Opportunity Issue 102

From the Era of Impunity

From the Era of Impunity to the Age of Accountability A former president has made appearances in court and was sentenced to a 15-month jail term for contempt of court. The Secretary General of the African National Congress had to step aside from his duties to answer charges in a court of law. Two brothers accused of brazenly stealing state assets have been arrested in Dubai and face extradition to face charges in South Africa. These are extraordinary steps, the like of which are not often seen anywhere in the world. South Africa can be proud that its legal system is starting to get on the front foot after years of having to fend off predators. The Constitutional Court found former President Zuma guilty of contempt of court for refusing to appear before a judicial commission, led by Deputy Chief Justice Zondo, which was investigating graft across a wide range of state enterprises during his presidency. Zondo has subsequently been appointed Chief Justice. Significant as these developments are, another highly-significant event occurred when an auditor turned up in court in recent months. Agro-producer Tongaat Hulett laid criminal charges against its directors in 2019, accusing them of “undesirable accounting practices” relating to land sale agreements. In circumstances like this, the standard practice is for the auditing firm that either missed the malfeasance or colluded in the chicanery, holds up its collective hand in shock, fires a few people and moves on, trusting to time and some “reputational damage” public relations to smooth the waters before taking on the next big company audit. Not so this time. The accused auditor was in the dock with the accused directors. Another important new development on the road to responsibility originated with the JSE. Two directors of a company that was plagued by problems relating to its results announcements, received five-year bans from being an officer of a listed company or from serving as a director. Perhaps the Era of Impunity is over and we have a new dawn – the Age of Accountability. Growing economies In this issue of Opportunity, two important African energy leaders weigh in on how critical it is to get energy to the continent’s citizens. Dr Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers’ Organisation, argues that Africa should be allowed to exploit its oil and gas in pursuit of that goal, while South Africa’s Minister of Mineral Resources and Energy, Gwede Mantashe, makes a similar point. He notes that there is an upside for Africa in the world’s demand for minerals needed for the energy transition with many of those minerals found in abundance in Africa. Gugu Mjadu, Executive General Manager for Business Partners Limited, sees a link between encouraging female entrepreneurship and economic growth, a point which is emphasised in the story highlighting the successful journey of a Northern Cape entrepreneur from quantity surveyor to construction-company founder and owner. Recent surveys suggest that global air traffic is making a comeback, but Elesh Bisla, CEO of GENRIC Marine Underwriting Managers, warns that the logistics sector needs to adjust to more frequent and more intense disruptions. Finally, a survey by C40 Cities shows how South African cities can play a vital role in delivering green jobs and generally making the transition to a greener economy a win-win for everyone. John Young, Editor www.opportunityonline.co.za Editor: John Young Publishing director: Chris Whales Managing director: Clive During Online editor: Christoff Scholtz Designer: Tyra Martin Production: Yonella Ngaba Ad sales: Shiko Diala Vanessa Wallace Venesia Fowler Gabriel Venter Tennyson Naidoo Tahlia Wyngaard Mandlenkosi Dlamini Graeme February Administration & accounts: Charlene Steynberg Kathy Wootton Distribution and circulation manager: Edward MacDonald Printing: FA Print PUBLISHED BY Global Africa Network Media (Pty) Ltd Company Registration No: 2004/004982/07 Directors: Clive During, Chris Whales Physical address: 28 Main Road, Rondebosch 7700 Postal address: PO Box 292, Newlands 7701 Tel: +27 21 657 6200 Email: info@gan.co.za Website: www.gan.co.za No portion of this book may be reproduced without written consent of the copyright owner. The opinions expressed are not necessarily those of Opportunity, nor the publisher, none of whom accept liability of any nature arising out of, or in connection with, the contents of this book. The publishers would like to express thanks to those who support this publication by their submission of articles and with their advertising. All rights reserved.

Enabling transformation of the economy The Assurance Verification Agency does important work in promoting South Africa’s B-BBEE strategy, enabling black people to own companies and hold management positions. • Client satisfaction • Reduce unemployment • Empower black youth VERIFICATION Busie Yekwayo, Managing Director Biography Being forced to take two “gap” years while studying because of a shortage of funds did not hold Busie Yekwayo back. Instead, she used the experience as inspiration when her parents gave her the opportunity to study again. She now advises and assists young people to avoid what she went through. Busie holds an Accountant designation (Professional Accountant), Economic Empowerment Professional, MBA and is a member of the Institute of Internal Auditors South Africa. She is also a director of the accounting firm, Emiyoli Consultants. Broad-Based Black Economic Empowerment legislation has enormous potential to lift many thousands of South Africans to a new level of economic prosperity. The Assurance Verification Agency will do everything it can to assist people and companies to participate positively in this arena, boosting ownership of assets, generating jobs and creating long-term inter-generational wealth. Key values Integrity. Trustworthiness. Transparency. Accountability. Customer-first. Mission • Stimulate revenue growth Services AVA facilitates transformation by assessing, verifying and validating the B-BBEE contributions that are made by entities in supporting the B-BBEE strategy. Among the services that AVA offers are: • Issuing of B-BBEE certificates to audited EMEs, QSEs and large entities upon completion of the verification process which assesses compliance on black ownership of the company, management control, skills development, enterprise and supplier development and socioeconomic development. • Verifying enterprise and supplier development contributions, complex ownership structures, including JSE-listed companies, and issuing B-BBEE reports. • Issuing of Joint Ventures B-BBEE certificates. • Training of individuals and companies. Staff More than 80% of AVA employees are young black women with Accounting, Auditing, Law, Human Resources and Administration qualifications, the key expertise required in the B-BBBEE field. Staff are trained and encouraged to start their own businesses. SANAS compliance AVA is compliant with SANAS R4703 and adheres to Department of Trade, Industry and Competition standards. AVA is allowed to issue B-BBEE certificates and reports to small, medium and large entities, public entities and state-owned entities. Growing the economy AVA plays a key role in terms of the national B-BBEE strategy, which has enabled black people to own managed companies and hold management positions in big companies. This has also enabled skill transfers, access to procurement, enterprise development and socio-economic development. Company history Company founder Busie Yekwayo was on a path to become an accountant but became intrigued by the possibilities the B-BEEE sector offered to uplift black people economically. As she recalls, “I wanted to assist in reducing youth unemployment by employing more youth and teaching them skills so they could own their own companies.” The competitive market when the firm started out in 2011 proved challenging, but support came from family, friends and associates and slowly the company grew and achieved brand recognition. Today, some of AVA’s clients are JSE-listed companies. Busie outlines the qualities that have served her well in building AVA as a business: “I was willing to make mistakes and learn from them. The most vital thing is to have you main objective and your own 'why' for doing something.” Contact Information Email: Info@assuranceva.co.za | Tel: 031 942 6604 | Cell: 071 493 9423 | Website: https://assuranceva.co.za