Union Investment cuts TotalEnergies stake over East Africa allegations
Germany's Union Investment has dropped French oil major TotalEnergies from its sustainability funds and called for an independent human rights audit following fresh allegations of abuses at a $15bn (R268.66bn) project in East Africa.
The move by Union, a top-20 investor according to LSEG data, comes ahead of TotalEnergies' annual shareholder meeting on Friday and could potentially undermine its standing among investors focused on environmental, social and governance issues.
TotalEnergies denied the allegations made by non-profit Just Finance International (JFI) concerning the Kingfisher oil site in Uganda, part of the East African Crude Oil Pipeline (EACOP) project in which Total has a 62% stake.
A spokesperson for the oil major added it was in talks with Union Investment about its African projects.
Union declined to confirm the scale of its divestment. Data from industry tracker Morningstar Direct showed Union held around 50 million euros worth of TotalEnergies shares and bonds across its sustainable funds, and still holds a stake of around €900m (R18.28bn) across other funds.
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The Citizen
6 hours ago
- The Citizen
Africa Food Show: Tapping into the potential of the continent's food and beverage market
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Daily Maverick
a day ago
- Daily Maverick
Jacob Zuma's future looks rocky as court trial looms and MK woes heat up
The National Prosecuting Authority wants to get Jacob Zuma in the dock without further delay, and the former president must also contend with his political party once again being in turmoil. Hours after the High Court in Pietermaritzburg this week dismissed Jacob Zuma's application to have the Arms Deal charges against him thrown out, the former president held a media briefing to announce that his uMkhonto Wesizwe (MK) party had once again fired a secretary-general. This time, Floyd Shivambu was shown the door. The long-running Arms Deal case involving Zuma and French arms company Thales is set to proceed after Judge Nkosinathi Chili dismissed the two parties' application, which had been brought on the basis that they wouldn't receive a fair trial because the case had dragged on for decades and two witnesses, former Thales directors, had died. The judge said he was not persuaded by their arguments. National Prosecuting Authority (NPA) spokesperson Mthunzi Mhaga said the organisation had long believed that this was a 'rehearsed application' and felt vindicated by Judge Chili's decision. The NPA will now apply for the court to begin hearing evidence after the trial resumes in December, regardless of whether Zuma appeals against the decision. 'We hope that there will be no more interlocutory applications that will have an undesirable impact or effect of delaying the trial,' said Mhaga. 'We hope it resumes without any further delays.' Zuma and Thales face charges including corruption, racketeering, money laundering and fraud related to the 1999 Arms Deal. Zuma is accused of receiving payments totalling R4.1-million between 1995 and 2004 from his former financial adviser, Schabir Shaik, and his companies, allegedly to promote Thales' interests. Zuma has repeatedly challenged elements of the case, particularly the involvement of prosecutor Billy Downer, which has led to significant delays. Shivambu's axing Meanwhile, the revolving doors at Zuma's MK party, which he banded together from disgruntled members of the ANC, EFF and IFP, continue to spin. This latest decision to remove former EFF deputy president Floyd Shivambu from his position as secretary-general of the MK party leaves a key position vacant as the 2026 local government elections draw nearer. The role of the secretary-general in many a local political party is seen as crucial and powerful as this person is tasked with overseeing day-to-day operations and ensuring the smooth running of its internal machinery. In MK this position is now vacant after Shivambu recently visited fugitive pastor and self-proclaimed prophet Shepherd Bushiri in Malawi. The Enlightened Christian Gathering Church founder faces more than 350 criminal charges in South Africa including fraud, money laundering, racketeering and rape. Shivambu, who will be deployed to Parliament, insisted on an interview on SABC last week Zuma himself had approved the trip, but this was denied. Even now, Shivambu's reasons for the trip remain unclear. The visit violated MK's constitution, national chairperson Nkosinathi Nhleko said earlier this week. Some senior members of the party have argued that removing Shivambu was a calculated strategic decision. Others believe it was driven by tribal loyalties, and perhaps most significantly, some view it as part of a succession battle in the MK party. In his influential positions, first as national organiser and then as secretary-general of MK, Shivambu amassed considerable control over key aspects of the party, including political education, governance, building structures and party finances. 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Prior to the meetings, Zuma met allied traditional leaders, who expressed their views on who should take over the reins, endorsing Mfeka. Mfeka is a member of the Injeje yabeNguni Council, a traditional leadership body. Earlier this year, he resigned from both MK and his position in the KwaZulu-Natal legislature, citing a deviation from the party's founding principles and the sidelining of traditional leadership structures. Prior to his involvement with the MK party, Mfeka was associated with a Pan-Africanist civic group. He later endorsed the Mazibuye African Congress, a pro-Zuma political party. Mfeka was already receiving 'special treatment' as per Zuma's instructions, a source said. Traditional leader Prince Khulekani Dlomo said amakhosi (chiefs) hoped that talk of Mfeka's appointment would become a reality. 'We are in prayers as amakhosi for these murmurs to become a reality. We would be thankful if such a position was taken up by someone with royal blood.' Beyond Mfeka's roots, Dlomo said he was the man for the job, praising his character and commitment to traditional leadership. 'It would bring about much stability and respect in various structures and communities… He is a bright child, a very truthful and principled young man.' But, equally, there is a strong push to have Ndhlela, the nephew of former South African Revenue Service (SARS) commissioner Tom Moyane, take up the position. In 2016, amaBhungane broke a story revealing that a company controlled by Ndhlela had won a R2.2-billion tax collection contract from SARS that could net him around R220-million. Ndhlela has been MK's only national spokesperson since the party's launch. Considering the regular reshuffling, resignations and sackings taking place in MK, this is quite an achievement. For example, the positions of secretary-general and treasurer-general have been occupied by eight individuals in the space of a year. 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He will also have to work with the likes of Ndhlela and Zuma's daughter Duduzile Zuma-Sambudla, who are said to be part of a faction that believes high-profile members who came from the EFF and ANC and were parachuted into senior positions, including Shivambu, Dali Mpofu, Mzwanele Manyi and Willies Mchunu, are destroying what the 'December 2023 crew' had started. On one occasion, Zuma-Sambudla publicly insulted Shivambu, calling him 'useless' and 'the worst thing that happened to MK'. She was later forcedto apologise. Shivambu will also work closely with Colleen Makhubele, who was recently appointed as MK's chief whip. Though Shivambu is more seasoned in parliamentary affairs, Makhubele holds seniority in rank and now occupies one of the top leadership roles in the party's caucus. Before her parliamentary debut, Makhubele led the South African Rainbow Alliance, a fledgling political outfit she had founded in the run-up to the 2024 elections. Despite bold ambitions, it barely made a dent at the polls, securing only 12,450 votes nationwide – a mere 0.03% – and later joined the chorus of voices alleging the elections had been rigged. Beyond these challenges, Shivambu's return also carries the burden of unresolved tensions with former EFF colleagues and the need to prove his political relevance beyond his time in the red berets. His comeback could also revive old rivalries. DM This story first appeared in our weekly DM168 newspaper, available countrywide for R35.
eNCA
a day ago
- eNCA
EU states look to trim compensation for flight delays
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