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Neethling, who will earn R1 a month as acting CEO, has also been appointed as chief transition officer, tasked with a rapid transformation of a group still trying to put its debt problems behind it.
About R530 million of the Unemployment Insurance Fund’s money has been tracked back to Bounty Brand Holdings in the United Kingdom.
About R530 million of the Unemployment Insurance Fund’s money has been tracked back to Bounty Brand Holdings in the United Kingdom.
Founded by businessman Gary Shayne’s Coast2Coast Capital in 2014, the Bounty Brands stable includes a basket of well-known consumer brands.
The Unemployment Insurance Fund’s R1.37-billion investment in troubled consumer goods group Bounty Brands was effectively wiped out following a series of defaults on debts. But mere months before the crisis, an offshore company in businessman Gary Shayne’s Coast2Coast group — along with o...