His arms company is looking a little shell-shocked
21 November 2024 - 05:00
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Christo Wiese has been through some tough times lately (for a billionaire), thanks to the mess Steinhoff crook Markus Jooste caused and to difficulties faced by Brait — such as the way Virgin Active had to close gyms during Covid. But now things are looking up. Plans are going ahead to list Virgin on the London Stock Exchange and the JSE in an attempt to reduce debt. The best news for Wiese has been the outstanding performance of Premier Group, whose stock has risen 83% on the JSE this year. Its surge in interim profit shows resilience despite the economic challenges.
Ivor Ichikowitz
A bad week forIvor Ichikowitz
Arms dealer Ivor Ichikowitz’s Paramount Industrial Holdings has filed for business rescue. The 30-year-old company, South Africa’s biggest private supplier of weapons and military-related equipment, says its local operations suffered “significant financial distress” that posed a “serious risk to its ongoing sustainability”. The board’s decision comes as Paramount’s parent company in the UAE is locked in a dispute with drone maker Abu Dhabi Autonomous Systems Investments. Paramount, which was formed in 1994 to sell surplus military equipment, has been involved in arms deals in the Middle East for the past 10 years.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
A bad week for Ivor Ichikowitz
His arms company is looking a little shell-shocked
A good week for Christo Wiese
Christo Wiese has been through some tough times lately (for a billionaire), thanks to the mess Steinhoff crook Markus Jooste caused and to difficulties faced by Brait — such as the way Virgin Active had to close gyms during Covid. But now things are looking up. Plans are going ahead to list Virgin on the London Stock Exchange and the JSE in an attempt to reduce debt. The best news for Wiese has been the outstanding performance of Premier Group, whose stock has risen 83% on the JSE this year. Its surge in interim profit shows resilience despite the economic challenges.
A bad week for Ivor Ichikowitz
Arms dealer Ivor Ichikowitz’s Paramount Industrial Holdings has filed for business rescue. The 30-year-old company, South Africa’s biggest private supplier of weapons and military-related equipment, says its local operations suffered “significant financial distress” that posed a “serious risk to its ongoing sustainability”. The board’s decision comes as Paramount’s parent company in the UAE is locked in a dispute with drone maker Abu Dhabi Autonomous Systems Investments. Paramount, which was formed in 1994 to sell surplus military equipment, has been involved in arms deals in the Middle East for the past 10 years.
Companies in trouble: opportunities or danger?
Steinhoff: The schlenter laid bare
Brait — more heavy lifting for shareholders
Paramount Group: In the wars
FinCEN Files: Planes, boats and tax havens
Inside Ivor Ichikowitz’s Paramount empire
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Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.