Daybreak Foods CFO retracts his resignation
Daybreak Foods CFO Aubrey Dali has retracted his resignation and the board has accepted his decision.
Dali will resume his duties effective immediately.
The Sunday Times reported that Dali resigned last week with immediate effect after being stripped of his powers. It reported that Daybreak chairperson Bojane Segooa was pushing for the immediate payment of R1.2m in board fees.
The newspaper reported that so desperate was Segooa for the payment on Wednesday, she stripped Dali of his powers to make payments and gave them to Hluphi Moatshe, the company's commercial financial manager, who paid the money and shared proof with the board members.
Segooa then resigned with immediate effect. Dali, who opposed having his powers usurped, opted to resign, also with immediate effect.
In a letter to staff on Monday, the board said after further discussions, Dali had decided to continue in his role.
'We value his contributions to our team and are confident that his return will bring stability and continuity to our financial management.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Citizen
a day ago
- The Citizen
Industry warns of meat price spike and hunger as SA faces supply crisis
South Africa's meat supply is under pressure from a 'triple whammy' of crises: bird flu in Brazil, a poultry producer's collapse, and a foot-and-mouth disease outbreak. A combination of a perfect storm of factors has led to a meat supply crisis which could see the price of meat spike over the winter, as well as increasing hunger and malnutrition, according to major players in the food industry. The 'triple whammy' which has hit the local market over the past few weeks is the ban on the imports of chicken from Brazil, some regions of that country having been hit by avian flu; a crisis at Daybreak Foods, one of South Africa's largest integrated poultry producers, which has entered business rescue after being forced to cull 350 000 starving chicks and, finally, this week, the diagnosis of foot-and-mouth disease in animals on feedlots of Karan Beef. A perfect storm Eskort CEO Arnold Prinsloo said the three developments represented a perfect storm for food security. He said that mechanically deboned meat from Brazilian chickens was used in affordable products such as polony and Viennas, adding that some smaller producers have already run out of raw material since the Brazilian import ban was imposed on 15 May. 'If the quarantine is prolonged or the disease spreads, it is possible that beef supply will contract and prices will rise, just as the supply of chickens from Daybreak comes under pressure from the company's bankruptcy and polony vanishes from supermarket shelves,' he said. 'We have calculated that 400 million low-cost meals per month will be affected by the import crisis alone, so this triple whammy to food security requires urgent action from the department of agriculture, starting with a decision to narrow the Brazilian ban to Rio Grande do Sul, the only state affected by avian flu,' he added. ALSO READ: Bird flu ban: Brazil suspension takes chicken and polony off South African tables — prices set to rise Poultry industry 'disingenuous' Prinsloo said he was disappointed by the poultry industry's insistence that the import ban does not pose a food security risk. 'South Africa imports 19 000 tons of mechanically deboned meat every month from Brazil because domestic producers only have the capacity to supply 100 tons.' He said it was disingenuous of the poultry industry to dismiss the looming shortage, particularly when the people who will suffer most are the ones with the fewest affordable choices. Eskort has joined industry bodies including the Association of Meat Importers and Exporters and the South African Meat Processors Association in calling on Minister of Agriculture John Steenhuisen to instruct officials to expedite Brazil's application for an agreement allowing it to apply for recognition of disease-free geographical zones. Chicken supply cut Another big bite out of the meat market supply was the cut of almost 12 million chickens a month following the National Council of SPCAs (NSPCA) suspension of Daybreak's operations. Last month, the NSPCA obtained an urgent interim court order from the High Court in Johannesburg compelling Daybreak Foods to immediately cease all inhumane culling practices and to provide adequate, appropriate feed to hundreds of thousands of breeder birds at its facilities. ALSO READ: Will SA run out of beef and chicken? Animal disease hits SA's top producer — what it means for consumers The interim order was made final by the high court on 23 May. Farmers have called on the government to act to contain foot-and-mouth disease (FMD) before it is too late. FMD spread in SA Southern African Agri Initiative (SAAI) president Dr Theo de Jager said the outbreak of FMD in KwaZulu-Natal and its subsequent spread to some of the largest feedlots in South Africa, was a disaster of immeasurable scale for cattle farmers. 'SAAI has been engaging with the department of agriculture since December 2024, when the first rumours of FMD began circulating,' he said. 'It took months before the outbreak was officially declared and resources were mobilised to combat it.' Karen Beef suspends exports Meanwhile, Karan Beef spokesperson senior feedlot veterinarian Dr Dirk Verwoerd said a case of FMD had been confirmed at its feedlot facility in Heidelberg on Monday. 'The outbreak occurs during peak weaning season and will significantly disrupt the national supply chain. Farmers may be forced to hold calves longer than usual due to limited feedlot capacity. Karan Beef has suspended all exports,' he said. Verwoerd said consumers should know there is no risk to human health and that local beef supply may be affected in the short term. Business rescue for stricken chicken producer Daybreak Foods
The Citizen
a day ago
- The Citizen
Rising meat costs will punish the poor
With imports halted and diseases spreading, meat prices are set to rise, putting added strain on households already battling food insecurity. How is it that the head of a company specialising in pork products should go into bat on behalf of the poultry sector as a meat supply crisis engulfs our country? It sounds odd, but as Eskort CEO Arnold Prinsloo explains it, you can see the logic. The government has banned the importation of chickens from Brazil, because of the outbreak of avian flu in certain parts of that country. What that means is that we are no longer importing the estimated 19 000 tons of mechanically deboned meat (MDM), which is a vital component of processed meats such as polony, of which Eskort is one of a number of suppliers. The ban on imports comes as two other blows have hit meat supplies. First, there was a crisis at Daybreak Foods, one of South Africa's largest integrated poultry producers, which has entered business rescue after being forced to cull 350 000 starving chicks. ALSO READ: Tiger Brands to make interim advance payments to listeriosis victims as class action continues Then came the news this week that foot-and-mouth disease had been detected at a Gauteng feedlot owned by Karan Beef. Prinsloo reckons all of this combined can lead to hikes in the price of meat across all categories and, because the cheaper processed meats rely on MDM, it could be the poor who are hardest hit. The meat industry, along with farmers' groups, are upset at the government, specifically for its inaction. The concern among farmer's organisations is that the authorities did not act quickly enough to contain the foot-and-mouth outbreak, with the result that many cattle farmers could face financial ruin as they will be banned from moving or selling their stock. The meat industry wants the government to immediately amend the Brazilian import ban so that it applies to only those areas in that country actually affected by bird flu. Unless urgent action is taken, we face a cold, hungry winter. NOW READ: Soweto's smoked meat master makes waves
The Citizen
4 days ago
- The Citizen
Look north for affordable Cape Town property under R1m
While much is made of the high property prices in Cape Town, there are in fact still many areas where you can purchase below R1m. Properties below R1.21m are also exempt from transfer duty, thus providing a considerable saving, especially for first home buyers, according to the Seeff Property Group. The northern suburbs of Cape Town is a great area to look for affordability, says Susan McCarthy, manager for Seeff Brackenfell. These neighbourhoods offer good access to transport networks, schools, and general amenities. This combines with the affordability factor, making it easier for first time buyers to get onto the property ladder, securing their own home, and building wealth. If at a later stage they need to move on to a bigger property, it always leaves the option to retain the property as an investment, given the high demand for rentals, or they could sell it at a profit to use as a deposit for their next property purchase. She says neighbourhoods such as Kraaifontein and Kuils River are a good choice for good value as you can find sectional title property in the R700,000 to R1.2m price range. In Eerste River for example, the new Chardonnay Court offers two bedroomed units with modern finishes, a solar geyser, private outdoor braai area, and a parking bay for just R949,900. It is also a neighbourhood with good amenities and access to major routes with transport such as buses, taxis, and a train station on hand. There are schools, shopping centres, medical care, places of worship, a police station, sport grounds and more. The area is popular with first-time buyers. Lightstone data shows that 37% of recent buyers are under 35-years, and a further 44% between 36-49 years. Property values increased by around 70% over the last ten years, with a significant growth spurt during the high-demand Covid boom period, thus making these a good investment. She says they are also great for rental investments. Overall, first home buyers make up a considerable portion of total home sales across the country. According to mortgage originator, ooba, there has been a slight uptick in first-time buying in the first quarter, accounting for some 46.5% of home loan applications. The survey also shows that favourable mortgage lending conditions continue to support first-time buyers, and most banks still offer full bonds to qualifying buyers, depending on the property. Young buyers are not only purchasing for their own use, but there is a growing appetite to invest in property for the rental market. Ooba for example also reported a significant rise in investment property applications from younger buyers, rising from around 3% in 2019 to 9% last year. Issued by Gina Meintjes
