Despite little cheer for today’s youth, their predecessors showed political will can be awakened. Bragging about skipping sleep is as absurd as bragging about driving drunk, says Ian Mann.
The ANC created the monster Jacob Zuma has become and they have to deal with it, says Solly Moeng. Gupta-owned VR Laser has been running on borrowed money for years and employing unconventional accounting to downplay losses.
Financial statements for the financial year ending February 2017 are so dominated by this practice that the company’s auditors, SizweNtsalubaGobodo, refuse to give an opinion on them. The statements are signed by VR Laser director Pushpaveni Govender and SizweNtsalubaGobodo director Mxolisi Mthimkhulu, and have been provided to bidders for VR Laser so they can perform due diligence.
The main problem is that 78% of the assets on VR Laser’s balance sheet consist of an old R192m entry for goodwill that would, under normal accounting standards, be worth nothing now. Goodwill is an accounting term for the premium you pay when you buy an asset for more than its book value.
Normally, goodwill gets amortised over time and reduced to zero. This reflects as a loss on the income statement – if you adhere to normal accounting standards. Read more from fin24.com…
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