Page 3 - Basil Read News Today

Graphic: Rudi Louw Four of South Africas biggest construction firms - Stefanutti Stocks, WBHO, Basil Read, and Group Five - are being investigated by the Special Investigating Unit (SIU) and law firm Bowmans over a questionable R302 million payment to a subcontractor appointed to deliver "community liaison" services at the Kusile Power Station.  News24 can reveal that the four companies paid Vitro Vian Trading and Projects R302 million between 2011 and 2018 for renderin...

Dianah Motlou, the individual who was in charge of contracts at Kusile, has been implicated in alleged corrupt activities involving Eskom and the Kusile Power Station. MyBroadband reports that Motlou received nearly R50,000 from contractors, toward the school fees of Motlou’s child. One of the contractors entangled in the latest corruption is Tubular Construction Projects. In an earlier interview with BizNews (see below) corruption-buster Paul O’Sullivan told the Power Hour about the compan...

News24 Stefanutti Stocks and Basil Read, two of the countrys biggest construction companies, may have "wilfully and intentionally" facilitated a "potentially fraudulent scheme" when it paid R15 million to a third party for work at Kusile Power Station which was never done.   The two companies, whose joint venture, SSBR, was awarded a contract of R1.6 billion in 2011 by Eskom, could neither show that the work by the third party had been done, nor could they produce a co...

Shareholders have thrown their weight behind Aveng, once the JSE’s most valuable construction group, which has been reduced to tapping investors for cash. In a rare move, the company’s shareholders not only supported a recent capital raise, but said they wanted to invest more cash to support its recovery. At an extraordinary general meeting this week, more than 98% of shareholders voted in support of another R100-million rights offer after supporting a R300-million capital raise in March a...

Jamestown the quiet capital of St Helena Namibian cement company Ohorongo cement has secured a three-year contract with construction firm Basil Read for the supply of cement for the building of a new airport on the British overseas territory of St Helena in the South Atlantic Ocean, over 1900km from the Namibian coast. In November 2011 Basil Read secured a 300 million dollars contract from the British Government to build an airport on the island. The island, one of the most...

Aveng enjoys first interim headline profit since 2014 One of the few infrastructure firms left standing, it saw a R314m improvement in headline earnings end-December 2020 BL PREMIUM UPDATED 23 February 2021 - 13:52 Infrastructure and resources group Aveng has swung into an interim headline profit for the first time since 2014, largely due to state support and a resilient market in Australia, and is upbeat about its ability to win new contracts after years of intense focus on its core...