Patrice Motsepe’s African Rainbow Capital (ARC) has established a new insurance company known as African Rainbow Life. The company differs from other insurers who serve the lower income groups, and have their sights on the broad spectrum of rainbow nation. The new company is owned by ARC and Sanlam, which has already established a company..
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Sanlam helps establish black companies, serving lower income groups as target market indicating #Blackprivilege
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SA economy in dire stress Mr Cyril! – No growth occurred and Gross Domestic Production shrunk by a shocking 3.2%
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Despite the great optimism surrounding Ramaphosa’s election as ANC president, there has been no growth in the domestic economy. Rather, the decline can be notice after the latest figures where released. Gross Domestic Production weakened by a shocking 3.2% in the first quarter of 2019. This is the biggest fall since the world wide financial..
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Dramatic increase in murder rates increases in SA, with an average of 53 murders per day now, and almost 20,000 murders annually
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Murder rate in South Africa are on the rise, and except for the increase in farm attacks more incidents have generally been reported. In the past month, the figure has risen sharply, with an average of 53 murders per day. The dramatic rise is described by crime experts as frightening, and the main reason why..
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R500m taken from the poorest of poor in SA – pension fund boss splurged R21 million of Amplats Group Provident Fund, belonging to orphans of mine workers, on luxury mansion
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Documents show how money belonging to dependents of deceased miners was splurged by executive on costly mansion. A pension fund boss entrusted with looking after billions of rands allegedly splurged R21 million belonging to orphans of mine workers on a luxury mansion in a security estate in Alberton, Ekurhuleni. Invoices obtained by City Press show..
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11 PIC Councilors offered to resign amid continuing scandals and suspension of senior staff
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The Public Servants Association or as it is now known Public Servants Association (PSA) represents about 240,000 members countrywide and has just indicated that they will instruct the Public Investment Corporation (PIC) that no further investments in Eskom should be made. By purchasing Eskom bonds, pensioners are exposed to extremely high risk as Eskom is..
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Whopping salaries and perks for new cabinet: here are the numbers – Spouses and children also set to score footed by taxpayers money
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Luxury travel, free housing and domestic staff along with salaries in the R2m a year bracket are all in store for the politicians who woke up as freshly minted members of President Cyril Ramaphosa’s cabinet on Thursday. AfricaCheck has crunched the numbers and found that cabinet ministers will receive an annual salary of R2,401,633. Deputy..
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Nearly Half of Households in SA on Welfare – Rainbow Nation has become welfare state with over 45% of households relying on SASSA
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More than 17 million “residents” of South Africa are currently receiving government grants. According to Statistics SA, more than 45% of households are dependent on state grants. The rainbow country has become a well-being country and this means, among other things, that more and more non-marital children are growing. Western Cape households are dependent on..
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Corruption on corruption, R3.9 billion missing – PIC managing government workers’ savings cannot determine where funds are
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The never-ending spate of corruption incidents in South Africa are being disclosed one after another. The Public Investment Corporation (PIC), which is Africa’s largest resource manager, apparently found no trace of documents to indicate how and why an amount of R4bn was invested in the obscure oil company affiliated with the ANC and Jacob Zuma…
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SA liquidations increase by over 53% – economy’s poor performance is attributed to power supply, violence conditions, strikes, corruption, etc.
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While the ANC president, Cyril Ramaphosa made huge promises of foreign investors and many jobs for the 28% who are looking for jobs and not getting, new setbacks are coming to the surface. The number of liquidations recorded in South Africa has increased by 50% during April this year, indicating the real state of the..
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ZUMA: I HAVE TO SELL SOCKS AND HATS TO PAY LAWYERS – “They call me corrupt. But till today, no one can show what I have stolen”
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Former President Jacob Zuma has told supporters outside the KwaZulu-Natal High Court in Pietermaritzburg that he could not afford to pay the legal fees for his ongoing trial. “I have to sell hats, socks to pay for legal fees, they don’t want me to have lawyers, they are ganging up on me, but I won’t..
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Innocent until proven guilty? Prasa places three executives on special leave, terminates former secretary’s contract – wonder if those placed on special leave will still receive full remuneration?
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The suspension and placement on special leave of these executives, is to ensure a fair process based on a principle of innocent until proven guilty. The Passenger Rail Agency of South Africa (Prasa) has announced that it has terminated the employment contract of its former company secretary Matome Mohube with immediate effect. This comes after..
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South African Municipal Workers’ Union goes after corrupt officials for plundering R88m from workers’ coffers
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The embattled South African Municipal Workers’ Union (Samwu) said on Wednesday that it has mandated its national office bearers to open criminal cases against other persons and companies involved in stealing money from the union account. This as Samwu confirmed that the workers’ coffers had been plundered of almost R88 million in just three years..
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It pays to be a politician – These are some of the perks awaiting new MPs – Cellphones, R1-million salaries, free flights and airport parking
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When the 400 newly elected members of the national assembly, and 90 members of the National Council of Provinces (NCOP), are sworn in on May 22, they can expect a host of benefits. Aside from a minimum R1.1 million annual salary, each member will also get accommodation, travel expenses and transport for their dependents. Khuthala..
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Eskom ticking time bomb! – National power utility managed by ANC-regime, debt jumps to nearly R500-billion and is currently the biggest threat to the SA’s economy
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Embattled South African state power utility Eskom’s debt burden, described by Goldman Sachs Group as the biggest threat to the nation’s economy, has burgeoned, compounding the difficulty the government faces in formulating a turnaround plan. The company’s debt is approaching R500-billion, according to data compiled by Bloomberg from public records, including bonds and issued loans,..
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Struggling Eastern Cape municipality’s funds used to renovate home of ANC provincial chairman
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Over R1m siphoned from a municipality in the Eastern Cape was used to renovate the home of ANC provincial chairman and premier designate Oscar Mabuyane. An invoice of R1.1m was fraudulently generated under the guise that it was for plant hire for a road construction project. However, R450,000 of that money was transferred to a..
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