Latest news with #AG
USA Today
an hour ago
- USA Today
Beloved lion killed by trophy hunter in alleged ‘unethical' hunt
A beloved lion named Blondie in Zimbabwe was killed by an American trophy hunter whose professional guide claims the hunt in the last week of June was "conducted legally and ethically." However, others allege the well-known lion was lured out of Hwange National Park and its protective zone where wildlife photographers helped make Blondie a household name in the park. Africa Geographic, which sponsored the GPS collar on Blondie, reported that 'despite wearing a conspicuous research collar and being younger than the recommended minimum hunting age of six years, this young lion was lured out of a photographic concession and killed in what many are calling a deeply unethical hunt.' Africa Geographic also reported that sources say the hunt took place legally with all required permitting in place, and the professional guide is allegedly a member of the Zimbabwe Professional Guides Association. One source told Africa Geographic that Blondie was 5 years, 3 months old and was the dominant male of a pride that included three adult females and 10 cubs. Zimbabwe hunting regulations mandates a minimum age of 6 years for lions trophy hunted, with hunts to focus on mature, non-pride males. 'According to reports from operators in the area, Blondie was last seen in his core range in June 2025,' Africa Geographic stated. 'Observations suggest that he was baited out of the photographic concession over a period of several weeks and lured into the hunting area, where he was subsequently shot. The entire pride reportedly followed him during this period. 'There are concerns that the Professional Hunter [i.e. the guide] involved in the hunt was aware that Blondie was collared and that he had dependent cubs. It has been reported that, two weeks prior to the hunt, the hunter confirmed seeing Blondie with cubs and lionesses. When approached by AG for his side of the story, the PH declined to comment, other than to say that the hunt was 'conducted legally and ethically.'' LionExpose, which investigates and exposes wildlife exploitation and abuse, on Facebook claimed Blondie was lured and baited intentionally. It named the hunter, the guide and guide service, and the owner of the land on which the lion was shot. 'As the sponsor of Blondie's research collar, we are dismayed and angered by this development,' Africa Geographic CEO Simon Espley said. 'That Blondie's prominent collar did not prevent him from being offered to a hunting client, confirms the stark reality that no lion is safe from trophy hunting guns. He was a breeding male in his prime, making a mockery of the ethics that ZPGA regularly espouses and the repeated claims that trophy hunters only target old, non-breeding males.' Also on FTW Outdoors: Covert operation uncovers illegal activities by fisherman The incident is reminiscent of Cecil the lion, who was said to have been lured out of the protected area of Hwange National Park and was then shot and killed with a compound bow by an American trophy hunter. Walter Palmer, a dentist, reportedly paid $50,000 to a Zimbabwean professional hunter/guide for the hunt. The hunter was never charged, but two Zimbabweans involved in the hunt were briefly arrested, though charges were eventually dismissed. Cecil, 13 years old at the time of his death in 2015, was well known in the park and generated thousands of dollars in revenue from wildlife photographers. He wore a GPS collar and was identified by his black-fringed mane. Cecil's death gained international attention, and as a result of the negative fallout, it was reported that significantly fewer hunters came to Zimbabwe in the months that followed. The Telegraph reported that the 'Cecil effect' left the park at risk of having to cull 200 lions due to an overpopulation of lions. Photos of Blondie by Owen Grobler of Searching for Spots used by permission.
Yahoo
9 hours ago
- Business
- Yahoo
Resilience under pressure: Iran's leasing sector faces war, sanctions, and inflation
Iran's economy faces a turbulent path ahead in the aftermath of a 12-day war with Israel, compounding the pressure of longstanding Western sanctions, soaring inflation, and a deeply devalued currency. The conflict, which began on June 13 with Israeli airstrikes targeting senior military officials and nuclear scientists, escalated when the United States launched its own strikes on Iran's nuclear facilities. Although a ceasefire was reached on 24 June, the economic fallout is already being felt. Iran's projected economic growth has plummeted from 3.5% in 2024 to a forecast of just 0.3% for 2025, according to the International Monetary Fund. Inflation is expected to surge to 43.3% this year, and the Iranian rial continues to weaken sharply, particularly following renewed US sanctions. Against this backdrop of heightened economic and geopolitical uncertainty, Leasing Life spoke with Mohammad Hadi Moghaei, a key figure in Iran's leasing industry. With nine years of experience as Secretary General of both the Iranian Leasing Companies Association and the National Leasing Association of Iran (a post he held until July 2021), Moghaei is now CEO of Razi Leasing Company — a member of the National Leasing Association. He is also an active member of the Money and Capital Market Commission at the Tehran Chamber of Commerce. Alejandro Gonzalez (AG), the editor of Leasing Life, spoke to Moghaei (MHM) to understand how Iran's leasing sector is adapting to ongoing economic pressures. AG: During the recent 12-day conflict with Israel, several major cities saw residents evacuating due to airstrikes and safety concerns. Could you share how this affected you? MHM: Before addressing your questions, I'd like to express my gratitude to you, Leasing Life and your editorial team. The 12-day war came as a shock to many of us. The conditions didn't seem to point toward imminent conflict, so when it happened, it felt abrupt — almost surreal. It was an imposed situation that none of us had anticipated, and the initial reaction was disbelief, confusion, and concern. War, no matter where it happens, brings with it both visible destruction and invisible wounds — mental and emotional stress that can deeply affect people and businesses alike. As someone involved in economic activity, my first thoughts were not only for personal safety but for the sustainability of our business operations and the well-being of our teams. During those days, many companies temporarily shut down to protect their employees. While evacuations were limited, some residents, especially in Tehran, chose to leave for nearby cities, though most returned after a few days as the situation stabilised. Fortunately, business activity began to resume shortly after the ceasefire, and markets are gradually returning to a state of normalcy. However, the war has left a lasting impression. Personally, it made me more aware of the types of risks we've often overlooked — geopolitical and regional conflict being one of them. It's clear now that we in the Middle East must expand our risk assessments to include such scenarios. As business leaders, we need to be more proactive in designing strategies to mitigate these evolving risks. The experience has been a wake-up call — a reminder that resilience today also means preparing for the unthinkable. AG: What has been the general sentiment among leasing companies in recent months, especially with the intensifying geopolitical tensions? MHM: The prevailing sentiment has been one of deep unease — an overall sense that we've entered into a situation we neither expected nor desired. The uncertainty surrounding the possibility of war escalating or recurring has created anxiety at every level of the leasing sector. Employees are naturally worried about job security. Managers are under pressure, concerned about how to adjust business strategies and operations that were carefully planned under entirely different assumptions. Shareholders, meanwhile, are watching market values decline and facing the risk of financial losses. And perhaps most critically for our industry, there is a growing fear around rising default rates, as both individuals and businesses struggle to maintain their financial obligations under such strained conditions. Confidence in the short term is understandably shaken, but there's a collective effort to adapt and safeguard operations as best as possible. AG: Sanctions have impacted Iran for over a decade. From your perspective, how have 14 years of restrictions shaped the leasing sector's role in supporting SMEs, and what long-term effects are you now seeing? MHM: While sanctions are often described in terms of the past decade, the truth is that Iran has lived under various forms of sanctions for over 30 years. What we are witnessing now is the cumulative impact of those restrictions, which are becoming more visible and more deeply entrenched over time. During the sanctions period, leasing companies saw increased demand, particularly for credit-based purchases and rentals. This demand, however, was not as diverse or balanced as we would have liked. It was largely concentrated in consumer goods — such as household appliances, computers, digital products, and personal vehicles — rather than in the types of equipment and infrastructure that small and medium-sized enterprises (SMEs) truly need to grow and thrive. One major challenge is that Iranian leasing companies are not permitted to provide working capital. Our role is limited to financing high-value assets, meaning SMEs looking for flexible credit lines or operational funding often fall outside our scope. This creates a mismatch between what the sector can offer and what SMEs actually require. There's also a broader issue at play. In many countries, SMEs struggle to attract financing unless they already have strong credit histories or substantial collateral. As the old saying goes: 'Those who have credit, get credit.' But that leaves us with a critical question — what about those who don't? This is where alternative finance models, like crowdfunding and inclusive financial platforms, have started to emerge, both globally and in Iran. I believe leasing companies can and should become instruments of financial inclusion, helping bridge the gap for underbanked businesses. Unfortunately, the lack of enabling legal frameworks, infrastructure, and public awareness has slowed this progress in Iran. If we want leasing to play a more transformative role, especially for SMEs, we must invest in building the necessary ecosystem: clear regulations, risk-sharing mechanisms, digital infrastructure, and a shift in how leasing is understood by the market. AG: The transport sector appears to have been hit hard recently, with nationwide lorry drivers' strikes (22 May to 4 June), and the explosion and fire earlier at Bandar Abbas port (26 April). How significantly are leasing companies exposed to the disruptions in logistics and transportation infrastructure? MHM: The recent truck drivers' strikes were relatively short-lived and did not cause significant disruption to business activity. Similarly, the fire at Bandar Abbas port, while concerning, did not occur in the area handling imported consumer goods, so the broader impact on domestic supply chains was limited. [The Iranian authorities said the explosion was caused by "hazardous goods and chemical materials" stored in the port]. That said, the incident did briefly affect the internal transit of goods within the country. However, I would like to address another deeper point that is hidden in your question — the limited role leasing companies currently play in Iran's transport and logistics sectors. The share of leasing contracts used to finance equipment for ports, road freight, and rail transport is minimal. In some segments, like rail, leasing plays virtually no role at all. This is largely because Iran's asset financing model remains heavily bank-centric. Banks provide loans for large-scale transportation assets, but typically only for a small portion of the purchase price. Leasing companies, constrained by their limited access to capital and relatively low market penetration in fixed asset finance, are unable to compete in this space effectively. As a result, disruptions in the transport and logistics sectors — while important to the economy as a whole — have little direct impact on the leasing industry. The exposure is minimal simply because leasing hasn't yet been integrated meaningfully into the financing of infrastructure or heavy transportation assets. To change this, Iran would need a more diversified and supportive financial ecosystem — one where leasing can complement bank financing, particularly in capital-intensive sectors like transport and logistics. AG: With the annual inflation rate expected to surpass 43% and the rial's devaluation continuing, how are leasing companies' currency risks, and what portion of them do you consider vulnerable to further depreciation? MHM: Iranian leasing companies face limited direct exposure to currency risk, primarily because sanctions have severely restricted their ability to engage in cross-border leasing or hold foreign currency assets and liabilities. Regulatory constraints further prevent them from importing equipment to meet customer demand. That said, there's an important missed opportunity: if leasing companies were allowed to import machinery or equipment, they could potentially benefit from inflation and currency devaluation by offering credit-based sales or rentals, generating strong returns on financed assets. But under current conditions, their role remains domestically confined, and thus only indirectly affected by exchange rate volatility. AG. Given the current climate of deep economic uncertainty, how is the leasing sector adapting to ensure the continued financing of essential assets? Is asset diversification and alignment with central bank policy proving critical for leasing companies' resilience? MHM: Business continuity is inversely related to uncertainty — the more unpredictable the environment, the harder it becomes to plan or sustain operations. In Iran, the only real constant in recent years has been rising inflation and a weakening currency. In this climate, leasing companies are adapting by prioritising short-term contracts, liquid assets, and low-risk clients backed by strong collateral. However, this risk-averse approach often clashes with customer behaviour: in uncertain economies, clients seek capital assets, longer-term agreements, and often avoid providing substantial collateral. This creates a difficult balancing act. Interestingly, demand for certain assets — like cars — has increased, not for usage but as a hedge against inflation. Customers are turning to leasing as a way to preserve the value of their money, expecting that the market value of the asset will exceed its book value even after depreciation. This is in contrast to non-inflationary economies, where leasing is primarily used for cash flow management and operational efficiency. Another challenge is the lack of contract diversity in Iran. Currently, most leasing contracts follow a lease-to-own model, where ownership transfers to the lessee at the end. In an inflationary environment, this model benefits the lessee, while operating leases — which leave the asset with the lessor — are more advantageous to leasing companies. Yet, such options are limited by regulation. To build resilience, greater alignment with the Central Bank is essential. This means creating flexibility in contract types, pricing structures, asset categories, and delivery mechanisms. The leasing industry needs regulatory support that reflects market realities and allows it to adapt to shifting demand. AG: What is the role of digital transformation in the Iranian leasing industry? MHM: This is a very important question, but before diving into the state of digital transformation in Iran's leasing industry, I want to briefly reflect on something that had a strong personal impact on me. In July 2022, Bill F. Stephenson, now CEO of PEAC Solutions and formerly CEO of DLL, spoke about his desire to create one of the world's largest independent asset finance providers. Stephenson was clear — the future of leasing lies in moving away from dependence on banks and toward a model focused on the asset lifecycle, value-added services, and pay-per-use. That message sparked something in me. It made me realise that digital transformation isn't just about automating existing processes — it's about rethinking the entire business model. And if Stephenson was embracing this shift at 70, I told myself I could do the same at 60, my current age. In Iran, digital transformation has so far been limited. Most efforts have focused on process digitisation — online forms, faster onboarding, small-ticket consumer financing. Banks led the way, and leasing companies followed, but only in areas like household goods and electronics. Sectors like vehicles, machinery, and industrial equipment have seen limited innovation. That's now beginning to change. Personally, I've started building a platform to support digital leasing in these more complex areas — one that connects lessors, customers, and sellers in a scalable, efficient ecosystem. Our goal is to create not just a digital process, but a digitally enabled leasing model that supports long-term asset use, customer value, and financial inclusion. From revolution to pandemic: Iran's path to leasing Where are the global Islamic finance hubs? "Resilience under pressure: Iran's leasing sector faces war, sanctions, and inflation" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
Resilience under pressure: Iran's leasing sector faces war, sanctions, and inflation
Iran's economy faces a turbulent path ahead in the aftermath of a 12-day war with Israel, compounding the pressure of longstanding Western sanctions, soaring inflation, and a deeply devalued currency. The conflict, which began on June 13 with Israeli airstrikes targeting senior military officials and nuclear scientists, escalated when the United States launched its own strikes on Iran's nuclear facilities. Although a ceasefire was reached on 24 June, the economic fallout is already being felt. Iran's projected economic growth has plummeted from 3.5% in 2024 to a forecast of just 0.3% for 2025, according to the International Monetary Fund. Inflation is expected to surge to 43.3% this year, and the Iranian rial continues to weaken sharply, particularly following renewed US sanctions. Against this backdrop of heightened economic and geopolitical uncertainty, Leasing Life spoke with Mohammad Hadi Moghaei, a key figure in Iran's leasing industry. With nine years of experience as Secretary General of both the Iranian Leasing Companies Association and the National Leasing Association of Iran (a post he held until July 2021), Moghaei is now CEO of Razi Leasing Company — a member of the National Leasing Association. He is also an active member of the Money and Capital Market Commission at the Tehran Chamber of Commerce. Alejandro Gonzalez (AG), the editor of Leasing Life, spoke to Moghaei (MHM) to understand how Iran's leasing sector is adapting to ongoing economic pressures. AG: During the recent 12-day conflict with Israel, several major cities saw residents evacuating due to airstrikes and safety concerns. Could you share how this affected you? MHM: Before addressing your questions, I'd like to express my gratitude to you, Leasing Life and your editorial team. The 12-day war came as a shock to many of us. The conditions didn't seem to point toward imminent conflict, so when it happened, it felt abrupt — almost surreal. It was an imposed situation that none of us had anticipated, and the initial reaction was disbelief, confusion, and concern. War, no matter where it happens, brings with it both visible destruction and invisible wounds — mental and emotional stress that can deeply affect people and businesses alike. As someone involved in economic activity, my first thoughts were not only for personal safety but for the sustainability of our business operations and the well-being of our teams. During those days, many companies temporarily shut down to protect their employees. While evacuations were limited, some residents, especially in Tehran, chose to leave for nearby cities, though most returned after a few days as the situation stabilised. Fortunately, business activity began to resume shortly after the ceasefire, and markets are gradually returning to a state of normalcy. However, the war has left a lasting impression. Personally, it made me more aware of the types of risks we've often overlooked — geopolitical and regional conflict being one of them. It's clear now that we in the Middle East must expand our risk assessments to include such scenarios. As business leaders, we need to be more proactive in designing strategies to mitigate these evolving risks. The experience has been a wake-up call — a reminder that resilience today also means preparing for the unthinkable. AG: What has been the general sentiment among leasing companies in recent months, especially with the intensifying geopolitical tensions? MHM: The prevailing sentiment has been one of deep unease — an overall sense that we've entered into a situation we neither expected nor desired. The uncertainty surrounding the possibility of war escalating or recurring has created anxiety at every level of the leasing sector. Employees are naturally worried about job security. Managers are under pressure, concerned about how to adjust business strategies and operations that were carefully planned under entirely different assumptions. Shareholders, meanwhile, are watching market values decline and facing the risk of financial losses. And perhaps most critically for our industry, there is a growing fear around rising default rates, as both individuals and businesses struggle to maintain their financial obligations under such strained conditions. Confidence in the short term is understandably shaken, but there's a collective effort to adapt and safeguard operations as best as possible. AG: Sanctions have impacted Iran for over a decade. From your perspective, how have 14 years of restrictions shaped the leasing sector's role in supporting SMEs, and what long-term effects are you now seeing? MHM: While sanctions are often described in terms of the past decade, the truth is that Iran has lived under various forms of sanctions for over 30 years. What we are witnessing now is the cumulative impact of those restrictions, which are becoming more visible and more deeply entrenched over time. During the sanctions period, leasing companies saw increased demand, particularly for credit-based purchases and rentals. This demand, however, was not as diverse or balanced as we would have liked. It was largely concentrated in consumer goods — such as household appliances, computers, digital products, and personal vehicles — rather than in the types of equipment and infrastructure that small and medium-sized enterprises (SMEs) truly need to grow and thrive. One major challenge is that Iranian leasing companies are not permitted to provide working capital. Our role is limited to financing high-value assets, meaning SMEs looking for flexible credit lines or operational funding often fall outside our scope. This creates a mismatch between what the sector can offer and what SMEs actually require. There's also a broader issue at play. In many countries, SMEs struggle to attract financing unless they already have strong credit histories or substantial collateral. As the old saying goes: 'Those who have credit, get credit.' But that leaves us with a critical question — what about those who don't? This is where alternative finance models, like crowdfunding and inclusive financial platforms, have started to emerge, both globally and in Iran. I believe leasing companies can and should become instruments of financial inclusion, helping bridge the gap for underbanked businesses. Unfortunately, the lack of enabling legal frameworks, infrastructure, and public awareness has slowed this progress in Iran. If we want leasing to play a more transformative role, especially for SMEs, we must invest in building the necessary ecosystem: clear regulations, risk-sharing mechanisms, digital infrastructure, and a shift in how leasing is understood by the market. AG: The transport sector appears to have been hit hard recently, with nationwide lorry drivers' strikes (22 May to 4 June), and the explosion and fire earlier at Bandar Abbas port (26 April). How significantly are leasing companies exposed to the disruptions in logistics and transportation infrastructure? MHM: The recent truck drivers' strikes were relatively short-lived and did not cause significant disruption to business activity. Similarly, the fire at Bandar Abbas port, while concerning, did not occur in the area handling imported consumer goods, so the broader impact on domestic supply chains was limited. [The Iranian authorities said the explosion was caused by "hazardous goods and chemical materials" stored in the port]. That said, the incident did briefly affect the internal transit of goods within the country. However, I would like to address another deeper point that is hidden in your question — the limited role leasing companies currently play in Iran's transport and logistics sectors. The share of leasing contracts used to finance equipment for ports, road freight, and rail transport is minimal. In some segments, like rail, leasing plays virtually no role at all. This is largely because Iran's asset financing model remains heavily bank-centric. Banks provide loans for large-scale transportation assets, but typically only for a small portion of the purchase price. Leasing companies, constrained by their limited access to capital and relatively low market penetration in fixed asset finance, are unable to compete in this space effectively. As a result, disruptions in the transport and logistics sectors — while important to the economy as a whole — have little direct impact on the leasing industry. The exposure is minimal simply because leasing hasn't yet been integrated meaningfully into the financing of infrastructure or heavy transportation assets. To change this, Iran would need a more diversified and supportive financial ecosystem — one where leasing can complement bank financing, particularly in capital-intensive sectors like transport and logistics. AG: With the annual inflation rate expected to surpass 43% and the rial's devaluation continuing, how are leasing companies' currency risks, and what portion of them do you consider vulnerable to further depreciation? MHM: Iranian leasing companies face limited direct exposure to currency risk, primarily because sanctions have severely restricted their ability to engage in cross-border leasing or hold foreign currency assets and liabilities. Regulatory constraints further prevent them from importing equipment to meet customer demand. That said, there's an important missed opportunity: if leasing companies were allowed to import machinery or equipment, they could potentially benefit from inflation and currency devaluation by offering credit-based sales or rentals, generating strong returns on financed assets. But under current conditions, their role remains domestically confined, and thus only indirectly affected by exchange rate volatility. AG. Given the current climate of deep economic uncertainty, how is the leasing sector adapting to ensure the continued financing of essential assets? Is asset diversification and alignment with central bank policy proving critical for leasing companies' resilience? MHM: Business continuity is inversely related to uncertainty — the more unpredictable the environment, the harder it becomes to plan or sustain operations. In Iran, the only real constant in recent years has been rising inflation and a weakening currency. In this climate, leasing companies are adapting by prioritising short-term contracts, liquid assets, and low-risk clients backed by strong collateral. However, this risk-averse approach often clashes with customer behaviour: in uncertain economies, clients seek capital assets, longer-term agreements, and often avoid providing substantial collateral. This creates a difficult balancing act. Interestingly, demand for certain assets — like cars — has increased, not for usage but as a hedge against inflation. Customers are turning to leasing as a way to preserve the value of their money, expecting that the market value of the asset will exceed its book value even after depreciation. This is in contrast to non-inflationary economies, where leasing is primarily used for cash flow management and operational efficiency. Another challenge is the lack of contract diversity in Iran. Currently, most leasing contracts follow a lease-to-own model, where ownership transfers to the lessee at the end. In an inflationary environment, this model benefits the lessee, while operating leases — which leave the asset with the lessor — are more advantageous to leasing companies. Yet, such options are limited by regulation. To build resilience, greater alignment with the Central Bank is essential. This means creating flexibility in contract types, pricing structures, asset categories, and delivery mechanisms. The leasing industry needs regulatory support that reflects market realities and allows it to adapt to shifting demand. AG: What is the role of digital transformation in the Iranian leasing industry? MHM: This is a very important question, but before diving into the state of digital transformation in Iran's leasing industry, I want to briefly reflect on something that had a strong personal impact on me. In July 2022, Bill F. Stephenson, now CEO of PEAC Solutions and formerly CEO of DLL, spoke about his desire to create one of the world's largest independent asset finance providers. Stephenson was clear — the future of leasing lies in moving away from dependence on banks and toward a model focused on the asset lifecycle, value-added services, and pay-per-use. That message sparked something in me. It made me realise that digital transformation isn't just about automating existing processes — it's about rethinking the entire business model. And if Stephenson was embracing this shift at 70, I told myself I could do the same at 60, my current age. In Iran, digital transformation has so far been limited. Most efforts have focused on process digitisation — online forms, faster onboarding, small-ticket consumer financing. Banks led the way, and leasing companies followed, but only in areas like household goods and electronics. Sectors like vehicles, machinery, and industrial equipment have seen limited innovation. That's now beginning to change. Personally, I've started building a platform to support digital leasing in these more complex areas — one that connects lessors, customers, and sellers in a scalable, efficient ecosystem. Our goal is to create not just a digital process, but a digitally enabled leasing model that supports long-term asset use, customer value, and financial inclusion. From revolution to pandemic: Iran's path to leasing Where are the global Islamic finance hubs? "Resilience under pressure: Iran's leasing sector faces war, sanctions, and inflation" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
TimesLIVE
3 days ago
- Business
- TimesLIVE
Auditor-general demands action from KZN Cogta MEC in troubled uMkhanyakude municipality
Auditor-general Tsakani Maluleke has instructed KwaZulu-Natal Cogta MEC Thulasizwe Buthelezi to intervene in the trouble-torn uMkhanyakude district municipality. Buthelezi, an IFP deployee in the provincial legislature, and ANC-led uMkhanyakude officials are at loggerheads over the provincial cabinet's decision to place the council under administration. uMkhanyakude officials are resisting the decision, saying it is politically motivated. They have since taken Buthelezi to court over the matter. Earlier this month, Buthelezi was forced to announce that the municipality had been placed under administration at the entrance of the council offices after he was denied entry. On Sunday, Buthelezi said he had received formal correspondence from Maluleke instructing him to intervene in uMkhanyakude. 'The auditor-general has requested that I intervene in the uMkhanyakude district municipality due to the municipality's consistent failure to address material findings. These findings stem from the municipality's inability to implement a credit and debt collection policy, as required by section 62(1)(f) (ii) of the Municipal Finance Management Act (MFMA),' said Buthelezi. A material irregularity is defined in the Public Audit Act (PAA), as 'any noncompliance with, or contravention of, legislation, fraud, theft or a breach of a fiduciary duty identified during an audit performed under this act that resulted in or is likely to result in a material financial loss, the misuse or loss of a material public resource or substantial harm to a public sector institution or the public'. In the correspondence, Maluleke highlighted that 'The failure of the municipality to implement the municipality's credit and debt collection policy for a number of years and to take reasonable steps to recover outstanding debt from consumers is likely to result in a material financial loss for the municipality'. The AG further stated that: 'The failure of the accounting officer to take appropriate actions to address the material irregularity led to a decision by the AGSA's material irregularity committee, duly delegated, to approve reporting in the audit report of the municipality on the material irregularity with recommendations, as provided for in section 20(4) of the PAA, read with regulation 4(3) of the MI regulations on the steps the accounting officer should take to address the material irregularity within a stipulated period in the audit report.' Buthelezi said he was aware of the grave nature of the issues raised by Maluleke, which were emphasised during a meeting with the AG on July 23. He said he was committed to acting in the interest of the residents of the uMkhanyakude district. 'These residents bear the brunt of failed service delivery due to a lack of governance, financial, and consequence management measures within the district,' he said, adding that the AG has requested a formal report from him by August 15.
Bloomberg
5 days ago
- Business
- Bloomberg
Bankers Prep Up To €2 Billion Debt for DSM Animal Nutrition Unit
Bankers are willing to lend up to €2 billion ($2.3 billion) for DSM-Firmenicgh AG's animal nutrition and health business, as the sale process draws closer to a conclusion. Final bids for the unit are expected this month, according to people familiar with the matter, who asked not to be identified because the talks are private. Bankers are working out how much debt could be made available to back a bid, they added.
