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<p>Sygnia’s headline earnings per share have climbed 67per cent, with the company raising its total dividend by 83 per cent. Assets under management and administration rose 6 per cent, amounting to R251.8 billion as at 30 September 2020. Sygnia CEO, Magda Wierzycka joins CNBC Africa for more.</p>


Sygnia sees 67% jump in earnings


<p><em>Content supplied by SingularityU </em> </p>



<p>SingularityU South Africa announced that more speakers have been added to the programme for the inaugural Exponential Finance Summit, which will take place at the Cape Town International Convention Centre on 29 and 30 May 2019. The new speakers include Shane Glynn, Hylton Kallner, Phathizwe Malinga, Benjamin Rosman and Magda Wierzycka. </p>



<p>Shane Glynn is the co-founder and General Counsel
of MobileCoin, a company that provides private, mobile and digital cash payment
systems. Prior to MobileCoin he worked as a Senior Product Counsel on a variety
of projects at Google, including the Pixel phone, Google Fiber and open access
national WiFi. Glynn’s talk will address privacy in the world of exponential
data. Now that we are all connected, and headed towards a cashless society,
Glynn will discuss what are the implications are for business and society at
large, and why this is so important for freedom in the future. We are seeing a
tremendous rise of cashless and mobile payments from China. The question that
needs to be asked is whether the rest of the world will embrace or compete with
China.</p>



<p>With
a BEconSC in Actuarial Science,
Hylton Kallner, is currently the Chief Executive Officer for Discovery Life,
and oversees the group’s Marketing and Distribution. Additionally, he also
plays a key role in the executive committees of Discovery Limited, Discovery
Health, Discovery Life, Discovery Invest, Discovery Insure and Discovery
Vitality. Also a fellow of the Actuarial Society of South Africa, Kallner will
address the convergence between banking and insurance.</p>



<p>In
her role as chief executive officer at Sygnia Limited, Magda Wierzycka is known
for her strong anti-corruption corporate activism in South Africa. She is in
high demand as a speaker on the topic of ethical corporate leadership, both
domestically and internationally. She also sits on the advisory board of the
Centre for African Studies at Harvard University, USA. In her talk at the
Exponential Finance Summit, Wierzycka will discuss the road ahead in Asset
Management.&nbsp; </p>



<p>Phathizwe
Malinga, who recently returned from Silicon Valley, is part of the Singularity
University South Africa faculty with a focus on Internet of Things and Big
Data. As the Managing Director of SqwidNet, Malinga is responsible for building
an Internet of Things (IOT) connectivity business in South Africa in
partnership with International IOT giant SIGFOX. He In addition to his CEO
role, he oversees the solutions division for SqwidNet, a fully-owned subsidiary
of Dark Fibre Africa. In his talk, he will share his expertise related to the
Internet of Things within the finance sector.</p>



<p>As a
member of the South African Singularity University faculty, Benjamin Rosman
specializes in machine learning, artificial intelligence, robotics and
automation. He is a principal researcher in the Mobile Intelligent
Autonomous Systems group at the Council for Scientific and Industrial Research
(CSIR) in South Africa. Rosman is also a senior lecturer in the School of
Computer Science and Applied Mathematics at the University of the
Witwatersrand, Johannesburg, where he runs the Robotics, Autonomous
Intelligence and Learning Laboratory. His talk at the Exponential Finance
Summit will tackle artificial intelligence and re-enforcement learning. </p>



<p>These speakers add to the already
prestigious slate of presentations boasting world renowned cybersecurity expert
Jaya Baloo, exonomics and exponential business models expert Amin Toufani,
blockchain specialist Tanya Knowles, future of cities expert Geci Karuri-Sebina
(PHD), Catherine Wood, founder of ARK invest, and data science
specialist Manu Sharma. Other headline speakers include Ramez Naam, Kyle Nel, David
Roberts, Kirsty Roth, Ashley Anthony, Mic Mann, Shayne Mann, Nathana Sharma,
and Paul Pagnatto – one of the top 35 global wealth advisors globally. </p>



<p>This groundbreaking event is the next
iteration in SingularityU’s journey to #futureproofAfrica, by creating a global
community of changemakers, who are able to implement solutions to solve the
world’s Global Grand Challenges by using exponential technologies. </p>



<p>“As part of our journey in
future-proofing Africa, we are thrilled to have added more incredible speakers
to the line up for our Exponential Finance Summit. We feel a great sense of
pride to be bringing these world class experts and thinking to our South
African shores,” said Shayne Mann, co-CEO of SingularityU South Africa. </p>



<p>“Throughthe Exponential
Finance Summit, we hope to facilitate meaningful networking connections on a
global scale, encourage ideas that can change the financial world, stimulate the
South African economy, and kickstart a strong venture capital ecosystem. Impact
is the currency of the future and these new speakers promise to add exactly
that,” said Mic Mann, co-CEO of SingularityU South Africa. </p>



<p>The Exponential Finance Summit is an industry-specific
event hosted in collaboration with The Development Bank of Southern Africa,
global partners Deloitte, and Discovery, and strategic partner MTN. The Summit
will showcase how exponential technologies are simultaneously shaping and
disrupting the financial industry. It aims to empower attendees with the latest
insights on how to boost GDP growth, create
employment, and attract foreign direct investment—a key enabler of
economic growth that is especially important for emerging market economies.</p>



<p>“Exponential Finance will be a
transformative experience for attendees. SingularityU South Africa convenes the
world’s experts to introduce attendees to exponential technologies and equip
them with the mindset and leadership needed to take the finance industry into
the future,” said Rob Nail, CEO and associate founder of Singularity
University. “We expect that these two days will incite and inspire action that
will lead to breakthroughs in Africa’s economy.”</p>



<p>Similar to the annual SingularityU
South Africa Summit, Exponential Finance will focus on creating a collaborative
and more economically-inclusive future, whereby partnerships and deals can be
conceptualised and developed across the continent. Networking opportunities
will allow attendees to connect with
SingularityU alumni. Exhibitors will present breakthrough ideas and
investment opportunities that will run alongside the summit. </p>



<p><strong>Book your tickets now for
the</strong> <strong>inaugural
Exponential Finance Summit South Africa</strong></p>



<p><strong>When: </strong>29 – 30 May 2019</p>



<p><strong>Where: </strong>Cape Town International
Convention Centre, 1 Lower Long Street,
Cape Town</p>



<p><strong>Cost: </strong>Standard tickets: R18 500,
Late mover tickets: R20 350. Tickets limited to 1,000 attendees. </p>



<p><strong>What to bring: </strong>An exponential mindset and
your networking skills</p>



<p><strong>REGISTER
</strong><a href="https://exponentialfinance.singularityusouthafrica.org/">here</a></p>



<p><strong>About SingularityU South
Africa</strong></p>



<p>SingularityU South Africa
is the sixth country partner of Singularity University and the first in Africa.
It is hosted in collaboration with our country partner The Development Bank of
Southern Africa, global partner Deloitte, and strategic partner MTN. Our
massive transformative purpose is to build an empowered network of globally
connected changemakers across Africa, who are able to innovate and implement
solutions that will solve some of the continent’s greatest challenges. We want
to leapfrog Africa into the Fourth Industrial Revolution. We can do so by
empowering its people to create abundant, sustainable, and holistic ways of
living and working. In this way, we can #futureproofAfrica. We apply SU’s
approach of applying exponential technology and thinking to solve South Africa’s
and the continent’s greatest challenges around unemployment, education,
infrastructure, energy, and medicine, among others. As a catalyst for change,
SingularityU South Africa runs custom education, innovation, and impact
programmes that help others leverage rapidly accelerating technologies – including
artificial intelligence, nanotechnology, blockchain, and digital biology – in
innovative ways to unlock solutions that can positively impact millions of
lives.</p>



<p><strong>About SUSA Exponential
Finance Summit</strong></p>



<p>South Africa’s inaugural two-day Exponential Finance Summit, which is organised by SingularityU South Africa, will take place at the Cape Town International Convention Centre on 29 – 30 May 2019. It is an industry-specific event that is hosted in collaboration with The Development Bank of Southern Africa, Deloitte, Discovery, and MTN. The SUSA Exponential Finance Summit will bring an industry focus to the financial sector and will showcase over 20 of the continent’s and world’s foremost innovators in technology, finance, and investment, including newly-appointed <a href="https://singularityusouthafrica.org/faculty/">SingularityU South Africa faculty members</a>. They will address how exponential technologies can help to solve the world’s global grand challenges through the lens of the financial sector. </p>


SingularityU South Africa to hold Inaugural Exponential Finance Summit

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<p>Sygnia will retain its primary listing on the JSE and will not issue any new shares in connection with its secondary listing on A2X. There is no cost, risk, or additional regulatory compliance for Sygnia as a result of its secondary listing.</p>


Sygnia to list on A2X exchange

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<p>Magda Wierzycka,  Chief Executive Officer of Sygnia Group, says trade union groups, labour, government and business have to come together to deal with the challenges. She also shares her thoughts on the future of the South African economy.</p>


Despite optimism about new era for South Africa, a lot of work needs to be done

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<p>Icasa has confirmed that it will investigate a complaint lodged by the Democratic Alliance against MultiChoice about payments to the SABC and ANN7 that have been described by critics as “kickbacks” designed to try to influence government policy.</p>


Why Naspers should come clean on alleged MultiChoice ‘kickbacks’

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<p>An affidavit was deposed at the North Gauteng High court yesterday on behalf of the Helen Suzman Foundation and Magda Wierzycka, Sygnia CEO and Activist, arguing that in the absence of action by the relevant organs of state and law enforcement agencies to address the clear evidence of corruption and maladministration at Eskom, they want the court to recover all of the proceeds of this activity, totalling several billion rand for the benefit of the South African fiscus. Activist investor, Magda Wierzycka joins CNBC Africa for more.</p>


Eskom lawsuit: We have a strong case – Magda Wierzycka

<p><strong>By </strong><strong>The Helen Suzman Foundation &amp; </strong><strong>Magda Wierzycka<br />
</strong><strong>State Capture:  Eskom</strong><strong> </strong></p>
<ol>
<li>The facts surrounding mismanagement and corruption at Eskom are of paramount public interest and constitutional significance, and involve the rule of law at its most fundamental levels. This mismanagement and corruption affect each and every South African at the very basic level, with electricity tariffs increasing by 350% over the past decade by a state-owned enterprise (SOE) which supplies, as a monopoly, a crucial commodity to the country’s economy.  Eskom’s 2018/19 tariff increase application for an average of a further 19.9% (but 27.5% to municipalities), is currently being considered by the energy regulator.</li>
<li>In the absence of action by the relevant organs of state and law enforcement agencies to address the clear evidence of corruption and maladministration at Eskom, the Helen Suzman Foundation and Magda Wierzycka have today jointly approached the High Court in Pretoria, to set aside a series of unlawful, improper and/or corrupt exercises of public power and to recover all of the proceeds of this activity, totalling several billion Rand, for the benefit of the South African fiscus.</li>
<li>Relief is also sought for the failure to report these instances of corruption, as required under the Prevention and Combating of Corrupt Activities Act, 2004. Such acts of corruption have to be reported to the Directorate for Priority Crime Investigation (commonly referred to as “the Hawks”) and the National Prosecuting Authority (NPA) for action through the criminal justice system.  Finally, the application seeks that the respondents, including members of the National Executive, Eskom officials and the Gupta family and businesses, account fully and properly to Court for all funds or other benefits which have accrued to them or others as a result of the unlawful and corrupt conduct set out in the application, and to pay all amounts unlawfully obtained to Eskom or the State.</li>
<li>State capture is a real and pressing threat to South Africa’s democracy. Over the course of several years, officials at the highest echelons of state have been doing the bidding of a powerful family and its business associates, in disregard of their constitutional and other legal duties. Key officers of state have systematically been unlawfully removed from their positions and replaced by persons who owe their allegiance to the Gupta family and its business interests. The Gupta family has developed extensive links with the President of the Republic, several of his family members, members of the National Executive and national administration, and a multitude of officials at SOEs.</li>
<li>The evidence of state capture is most clearly evident in SOEs, and in particular the largest SOE, Eskom. Following on from the Public Protector&#8217;s report into state capture (released at the end of 2016), the emerging evidence in the public domain shows that certain SOEs have been and are being repurposed to serve the private interests of a small powerful elite.  This deepening corrosive culture of corruption within the state, with an evident focus on illegitimate private wealth accumulation, shows a complete disregard, not only of individual constitutional duties, but also the economic prosperity of South Africans.</li>
<li>The leaked Gupta emails and documents, which have been published in South Africa in recent months, have revealed clear evidence of unlawful, improper and corrupt activities by a state capture network which includes numerous government officials, many of whom hold high ranking positions. This is particularly alarming in light of the critical importance of South Africa&#8217;s state institutions, including that of its SOEs, to the elimination of poverty, inequality and discrimination and to development and transformation.</li>
<li>We believe that facts surrounding the capture of Eskom by the Gupta family and their political associates represent a classic case of state capture and corruption. Benefits and payments in the order of billions of Rand have unlawfully accrued to benefit the Gupta family and its associates from 2014 to date.</li>
<li>Parties against whom relief is sought include, amongst others, Eskom, President Jacob Zuma, Minister Mosebenzi Zwane, the Director General of Public Enterprises (Mogokare Seleke), Duduzane Zuma, Gupta family members and their businesses and associates, and former members of the Eskom Board, including Mark Pamensky, Anoj Singh, Brian Molefe and Ben Ngubane.</li>
<li>The unlawful and corrupt conduct to which the application relates, includes:
<ul>
<li>the decisions by Eskom, its Board and its officials, to award Gupta-related entities, including Tegeta Exploration and Resources (Pty) Ltd (&#8220;Tegeta&#8221;), coal supply and emergency coal supply agreements worth billions of Rand without just and proper cause, any procurement process and with the unlawful objective of benefitting the Gupta family and its businesses;</li>
<li>the unlawful and corrupt conduct by Eskom&#8217;s officials, Mr Seleke, Minister Zwane and the Gupta family and associates in forcing the sale of Optimum Coal Holdings (Pty) Ltd and its subsidiaries (&#8220;Optimum&#8221;) to Tegeta;</li>
<li>the issuing of guarantees and making of prepayments worth billions of Rand unlawfully and corruptly to benefit the Gupta family and its business interests, including the financing of the purchase of Optimum by Tegeta;</li>
<li>the unlawful and corrupt conclusion of sponsorship agreements worth over R43 million between Gupta&#8217;s TNA Media (Pty) Ltd and Eskom;</li>
<li>the corrupt and unlawful gratification, including appointments, payments and other benefits given to various public officials, including Minister Zwane, Mr Collin Matjila, Mr Anoj Singh and Mr Mark Pamensky; and</li>
<li>the unlawful appointments of Mr Seleke as the Director General of the Department of Public Enterprises and Mr Zwane as the Minister of Mineral Resources.</li>
</ul>
</li>
<li>We are seeking, in the public interest, the recovery of all unlawfully obtained benefits which resulted from corrupt and unlawful conduct. To the extent that the information about illicit benefits is incomplete, we ask the Court to order a full and proper accounting to be delivered by all relevant parties.</li>
<li>This application intends to hold all those responsible for corruption to account, in accordance with the Constitution and the rule of law. Civil society has been forced to take these steps in the public interest as a result of the inability or unwillingness of law enforcement agencies to take any action.</li>
<li>Given the substantial public interest in this case, we are making electronic copies of our Court papers available online. These can be accessed <strong>here</strong>.</li>
</ol>


Helen Suzman Foundation, Magda Wierzycka join forces to bring Eskom to book

<p>Words by Magda Wierzycka</p>
<p>The failure of Steinhoff has shocked even the most seasoned asset managers.  It is the biggest corporate failure on the JSE.  Allegations of earnings manipulations, uncontrolled acquisition sprees and tax fraud are just the tip of the iceberg.  Off-balance sheet companies were set up to hide losses, executives collaborated with each other to defraud investors, and debt was taken on at a massive pace.  The warning signs were all there.  The most obvious of those was the cynical move by shareholders in PSG to, in a sleight of hand, swap their shareholding in PSG shares in South Africa for a suddenly-Frankfurt-listed Steinhoff, thereby externalising their wealth without the need for foreign exchange controls approvals.  This alone should have been a strong indicator that one is not dealing with pillars of society.  Many names are implicated.  Many more will follow.</p>
<p>The serious question to ask is how so many active asset managers in South Africa missed this.  Priding themselves on meticulous research, scrutiny of balance sheets and income statements, backed by interviews with management, they should have seen what was obvious from the beginning that this was as close to a corporate-structured Ponzi scheme as one can get.</p>
<p>[bc_video video_id=&#8221;5669966338001&#8243; account_id=&#8221;1571595826001&#8243; player_id=&#8221;default&#8221;]</p>
<p>When I looked at the financials of Steinhoff (not my day-job, by the way) I had another Net1 moment – it took me exactly half an hour to figure out that the structure was obfuscated, that financial items made no sense, that the acquisition spree was not underpinned by any logic and too frenzied to be well thought out, and that debt levels were out of control.</p>
<p>[bc_video video_id=&#8221;5669988500001&#8243; account_id=&#8221;1571595826001&#8243; player_id=&#8221;default&#8221;]</p>
<p>I am a vocal critic of many things.  This time I am going to push the envelope by testing the liability clause that most asset managers include in their management agreements, that of “gross negligence”.  Most managers think of the clause as dealing with their operational risks and administrative failures.  Unlucky for them, gross negligence also covers negligence as far as management of portfolios is concerned. Management includes research.  I firmly believe that the blind faith in the Midas touch of Christo Wiese made many oblivious to the obvious.  The right questions were not asked, the corporate structures were not analysed in any great detail, earnings versus debt calculations were not done, management was taken at its word – all this against a backdrop of marketing exactly the opposite and charging savers and investors for the privilege.  Hence, one can assume that marketing was at best a misrepresentation backed by incompetence, at worst a falsehood.</p>
<p>[bc_video video_id=&#8221;5669964838001&#8243; account_id=&#8221;1571595826001&#8243; player_id=&#8221;default&#8221;]</p>
<p>Critics will immediately accuse me of using this as an opportunity to punt passive asset management or index tracking.  So, let me declare my vested interest, backed by my core beliefs, backed by 24 years of observing the asset management industry, and shared by Warren Buffett – I do not believe that active asset management adds value commensurate with what is being charged to investors.  Net1, ABIL, Steinhoff – the landscape is littered with asset managers missing the obvious.  If there are any ethical asset managers out there who believe in their own skills, right now is the time to prove it &#8211; please use some of the performance fees you have levied in the past before destroying value for investors to compensate them for the recent destruction.  I challenge you.  However, asking an active asset manager to put his hand in his pocket is like squeezing blood from a stone – I have seen that personally in the recent past when trying to raise money for another very worthy cause (time will come to name and shame, by the way).  The greed is unprecedented. As far as I am concerned the time has come to pay the piper.</p>


Steinhoff – the largest corporate failure of the active asset management industry yet

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<p>KPMG SA&#8217;s CEO Trevor Hoole and seven others have quit over the #Guptaleaks and SARS rogue unit report. Sygnia&#8217;s CEO Magda Wierzycka was one of the first CEOs to speak out against the auditor and drop its services.</p>


Sygnia’s Magda Wierzycka on KPMG SA CEO’s resignation

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<p>Mzwanele Manyi is also being taken to court by Wierzycka,  over variuos social media posts which she says amounted to harassment. Speaking to CNBC Africa, Manyi didn&#8217;t hold back any punches, maintaining that Wierzycka is a racist.</p>


Manyi fires back at Sygnia CEO’s defamation lawsuit

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<p>While the Johannesburg South High Court was supposed to hear a defamation case against Mzwanele Manyi by Billionaire entrepreneur and CEO of Sygnia Capital, Magda Wierzycka, Manyi asked the judge presiding over  the case to recuse herself.</p>


Magda Wierzycka

Sygnia sees 67% jump in earnings

SingularityU South Africa to hold Inaugural Exponential Finance Summit

Sygnia to list on A2X exchange

Despite optimism about new era for South Africa, a lot of work needs to be done

Why Naspers should come clean on alleged MultiChoice ‘kickbacks’

Eskom lawsuit: We have a strong case – Magda Wierzycka

Helen Suzman Foundation, Magda Wierzycka join forces to bring Eskom to book

Steinhoff – the largest corporate failure of the active asset management industry yet

Sygnia’s Magda Wierzycka on KPMG SA CEO’s resignation

Manyi fires back at Sygnia CEO’s defamation lawsuit

Manyi asks judge to recuse herself in his defamation case

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Magda Wierzycka

Sygnia sees 67% jump in earnings

SingularityU South Africa to hold Inaugural Exponential Finance Summit

Sygnia to list on A2X exchange

Despite optimism about new era for South Africa, a lot of work needs to be done

Why Naspers should come clean on alleged MultiChoice ‘kickbacks’

Eskom lawsuit: We have a strong case – Magda Wierzycka

Helen Suzman Foundation, Magda Wierzycka join forces to bring Eskom to book

Steinhoff – the largest corporate failure of the active asset management industry yet

Sygnia’s Magda Wierzycka on KPMG SA CEO’s resignation

Manyi fires back at Sygnia CEO’s defamation lawsuit

Manyi asks judge to recuse herself in his defamation case

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