad debts surged in the financial year through June, sending its full-year profit down 60%.
Kenya's main power distributor said it increased its bad debt provisions seven-fold to 6.08 billion shillings (US$59 million) in the financial year that ended June 30 after it adopted a new accounting standard.
Its performance was also hurt by rising costs linked to its growing transmission and distribution network, and higher financing costs that offset modest electricity sales.
The state-controlled company will now make provisions for debts due for longer than 30 days, down from its previous practice of providing for debt that is due for longer than 58 days, said acting CEO Jared Othieno.
The company has more than 6.8 million customers connected to its grid, and says it gets about 60% of its revenue from industrial consumers in Nairobi and the neighbouring town of Thika. – Nampa/Reuters
France's JCDecaux signals Nigerian ambition
French outdoor advertising company JCDecaux plans to provide real-time traffic information in Lagos and install solar-powered bus shelters and automatic public toilets as it targets one of Africa's largest economies.
JCDecaux said it had entered Nigeria in partnership with private Lagos-based investment and advisory firm Grace Lake, targeting a highly fragmented outdoor advertising market estimated to be worth 115 million euro (US$130 million).
Nigeria's most populous city, Lagos, is notorious for its gridlock. JCDecaux said it aims to provide real-time traffic information to commuters at strategic points across the city. - Nampa/Reuters
Bank of Kigali's gets 108% subscription rate
Rwanda's Bank of Kigali said on Friday its 60 billion francs (US$67.50 million) rights issue was 108% subscribed.
The lender, which is Rwanda's biggest by assets, offered one new share for every three held, issuing a total of 222.22 million shares, which will be listed domestically and on the Nairobi bourse. - Nampa/Reuters
Airtel Africa appoints banks for IPO
Airtel Africa, a unit of Indian telecom operator Bharti Airtel Ltd, said yesterday it had appointed eight banks for an intended initial public offering (IPO) on an international stock exchange.
The company has appointed JP Morgan, Citigroup Inc, BofA Merrill Lynch, Absa Group Limited, Barclays Bank PLC, BNP Paribas, Goldman Sachs International and Standard Bank Group Ltd. - Nampa/Reuters
Citigroup, JPMorgan to pay millions in settlement
Citigroup Inc and JPMorgan Chase & Co will pay US$182.5 million to settle US investor litigation claiming they violated antitrust law by conspiring with other banks to rig a key European interest rate benchmark.
A preliminary settlement addressing the banks' alleged manipulation of the European Interbank Offered Rate, or Euribor, was filed on Wednesday night with the US District Court in Manhattan, and requires a judge's approval.
Five banks have reached US$491.5 million of settlements in the case, including earlier settlements of US$170 million by Deutsche Bank AG, US$94 million by Barclays Plc and US$45 million by HSBC Holdings Plc.
Euribor is the euro-denominated equivalent of Libor, a benchmark for setting rates on hundreds of trillions of dollars of credit cards, student loans, mortgages and other debt. – Nampa/Reuters
KPMG South Africa has reported a former partner to the police over his alleged role in a corruption scandal in which almost R2 billion was stolen from VBS bank, two KPMG employees familiar with the matter said.
The KPMG employees said the accounting firm had sent an internal email to staff on Friday that said its board had "assessed information on VBS and support criminal action being taken" against the partner, Sipho Malaba.
KPMG audited VBS Mutual Bank's financial results before it was placed under curatorship in March, a step that permits the central bank to appoint an administrator or curator to run a bank.
Malaba is one of two former partners of KPMG South Africa who resigned in April after facing disciplinary charges over their failure to disclose financial interests in connection with VBS, KPMG said at the time.
Reuters has been unable to reach Malaba for comment. He did not respond to personal messages sent to his LinkedIn profile. – Nampa/Reuters
Kenya Power gets tough on late bill payers
Kenya Power Co said on Friday it will be much tougher on chasing unpaid bills after its provisions for bad debts surged in the financial year through June, sending its full-year profit down 60%.
Kenya's main power distributor said it increased its bad debt provisions seven-fold to 6.08 billion shillings (US$59 million) in the financial year that ended June 30 after it adopted a new accounting standard.
Its performance was also hurt by rising costs linked to its growing transmission and distribution network, and higher financing costs that offset modest electricity sales.
The state-controlled company will now make provisions for debts due for longer than 30 days, down from its previous practice of providing for debt that is due for longer than 58 days, said acting CEO Jared Othieno.
The company has more than 6.8 million customers connected to its grid, and says it gets about 60% of its revenue from industrial consumers in Nairobi and the neighbouring town of Thika. – Nampa/Reuters
France's JCDecaux signals Nigerian ambition
French outdoor advertising company JCDecaux plans to provide real-time traffic information in Lagos and install solar-powered bus shelters and automatic public toilets as it targets one of Africa's largest economies.
JCDecaux said it had entered Nigeria in partnership with private Lagos-based investment and advisory firm Grace Lake, targeting a highly fragmented outdoor advertising market estimated to be worth 115 million euro (US$130 million).
Nigeria's most populous city, Lagos, is notorious for its gridlock. JCDecaux said it aims to provide real-time traffic information to commuters at strategic points across the city. - Nampa/Reuters
Bank of Kigali's gets 108% subscription rate
Rwanda's Bank of Kigali said on Friday its 60 billion francs (US$67.50 million) rights issue was 108% subscribed.
The lender, which is Rwanda's biggest by assets, offered one new share for every three held, issuing a total of 222.22 million shares, which will be listed domestically and on the Nairobi bourse. - Nampa/Reuters
Airtel Africa appoints banks for IPO
Airtel Africa, a unit of Indian telecom operator Bharti Airtel Ltd, said yesterday it had appointed eight banks for an intended initial public offering (IPO) on an international stock exchange.
The company has appointed JP Morgan, Citigroup Inc, BofA Merrill Lynch, Absa Group Limited, Barclays Bank PLC, BNP Paribas, Goldman Sachs International and Standard Bank Group Ltd. - Nampa/Reuters
Citigroup, JPMorgan to pay millions in settlement
Citigroup Inc and JPMorgan Chase & Co will pay US$182.5 million to settle US investor litigation claiming they violated antitrust law by conspiring with other banks to rig a key European interest rate benchmark.
A preliminary settlement addressing the banks' alleged manipulation of the European Interbank Offered Rate, or Euribor, was filed on Wednesday night with the US District Court in Manhattan, and requires a judge's approval.
Five banks have reached US$491.5 million of settlements in the case, including earlier settlements of US$170 million by Deutsche Bank AG, US$94 million by Barclays Plc and US$45 million by HSBC Holdings Plc.
Euribor is the euro-denominated equivalent of Libor, a benchmark for setting rates on hundreds of trillions of dollars of credit cards, student loans, mortgages and other debt. – Nampa/Reuters
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