SERVICES & CLIENT SUCCESSES

SERVICES

 

-Internal Auditing

-Forensic Investigations

-Business Turnaround

-Consulting

 


CLIENT SUCCESSES

 

North West Transport Investment (NTI)
R1bn turnover and 3500 were employed.
Abel was appointed by the Master of the High Court in the North West, together with two attorney’s practising insolvency, as the judicial manager of this public transport parastatal. It ran the public commuter transport mainly in the North West Province and the western parts of Gauteng (cross borders).

The mandate in terms of the Companies Act was to turnaround the company both for the purpose of creditors and to achieve the return for the shareholders. Over the period of 4 years, the parastatal has been returned to sustainable profitability and is one of the little successful judicial management in South Africa. Presently the Gauteng operations are being privatised and lucrative bids are expected from the private operations as testimony to the value of the business. We have successfully negotiated new contracts with the Government for the next 5 years.
The challenges were of multi-disciplinary aspects ranging from the provincial government, the National Treasury Regulations and PFMA compliance, the union management and ultimately privatisation. During 2004 we successfully privatised the North West portion of the parastatal in a commercial transaction that injected R300 million.

 

North West Development Corporation (NWDC)
R350 million property management parastatal, offices throughout the North West and R300 million worth of Sun International shares. It had 380 employees.
Abel was appointed in March 1999 together with two other insolvency practitioners as the provisional judicial managers of the NWDC.
The company was put into final judicial management in August of that year. After four years it was turned around from bankruptcy to profitability. The main assets, which were SISA shares, were realized at the best price and value was given back to shareholders and banks.
The judicial management order was listed during 2005 and the business is now trading as a going concern.

 

North West Department of Finance

The project was training on financial management of over 500 North West government officials. The project was R14 million over two years between 2002 and 2004.
Abel is a co-project leader with a partner from PWC. The modules covered by this programme will range from numeracy, accounting, information systems, time management and financial management to general management.
All the government officials handling finances in the province will take part in this project over two years which is to train them in Financial Management.


·    National Social Development

The audit involved 225 projects funded for at least R50 million throughout the country. The duration was 3 months.

 

·    National Poverty Alleviation Project

Abel was also a lead partner on the National Poverty Alleviation Project.
An assessment was successfully made on all projects sponsored by the Department of Welfare (now Social Development) as to their sustainability and the impact on the country’s poverty alleviation objectives.

 

·    Eastern Cape Education Department

Fixed Asset Register creation project for all the 6 000 schools in the Eastern Cape.  Abel was a lead partner.
The project involved physical counting and capturing of all the fixed assets in the schools and resulted in an electronic Fixed Asset Register as well as skills transfer to the Provincial asset managers. The exercise enabled the Provincial Education department to safeguard all its fixed assets and control its capital spending.

 

Abel has successfully set up various audit committees, appointed internal and external auditors for the following institutions:
-  University of Durban-Westville;
-  Medical Research Council of Southern Africa; and
-  South African National Biodiversity Institution.

 

·    Audits Management Experience
During his tenure as a partner at KPMG, Abel became the managing partner of public sector internal audit in the country. He assisted all the offices of KPMG in Gauteng, Polokwane, Kwazulu Natal and the Western Cape with the handling of the big proposals and tenders in the public sector.

 

- Corporate Governance Projects

Abel has successfully set up various audit committees, appointed internal and external auditors for the following institutions:
-  University of Durban-Westville;
-  Medical Research Council of Southern Africa; and
-  South African National Biodiversity Institution.