Company news in brief

    - 2023-07-05 00:00:00
Tiger Brands welcomes forfeiture order
SA's largest food producer, Tiger Brands, has welcomed a high court ruling against a transport company that allegedly swindled it out of R121 million over five years by submitting about 60 fake invoices.
The KwaZulu-Natal High Court in Durban granted the state a forfeiture order against six people linked to Jocatus Transport.
Judge Jacqueline Henriques found there was sufficient evidence to rule that assets including bank accounts, investments accounts, property and more were the proceeds of fraud.
She said the National Director of Public Prosecutions had shown that Jocatus Transport submitted dozens of fake invoices to the food group between 2009 and 2014. The invoices were submitted for non-existent logistics services.
The fraud was traced to a former financial manager at Tiger Brands, the late Gonaseelan Govender, and a forged supply contract.
Tiger Brands only caught wind of the fraud in early 2015, after which it launched an internal probe and lodged a complaint with the Hawks. – Fin24

Momentum Investments appoints new CIO
Momentum is beefing up its investment team and is taking from competitors to strengthen its retail and corporate capabilities.
On Monday, the company announced the appointment of a new chief investment officer (CIO) at Momentum Investments, Mike Adsetts, alongside other appointments of investment professionals from Old Mutual and Stanlib.
Momentum Investment said boosting transformation was one of the strategic goals of these appointments.
But the appointments also come shortly after the group's newly appointed and first female CEO, Jeanette Marais, promised to get Momentum back to the "A league".
Marais led Momentum Investments during her tenure as the deputy group CEO when she returned to Momentum Metropolitan Holdings in 2018. Under her leadership, Momentum Investments more than tripled its normalised headline earnings from R271 million in the 2018 financial year to R940 million at the end of the group's 2022 financial year.
The value of new business increased from R80 million to R346 million over the last five years. – Fin24