New logo may help claw back busi­ness

Weekend Argus (Saturday Edition) - - BUSINESS - LUY­OLO MKEN­TANE

THIS week saw em­bat­tled con­sult­ing firm McK­in­sey & Com­pany apol­o­gis­ing for its role in state cap­ture and un­der­tak­ing to re­pay Eskom about R900 mil­lion the util­ity had so des­per­ately been de­mand­ing since last year.

How­ever, Cor­rup­tion Watch said, ‘Not so fast’, and threw a span­ner in the works by call­ing for a crim­i­nal pros­e­cu­tion of all those in­volved in the con­tro­ver­sial Eskom ten­der.

Eskom had paid McK­in­sey and a Gupta fam­ily-owned con­sul­tancy Tril­lian R1.6 bil­lion for ad­vis­ing the power util­ity on a turn­around strat­egy in 2016.

Cor­rup­tion Watch ex­ec­u­tive di­rec­tor David Lewis said McK­in­sey’s grov­el­ling did not elim­i­nate sus­pi­cions that the Eskom con­tract was mired in crim­i­nal­ity and should be sub­jected to crim­i­nal in­ves­ti­ga­tion.

Also mak­ing news this week was the re­struc­tur­ing of op­er­a­tions by Tsogo Sun and the Absa Group.

Tsogo Sun, South Africa’s largest ho­tel and casino op­er­a­tor, sold seven of its casino and ho­tel busi­nesses to Hospi­tal­ity Prop­erty Fund in a shares- and- sub­scrip­tion deal worth R23bn.

Absa, for­merly Barclays Africa, on the other hand re­branded its iden­tity fol­low­ing its much pub­li­cised sep­a­ra­tion from Barclays. Absa also ad­mit­ted that it made mis- takes in its re­tail bank­ing busi­ness that saw it lose mar­ket share.

The bank said it would now un­leash its dig­i­tal strat­egy to claw back lost ground.

The group’s other am­bi­tious plans are to dou­ble its share of rev­enue in Africa from 6% to 12%.

Many were left shocked when Sars em­barked on a warpath this week, nam­ing and sham­ing tax de­fraud­ers who in­cluded for­mer Bafana Bafana star and cur­rent Cape Town City mid­fielder Teko Modise.

As if that were not enough doom and gloom, the South African Cham­ber of Com­merce and In­dus­try’s monthly busi­ness con­fi­dence in­dex re­treated for a fifth con­sec­u­tive month in June. It fell to 93.7 points com­pared to 94 points in May.

@luy­olomken­tane

PIC­TURE: SUP­PLIED

The newly re­launched Absa brand is wel­comed in Jo­han­nes­burg.

PIC­TURE: REUTERS/AFRICAN NEWS AGENCY (ANA)

Absa chief ex­ec­u­tive Maria Ramos re­veals the new Absa logo at the launch on Wed­nes­day in Jo­han­nes­burg.

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