Tag Archives: assets

Chevron's (CVX) South African Assets: Bidding War Heats



Chevron Corporation 's CVX South African asset divestment recently witnessed a new turn of events, as competition among the bidders became …
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South African Assets Tumble as Ramaphosa’s Growth Pledge Palls


The rand weakened, yields on benchmark bonds rose and retail and banking stocks fell as a report showed that South Africa’s economy shrank the most in nine years in the first quarter, casting a pall over President Cyril Ramaphosa’s promise to boost growth.

Ramaphosa, who replaced Jacob Zuma in February, has pledged measures to fuel the economy, boost employment and attract investment after four years in which output never managed to expand more than 2 percent annually. But the latest data show he has a mountain to climb: gross domestic product contracted an annualized 2.2 percent in the first quarter of the year compared with the prior three months.

Read More: South Africa Economy Contracts in First Quarter as Mines Decline

“We’ve seen the ‘Ramagloss’ rub off and…

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South African court unfreezes Gupta family assets | CGTN Africa


A South African court ordered the unfreezing of assets worth around US$20 million belonging to the Gupta family, local media report.

The Guptas – said to be strong allies of former president Jacob Zuma – are accused of corruption by a graft watchdog, which said they used their influence to gain control of state companies and contracts.

The three Gupta brothers, accused by the public anti-graft watchdog of using their friendship with Zuma to influence policy and amass wealth, have however denied any wrongdoing, as has Zuma.

As part of an investigation into theft, fraud and money laundering at a state-backed dairy project in the Free State province meant to benefit the local community, prosecutors in April obtained a court order to freeze money in back accounts and other assets…

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South African court unfreezes Gupta family assets: EWN | Top News


JOHANNESBURG (Reuters) – A South African court ordered 250 million rand ($20 million) in assets belonging to former president Jacob Zuma’s allies the Gupta brothers be unfrozen, the EWN news network and other local media reported.

The Guptas, who are Indian nationals, and Zuma have denied any wrongdoing in a series of scandals and allegations of graft and influence peddling that contributed to Zuma’s removal from the presidency by the ruling party earlier this year.

As part of an investigation into theft, fraud and money laundering at a state-backed dairy project in the Free State province meant to benefit the local community, prosecutors in April obtained a court order to freeze money in back accounts and other assets with Gupta-linked companies.

EWN said the Free State High Court ruled…

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Nigerian Firm To Partner With Rosneft To Develop 21 African Oil Assets


Nigerian oil and gas exploration company Oranto Petroleum will be cooperating with Russia’s largest oil producer Rosneft to develop 21 oil assets across Africa, an Oranto official told S&P Global Platts on the sidelines of an economic forum in St. Petersburg on Thursday.

The Nigerian company expects to sign a memorandum of understanding on the projects on Friday, the official said.

“Oranto is planning a big cooperation with Rosneft, that collaboration is going to include upstream, midstream and downstream in Africa. We’re looking at 21 oil assets in 17 African countries,” the official told S&P Global Platts.

“We are looking at how Africa is going to be a big part of Russian investment,” the official said.

Rosneft doesn’t have a significant presence in Africa except for a

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African nations should recover stolen assets in West stolen


An interesting and curious regional meeting took place in the Nigerian capital, Abuja, last week. For the first time, African countries were discussing how to reclaim the billions of stolen assets, mostly in cash stashed abroad by leaders and others who earned it through corruption.

Britain has been cited as the top destination of these stolen assets although it has for years accused countries such as Nigeria of being “fantastically corrupt”.

 That some governments can think of pulling efforts to bring this stolen cash back to Africa is good news. It is also a sign that the continent is becoming weary of this craze where regimes steal with abandon and let cronies and relatives get involved in underhand deals whose proceeds all ends up in offshore accounts.

Commonwealth Secretary-General…

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