A, a reporter at Celeb-News magazine publishes an article about Z, a well-known businesswoman. In the article allegations are made that Z has worked as an escort, that she is guilty of "underhanded business practices" and involved with human trafficking. Due to these allegations Z loses a business contract to the amount of R800 000. Z is upset and threatens to institute proceedings for defamation against the magazine.

(a) May Z institute proceedings for defamation against Celeb-News magazine? Discuss fully.