TechCentralTechCentral
    Facebook Twitter YouTube LinkedIn
    Facebook Twitter LinkedIn YouTube
    TechCentralTechCentral
    NEWSLETTER
    • News

      Fixing SA’s power crisis is not complex: it simply takes the will to do better

      12 August 2022

      Consortium makes unsolicited bid for state’s 40% stake in Telkom

      12 August 2022

      Actually, solar users should pay more to access the grid – here’s why

      12 August 2022

      Telkom says MTN talks remain on track

      12 August 2022

      Analysis | Rain muddies the waters with approach to Telkom

      11 August 2022
    • World

      Tencent woes mount, even after $560-billion selloff

      12 August 2022

      Huawei just booked its first sales rise since US blacklisting

      12 August 2022

      Apple remains upbeat about iPhone sales even as Android world suffers

      12 August 2022

      Ether at two-month high as upgrade to blockchain passes major test

      12 August 2022

      Gaming industry’s fortunes fade as pandemic ends

      11 August 2022
    • In-depth

      African unicorn Flutterwave battles fires on multiple fronts

      11 August 2022

      The length of Earth’s days has been increasing – and no one knows why

      7 August 2022

      As Facebook fades, the Mad Men of advertising stage a comeback

      2 August 2022

      Crypto breaks the rules. That’s the point

      27 July 2022

      E-mail scams are getting chillingly personal

      17 July 2022
    • Podcasts

      Qush on infosec: why prevention is always better than cure

      11 August 2022

      e4’s Adri Führi on encouraging more women into tech careers

      10 August 2022

      How South Africa can woo more women into tech

      4 August 2022

      Book and check-in via WhatsApp? FlySafair is on it

      28 July 2022

      Interview: Why Dell’s next-gen PowerEdge servers change the game

      28 July 2022
    • Opinion

      No reason South Africa should have a shortage of electricity: Ramaphosa

      11 July 2022

      Ntshavheni’s bias against the private sector

      8 July 2022

      South Africa can no longer rely on Eskom alone

      4 July 2022

      Has South Africa’s advertising industry lost its way?

      21 June 2022

      Rob Lith: What Icasa’s spectrum auction means for SA companies

      13 June 2022
    • Company Hubs
      • 1-grid
      • Altron Document Solutions
      • Amplitude
      • Atvance Intellect
      • Axiz
      • BOATech
      • CallMiner
      • Digital Generation
      • E4
      • ESET
      • Euphoria Telecom
      • IBM
      • Kyocera Document Solutions
      • Microsoft
      • Nutanix
      • One Trust
      • Pinnacle
      • Skybox Security
      • SkyWire
      • Tarsus on Demand
      • Videri Digital
      • Zendesk
    • Sections
      • Banking
      • Broadcasting and Media
      • Cloud computing
      • Consumer electronics
      • Cryptocurrencies
      • Education and skills
      • Energy
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Motoring and transport
      • Public sector
      • Science
      • Social media
      • Talent and leadership
      • Telecoms
    • Advertise
    TechCentralTechCentral
    Home»News»Report of financial trouble a fabrication: M&G

    Report of financial trouble a fabrication: M&G

    News By Sapa Reporter18 July 2014
    Facebook Twitter LinkedIn WhatsApp Telegram Email

    newspapers-640

    The Mail & Guardian denied a report on Friday that it is in financial trouble, that staff were unpaid for months, and that it subsidised business interests in Zimbabwe. “The allegations in the article are completely untrue,” the newspaper’s CEO, Hoosain Karjieker, told Sapa.

    “We do not fund the Zimbabwe operations from South Africa, our staff members have all been paid, there is no dispute in terms of withholding bonuses, commission, or incentives.”

    The Star reported on Friday that the M&G was facing a cash crunch so severe that suppliers, contributors, and some staff had not been paid for months, and that it had defaulted on its rent.

    It reported that the company faced a potential strike over bonuses and incentives, and that two staffers were considering legal action.

    Unnamed sources told the newspaper that the crisis was the result of owner Trevor Ncube’s loss-making Zimbabwean operations.

    It claimed that Ncube’s Alpha Media Holdings, which operates newspapers in Zimbabwe, was not financially healthy and that the M&G was being used to subsidise his business interests to keep it afloat.

    Karjieker denied this.

    “There is no cash-flow crisis, there is no concern out of the ordinary,” he said.

    Staff at the M&G believed the article may have been as a result of its phone calls to Independent Newspapers executives this week enquiring about the owners of the Sekunjalo consortium, and the departure of staffers, for an article. The story had not yet been published.

    Independent Newspapers’ group executive editor Karima Brown said its story had nothing to do with M&G’s planned story on them.

    “M&G has been writing about us since then [the take-over by Sekunjalo],” she said.

    The information in The Star’s report was on good authority. “It’s a legitimate story, it’s factual, fair and balanced. It’s got news value.”

    There have been a number of editorial changes and resignations by senior staff at Independent Newspapers since Iqbal Survé’s Sekunjalo-led consortium bought the company last year.

    In June, The Star’s editor Makhudu Sefara resigned, as did Mercury editor Philani Mgwaba. Former Sunday Independent editor Moshoeshoe Monare left in March and joined the M&G as deputy editor. In February, veteran financial journalist Ann Crotty resigned from Business Report, Independent’s financial daily. Crotty joined weekly newspaper, the Sunday Times.

    Cape Times editor Alide Dasnois was dismissed from her position after a disciplinary hearing in May.

    The company said it was because she opted for a wrap-around to mark the death of former president Nelson Mandela in December instead of clearing the front page. The front page had a story relating to a fisheries tender linked to the Sekunjalo consortium.

    Survé has denied that Dasnois’s dismissal was due to the fisheries tender story.  — Sapa

    Hoosain Karjieker Iqbal Survé Trevor Ncube
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email
    Previous ArticleTelkom in further talks on layoffs
    Next Article Appetite wants to feed you

    Related Posts

    Fixing SA’s power crisis is not complex: it simply takes the will to do better

    12 August 2022

    Consortium makes unsolicited bid for state’s 40% stake in Telkom

    12 August 2022

    Actually, solar users should pay more to access the grid – here’s why

    12 August 2022
    Add A Comment

    Comments are closed.

    Promoted

    Get your brand in front of TechCentral’s amazing audience

    12 August 2022

    Pricing Beyond CMYK: printers answer the FAQs

    11 August 2022

    How secure is your cloud?

    10 August 2022
    Opinion

    No reason South Africa should have a shortage of electricity: Ramaphosa

    11 July 2022

    Ntshavheni’s bias against the private sector

    8 July 2022

    South Africa can no longer rely on Eskom alone

    4 July 2022

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2022 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.