A good week for Dan and Mark Saltzman
Brothers Dan and Mark Saltzman are major beneficiaries of the largesse of their father, Ivan, who co-founded Dis-Chem with his wife, Lynette. Dad has given them the biggest share in the company — 12.6% each — as he winds down his day-to-day role in the R27bn business, but keeps it largely in the family. The company said Ivan had distributed about 217-million shares worth R6.8bn to the sons, through Ivlyn Local Investment Holdings. Ivlyn will be left with a 4.06% interest in the group, substantially down from the 29.31% it held before the transaction.
A bad week for Freeman Nomvalo
You might have expected better from a former CEO of the South African Institute of Chartered Accountants, but Freeman Nomvalo ended his 10-month stint as administrator of the National Student Financial Aid Scheme earlier this year with his R5.5m cheque but without leaving a handover document. This emerged last week from an answer given in parliament by higher education & training minister Nobuhle Nkabane. The handover document would have been a big help to the new board of an organisation that has been racked by claims of mismanagement and corruption.