Latest news with #CapeTown-based
Mint
7 hours ago
- Business
- Mint
Prosus Chief Investment Officer Ervin Tu to Step Down
(Bloomberg) -- Prosus NV's President and Chief Investment Officer Ervin Tu will step down from his role after a nearly four-year tenure during which the South African-Dutch tech investment company restructured itself and appointed a new chief executive officer. Tu, who joined in August 2021, will stay on as an adviser, the company said in a statement on Tuesday. He had served as acting CEO before the appointment of Fabricio Bloisi last year. 'I've accomplished what I wanted to achieve, and the group is in very good hands,' Tu, 49, said in the statement. Tu had taken on the interim CEO role after Bob van Dijk stepped down in 2023, and was part of the team that attempted to simplify the group's complex ownership structure and reignite growth in its core business. The Amsterdam-based technology investor is majority-owned by Cape Town-based Naspers Ltd., which had spun off and listed Prosus in 2019, maintaining the same management team across both groups. Naspers was an early investor in Chinese internet giant Tencent Holdings Ltd., and as the Tencent holding ballooned in value over the years, the investment distorted Naspers's share price. The split, giving Prosus control over the Tencent stake and the group's other technology investments, was an attempt to address that. Bloisi was appointed to the CEO role for both companies in 2024, joining from a Prosus portfolio company — Brazilian delivery business iFood. He will earn a $100 million bonus if he can double Prosus's market value by the end of June 2028 and maintain it for another year. Under Bloisi, the company is expanding through deals including the €4.1 billion ($4.7 billion) acquisition of Just Eat NV and a $1.7 billion deal for online travel agency Corp. Prosus's shares have gained 36% since July 1. --With assistance from Rene Vollgraaff. (Updates with additional details throughout) More stories like this are available on
IOL News
20 hours ago
- Business
- IOL News
How Western Cape is leading the charge in renewable energy
The Western Cape is positioning itself as a significant player in South Africa's renewable energy sector, as Premier Winde acknowledged the contributions of independent power producers (IPPs) such as Red Rocket to the province's energy resilience efforts. Premier Winde hosted Matteo Brambilla, CEO of Cape Town-based energy firm Red Rocket, during a special 'on-the-road' edition of the province's weekly energy digicon. The event was held at the company's head office, where Winde toured its state-of-the-art 'Command Centre', a digital hub that tracks real-time energy generation across Red Rocket's renewable projects stretching from the Western Cape to Uganda. Winde said the Western Cape Energy Resilience Programme aims to support the private sector and municipalities in generating a reliable and affordable supply of energy.
IOL News
a day ago
- Business
- IOL News
The legacy facing NFVF's next CEO
Navigating Instability: The Future of the National Film & Video Foundation Image: Liam Daniel Industry insiders have warned that whoever steps into the role of CEO at the National Film & Video Foundation (NFVF) will be inheriting a legacy marred by allegations of corruption, mismanagement, and ongoing legal battles, raising questions about its future stability and credibility within the South African film industry. The NFVF's leadership cycle has spiralled into chaos in less than a year. Vincent Blennies, who was appointed as the CEO of the foundation just last week, has abruptly resigned, citing personal reasons. His departure comes less than a year after the resignation of his predecessor, Acting CEO Thobeka Mayinje, who left amid an investigation into multiple allegations. Sources within the organisation suggest that these upheavals are symptomatic of deeper, systemic issues. Earlier this year, reports by IOL revealed troubling allegations against the NFVF, including the improper appointment of council members without adequate consultation, the allocation of funds to individuals with internal connections, and allegations of conflicts of interest influencing project decisions. Industry players' calls to audit the foundation also intensified, with industry stakeholders demanding greater transparency and accountability. Despite these concerns, Skhumbuzo Mvelase, the foundation's council spokesperson, defended the organisation amid the resignation of the CEO. When questioned about the ongoing instability, Mvelase stated: 'The CEO, Mr Vincent Blennies, resigned for personal reasons. The council, which appoints the CEO, respects his decision.' However, sources within the NFVF warn that the next CEO will have to grapple with significant challenges. 'The next leader will inherit a foundation plagued by long-standing issues, including questions about governance, transparency, and the equitable distribution of funds,' said one insider. 'Rebuilding trust within the industry will be paramount.' On allegations of lack of adequate funding following reports of nepotism, Mvelase highlighted that the NFVF disbursed R132 million in April to support film production, festivals, and distribution initiatives and that current funding calls remain open for industry applicants. Industry voices echo this concern. Cape Town-based writer and director Weeam Williams expressed her apprehension. 'Any individual stepping into the CEO role will inherit substantial issues related to corruption, nepotism, and ongoing legal proceedings. 'This situation has caused deep frustration among filmmakers who feel excluded from decision-making processes. The structure of the NFVF needs a complete overhaul to restore credibility.' Williams added that industry stakeholders have repeatedly attempted to engage with the NFVF through mediation but have yet to receive a response. 'Our goal, through organisations like the African Film DAO, is to find an amicable resolution that promotes transparency, merit-based funding, and a truly representative governance structure,' she said. Following Blennies' resignation, the Foundation issued a statement confirming that he stepped down from his role as CEO on May 27, 2025, just a month after his appointment in April. 'Rest assured that we, as your Council, are addressing the matter with the Department of Sport, Arts, and Culture (DSAC) and continue to work towards ensuring stability and growth within our organisation. 'Council encourages staff to keep a positive outlook, despite our challenges, and rest assured that we will communicate all relevant updates timeously.'
Eyewitness News
a day ago
- Eyewitness News
Case against man who sent threats to Ramaphosa, Hill-Lewis postponed to verify addresses
CAPE TOWN - The case against a man accused of sending several threats to President Cyril Ramaphosa, Cape Town Mayor Geordin Hill-Lewis, and the CEO of a Cape Town-based company has been postponed to verify the accused's address. Philip Masango made his second court appearance in the Cape Town Magistrates Court on Monday. The 28-year-old was arrested in Germiston two weeks ago after the businesswoman reported the threats to police. He faces three counts of assault and five of violating the Cybercrimes Act. Masango's case was postponed to 9 June for investigators to confirm several addresses he provided the court. The addresses include properties in Germiston, Gauteng, and Sea Point, Cape Town. Masango also provided an address for the Church of Scientology in Cape Town. The church has distanced itself from him. He also claims to have leased a property at the V&A Waterfront, but the prosecution told the court that there was no record of this. Masango will be represented by a court-appointed lawyer when he returns to the stand next week.
IOL News
3 days ago
- Business
- IOL News
The merger of KZN's Gold Circle and Cape Racing has birthed Race Coast.
The merger of Gold Circle's operations in KwaZulu-Natal and Cape Racing from the Western Cape has given rise to an exciting new entity known as Race Coast. Founded under the auspices of the uMhlanga-based South African sports betting company Hollywoodbets, this collaboration has been met with resounding support from the nation's leading horse trainers, who believe it represents a bright future for the sport. Prominent South African champion trainer Justin Snaith, along with the globally-renowned horse racing ambassador Mike de Kock and accomplished trainer Dean Kannemeyer, have publicly endorsed Race Coast. Their collective enthusiasm highlights a refreshing wave of optimism within the racing community. The Cape Town-based Snaith emphasised that this initiative promises not only to elevate the standards of racing but also to foster a deeper connection between the sport and its fans. He reflected on the initial success in his province of a similar initiative, RaceCape, initiated by Cape Racing and Hollywoodbets. Snaith is celebrating a half-century of KZN winter season assaults for the famous family operation. His father Chris, still a key member of their team, first raided with a string from the Cape in 1975. 'That structure has proven a tremendous success! It has not only boosted ownership and field sizes in the Western Cape but has also provided trainers with additional funding to enhance their operations. "Now we mark the historic beginnings of Race Coast, which is another generous initiative by Hollywoodbets, aimed at promoting ownership in KwaZulu-Natal and the Cape while boosting the horse population,' said at the launch of Race Coast. Snaith reminded us of the past, recalling that many feared that horse racing in South Africa might not survive after the COVID-19 pandemic. 'However, the dedicated efforts of a few individuals have not only saved the sport but have also paved the way for an exciting future. It is a future that we can shape and reinvent, making it better for all stakeholders involved. "Race Coast marks the beginning of something special for the province and the future of horse racing in South Africa. On behalf of all our owners, staff, and horses, we want to express our sincere gratitude,' he concluded. Mike de Kock, hailed as one of the great trainers of his generation, echoed this sentiment. He expressed confidence that Race Coast would invigorate South African racing and attract a new generation of enthusiasts, emphasising the intrinsic value of promoting racing as both an entertainment platform and a cultural cornerstone. De Kock, who recently joined forces with his son Mathew in a training partnership, said: 'De Kock Racing has been around for a long time, but as a new training partnership, Mathew and I are excited to be involved with the innovators behind Race Coast. "We have already seen the evidence of their vision and commitment, and we have positioned ourselves to grow with them. We look forward to what the future holds.' Three-time Hollywoodbets Durban July winning trainer Kannemeyer said a refreshing wave of enthusiasm and hope have been felt tangibly in the horse racing fraternity. 'The improvement and upliftment have been in bricks and mortar, communication, and incentives and stakes across the spectrum in the Cape, and looking at the rejuvenated Hollywoodbets Greyville landscape. It is a revelation and a passion-driven work-in-progress, in simple terms," he said. "The Hollywoodbets Team have made a difference in a short time, and one gets a very warm feeling that the sport is in good hands. We are all united under the flag of future prosperity, and, on behalf of our owners and the DKR team, I extend sincere onward and upward best wishes to Race Coast.'
