Latest news with #LibertyGroup
IOL News
22-07-2025
- Business
- IOL News
City of Joburg must reassess Sandton City's R10bn market value, rules High Court
The Gauteng High Court, Johannesburg, has ruled that the City of Joburg must redetermine the value of the Sandton City shopping mall. Image: File The City of Joburg must conduct a new valuation of Sandton City following the Gauteng High Court in Johannesburg which set aside its determination of the country's fourth biggest shopping mall's more than R10.1 billion market value. Sandton City, which is owned by the Liberty Group and property investment company Pareto Limited, successfully challenged the municipality's valuation of the five plots of land of the nearly 137,000-square metre Sandton City, which includes a shopping centre, office blocks and a hotel. The owners of the mall objected to its valuation by the City of Joburg's municipal valuer Piet Eloff, who dismissed their objection and the Valuation Appeal Board also dismissed the appeal. In terms of the Municipal Property Rates Act (MPRA), the board is empowered to hear and decide appeals against the decisions of a municipal valuer concerning objections to matters reflected in, or omitted from the municipality's valuation roll in the area for which it was established. Liberty and Pareto approached the high court to review and set aside the board's February 2023 decision and have the matter adjudicated upon afresh by a differently constituted board. In their papers filed in court, the companies state that the board's determination of the market value of the property was irrational and consequently of no force and effect and that in making its determination, ignored the provisions of the MPRA. In addition, they argued that the board, in making its determination, valued the property as a group, placing a single value on the erven (plots of land) which comprised it and not on each of its individual components, thereby acting in contravention several sections of the MPRA - a contention the companies later abandoned. They also accused the board of betraying a bias adverse to the owners, thereby vitiating (invalidating) its determination. According to the municipality's former assistant municipal valuer, identified as HJP Fouche, he determined the market value of the property from an analysis of the income derived from properties comparable to it and then drawing the mean from that analysis. 'We use the provable method or the comparable method, meaning that we look at rentals that have been concluded and thus comparable to this property being valued and we use that market information to determine a rental range which we then apply to the property and obviously, this rental range was documented in the market report for the municipality,' he explained. Acting Judge Gerald Farber found that Fouche, in order to arrive at the market value of the property, used information embodied in the unregistered leases, which burdened the property. 'It is clear that the board accepted the evidence of Fouche without any proper analysis thereof … The board has fallen far short of its obligations to determine the matter so as to bring about fair administrative justice,' the acting judge stated. Acting Judge Farber upheld Liberty and Pareto's review and set aside the board's determination. The matter was remitted for hearing afresh to a differently constituted valuation appeal board of the City of Johannesburg. The costs of the review proceedings are to be paid by the first, second and third respondents (board, municipal valuer Piet Eloff and Fouche), jointly and severally, the one paying the other to be absolved, read the judgment handed down on July 4. The city has chosen to abide the judgment. [email protected]
Yahoo
13-07-2025
- Business
- Yahoo
Retirement vs. Financial Freedom: What Is the Difference?
Retirement and financial freedom are often used interchangeably, but they're actually quite different. Retirement is typically seen as an end goal — but what if you could achieve financial independence without waiting until your 60s? Read More: For You: That's the beauty of financial freedom: it gives you the flexibility to decide what your future will look like, according to your own timeline — not when you turn 65. Let's take a closer look at the differences between financial freedom and retirement. When people think of retirement, they picture a specific age or year when they'll stop working full-time and live off their pension, savings, residual income and Social Security. Some retirees may have made investments along the way, such as a 401(k) that they can roll over into a Roth IRA. They can also cash out their health savings account (HSA), which they can use for medical needs and expenses without being taxed. However, most people rarely consider retirement in terms of accumulating wealth, said Liberty Group. While it's important to consider your retirement age, it's also essential to think about the money you'll need to save far in advance so you can achieve financial independence, which means your income is larger than your expenses. For most retirees, this will enable them and their spouses to cover their bills with a little extra left over to take vacations and live a comfortable lifestyle during their golden years. However, they might not have achieved wealth. Some retirees who have held life-long vocations, such as teachers and business professionals, might decide to work part-time as substitute teachers or consultants. Others might take up pet projects such as fix-and-flip investing. Financial freedom is the ability to live your life on your own terms. It's not about a specific age to stop working in the future, such as retirement. Financial freedom enables you the flexibility to take time off, travel and create the space to pursue your passions — write a novel, start a new business venture, or study architecture for a year in Florence without the worry of financial stress. With financial constraints out of the way, you can decide to retire early and live a life that aligns with your goals and values that provide personal fulfillment rather than financial necessity. However, the sooner you begin, the more long-term wealth your investments can earn. By starting early, you're taking advantage of time and compound interest; an investment of $10,000 can grow into $78,000, according to a YouTube video by Endeavor Wealth Management, which also recommended diversifying your portfolio and never putting 'all your eggs in one basket.' You don't need to wait for retirement to experience financial freedom. With some planning, you can live your best life whenever you want. More From GOBankingRates 6 Hybrid Vehicles To Stay Away From in Retirement This article originally appeared on Retirement vs. Financial Freedom: What Is the Difference? 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
The Herald
22-06-2025
- Business
- The Herald
Store account add-ons, ‘lack of due care' car claims among top disputes for consumers
The life division of the NFO finalised 5,977 cases in 2024. The total amount recovered was R202.8m. Denise Gabriels, lead ombud: life division, said funeral benefits remained the product most complained about, accounting for 45% of complaints. The most common causes for complaints were claims being declined; at 56%; followed by poor service or administration, at 34%. Of the five life insurance companies that received the most complaints: 628 formal cases were opened against Old Mutual Life Assurance Company, representing 18% of all complaints opened; Liberty Group Limited had 399 formal cases opened, representing 11%; Hollard Life Insurance Company had 259 cases, representing 7%; Metropolitan Life had 216 cases; and Sanlam Life Insurance Ltd had 188 cases opened. Credit The credit division of the NFO successfully closed 2,040 cases, achieving positive outcomes for complainants in 49% of cases. This resulted in financial redress totalling R2.35m. The highest number of cases were opened with: the Retail Credit Solutions (RCS) Group, which had the highest number of cases opened, totalling 243, representing 17% of all cases opened; Opco 365 had 133 cases opened, representing 9% of all cases opened; Edcon Limited had 126 cases opened, 9% of all cases opened; and DMC Debt Management had 121 cases opened, 9% of all cases opened. Findings in favour of complainants totalled 44%. Howard Gabriels, lead ombud: credit division, said two matters that stood out with a number of retailers for their systemic impact during the reporting period were: value-added services (VAS); and minimum payment calculations. 'A serious concern emerged regarding the application of payments on credit accounts where VAS charges (such as airtime or insurance add-ons) were not considered in determining the minimum monthly payments,' he said.
Business Standard
21-04-2025
- Business
- Business Standard
Liberty Shoes hits the roof after strong Q4 business update
Liberty Shoes was locked in 20% upper circuit at Rs 406.55 after the company stated that it has crossed remarkable number of its top line in its history with improved EBIDTA and overall financial performance. The shoe maker said that the year saw the successful launch of performance footwear with innovation & new technology. The company expanded into tier-2 and tier-3 markets with 50 new exclusive brand outlets. It recorded increased contribution from digital and omni-channel sales. Also, improved working capital cycle and inventory optimization lead to increased operational efficiency. As a result, the company managed to deliver significant improvement across all sales segments including major financial parameters in Q4 & FY 202425 compared to Q4 & FY 202324, reflecting the success of its product innovation, retail & digital expansion, and operational efficiency initiatives. "The other important financial performance like gross margin, ROCE, inventory turnover has added value to overall financial improvement in the companys performance, Liberty Shoes stated. Anupam Bansal, executive director of Liberty Shoes, said: FY 202425 has been a milestone year for us. Our continued focus on consumer-centric innovation, premium product segments, and digital & retail expansion has yielded strong top-line growth with healthy margins. Operational efficiencies and disciplined cost control have further strengthened our EBITDA and bottom line. We remain committed to sustainable growth and value creation for our stakeholders. Liberty Shoes (LSL) is the flagship company of the Karnal (Haryana) based Liberty Group. The group has presence in Indian footwear industry for the last six decades. LSL is engaged in the business of manufacturing and selling leather and non-leather footwear. The company has five manufacturing facilities with a combined capacity of manufacturing 106 lakh pairs of shoes per annum as on 30 June 2024.
