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Velvet Sky attorney exits liquidation case amid fraud claim

The attorney representing airline Velvet Sky in a liquidation application it faces withdrew from the case on Tuesday.

“I have just signed a notice of withdrawal,” said Ahmed Amod ahead of the application set down for Wednesday in the High Court in Pietermaritzburg.

Amod, who Pamodzi mine liquidators on Monday said they were planning to charge with fraud, cited personal reasons.

BP Southern Africa has filed papers arguing for the liquidation of the airline, which has been flying for less than a year, because it is allegedly in arrears on its fuel bill.

On February 24, BP Southern Africa applied to the court for the provisional liquidation of the airline, which allegedly owes BP R29-million for aviation fuel.

Argument is expected on Wednesday.

Amod said he was still a director of the airline.

Fraud charges
On Monday, the liquidators of Pamodzi Gold Mining Group announced they planned to lay charges of fraud against Amod, who is also a lawyer for Aurora Empowerment Systems, the company appointed to manage the mine.

Liquidator Johan Engelbrecht said charges would also be laid against former president Nelson Mandela’s grandson Zondwa Mandela.

CONTINUES BELOW

Aurora’s management contract was cancelled after the company was accused of destroying infrastructure at the mines. Read all post…

Tags: Case, Velvet Sky

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Romney: Impossible to know cost of his tax plan

BOSTON — Mitt Romney is acknowledging that its impossible to know how his tax plan will affect the federal budget deficit.

In an interview Wednesday on CNBC, the former Massachusetts governor scoffed at outside groups who have said his plan to lower marginal tax rates would increase the deficit.

Romney said he was surprised that such assertions were being made because his plan cant be scored. He says hell have to work with Congress on the details before he can estimate how much the plan will cost.

Romney previously has insisted that his plan to cut marginal individual tax rates by 20 percent wont increase the deficit because he would limit deductions and exemptions for the wealthy. He hasnt outlined what those changes would be, and says hell work with Congress.

Tags: Plan, Tax Plan

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Unimar Inc., M&T Bank to be honored at business conference for veterans

Unimar Inc., M&T Bank to be honored at business conference for veterans Unimar Inc., a veteran-owned company based in North Syracuse, and M&T Bank will be recognized for their achievements at Operation: Start Up & Grow, an annual business conference for the military community.

The conference, hosted by the Small Business Administration and the Small Business Development Center at Onondaga Community College, will be held from 8:45 a.m. to 1 p.m. Tuesday at the Gordon Student Center at the college.

Unimar will receive the conference’s Veteran-Owned Business Achievement Award. Founded 22 years ago by Air Force veteran Michael Marley, of Clay, the company has grown into a multi-million dollar lighting supplier to customers worldwide.

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Tags: Business Conference, Unimar Inc, Veterans

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What is rest?

To understand how a home loan works one needs to understand what a rest means. A rest is the interval at which the remainder of the loan amount is recalculated as you repay the loan. This is relevant only in the case of a reducing balance loan as opposed to a flat rate interest loan. These regular intervals or Rests can be yearly, monthly or even daily.

Financial institutions have various parameters surrounding the loan amount detailing the manner in which the loan is repaid. A Rest is nothing but the regular interval at which the loan amount balance is recalculated and also refers to the periodicity of compounding. This can be possible only in the case of reducing balance loan amounts.

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As Canadian dollar rose over 10 years, 500,000 factory jobs died

As the loon flies A study by BMO Nesbitt Burns today marks the 10-year anniversary of the beginning of the Canadian dollar’s return to grace from its 62-cent lows, and the impact associated with the rise.

Over the same period, notes deputy chief economist Douglas Porter, almost 500,000 manufacturing jobs have been lost, offset by increases in the nation’s resource industries. Canada’s current account balance has tipped into deficit and its trade balance has eroded dramatically. And for investors, this “tectonic currency shift has caused an earthquake for relative returns.”

Going forward, Mr. Porter and others project the loonie will remain strong as the factors buoying the currency persist.

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Tags: Canadian Dollar, Dollar

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