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The Citizen
25-07-2025
- Business
- The Citizen
How FlySafair echoes the Argus foreign investment failure
As profits head to Ireland and workers protest, the Safair saga reveals hard truths about foreign investment. The Western capitalist fan club forever warns that this or that transgression will deter foreign investment… and the government in particular is expected not to annoy the Godlike 'foreign investor'. But, as in the fable of The Emperor has no clothes, few people look beyond the rhetoric to point out that, on occasions, the foreign investment emperor's raiments are, at the least, looking a bit threadbare. A case in point was the acquisition, back in the mid1990s, of the then Argus newspaper company in South Africa by Tony O'Reilly's Independent group from Ireland. The SA company was bought at better than a firesale price – because the Irish company used the then 'financial rand' mechanism and there was general fear about the future of a newly democratic South Africa. By the time the company was sold to Iqbal Survé in 2014, it had funnelled billions of rands back to Ireland, in profits – many times what was paid for the company. ALSO READ: FlySafair under fire for offshore payouts amid staff wage freezes But, this foreign investment also cost two-thirds of the employees of the Argus company their jobs, as the Irish applied swingeing cost-cutting. That little exercise in foreign investment was actually a bottom-line loss to South Africa, in terms of precious foreign exchange and something over 2 000 jobs. We are wondering if there is not a similar – also Irish-linked – phenomenon under way at the moment with Safair, the company which operates low-cost carrier FlySafair. As some of its pilots continue their strike for better conditions and pay, it has been revealed that the company transferred more than R1.3 billion to its shareholders in Ireland in the past three years. As the money funnel was opened, the airline told the world it was financially strapped and employees that there wasn't enough money for decent increases. ALSO READ: Rostering issue at heart of pilot strike, says Solidarity Mind you, business doesn't have a conscience, does it?
Irish Post
22-04-2025
- Business
- Irish Post
Peel Ports Group appoints five Irish firms in major infrastructure deal
PEEL Ports Group, the UK's second-largest port operator, has appointed 18 contractors to deliver infrastructure works across its UK and Irish port portfolio for up to eight years — with five Irish or Irish-linked companies making the cut. The firms include Charles Brand, a Belfast-based civil engineering specialist known for marine works, dredging, and harbour development; and J Murphy & Sons, a company with historical roots in Ireland and active operations in Dublin, which specialises in tunnelling, rail, and utility infrastructure. John Graham Construction, part of the Co. Down-headquartered GRAHAM Group, is also on the list. The firm has a track record in delivering large-scale transport, marine, and civil engineering projects. Also included is Lagan Aviation & Infrastructure, part of Belfast's Lagan Group, which typically undertakes airport runways, marine infrastructure, and heavy civils work. Completing the Irish contingent is McLaughlin & Harvey, a longstanding player with offices in both Belfast and Glasgow, and a portfolio that spans marine works, port upgrades, and large-scale logistics infrastructure. Peel Ports says the framework will support a broad range of construction and engineering works across its entire estate — including Liverpool, Heysham, the Manchester Ship Canal, London Medway, Clydeport, Great Yarmouth and Dublin Port. The appointment signals a significant opening for Irish civil engineering firms to expand their presence in key logistics hubs across these islands. On announcing the appointments, Lewis McIntyre, Managing Director – Port Services at Peel Ports Group, stated: 'We're pleased to announce the 18 contractors who have been selected to carry out this important work across our ports in the UK and Ireland. This rigorous procurement process has allowed us to select the very best regional and national partners, who will support the ongoing development of our network of logistics hubs.' The total value of the Peel Ports Group construction framework is confirmed to be up to £750 million. The engineering works range from specialist marine infrastructure — including piling, quay walls, berthing structures, lock maintenance, and RoRo facilities — to supporting services such as drainage, road and car park construction, earthworks, ground remediation, and warehouse construction and maintenance.
