Nedbank has written off debts owed by pensioners, disabled people and homes managed by children. People who owe less than R150,000 to the bank and whose municipal debt is less than R10,000 are affected by the write-off. Nedbank could not confirm whether white pensioners would also be accommodated. Thirty-three title deeds were handed over by..
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Nedbank scraps debt of R14 million to so-called disadvantaged pensioners but cannot confirm whether white people will also be accommodated
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South Africa’s Economic and Social Decline As Bad as A Country At War, But it’s Not At War, is it?
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New research from think tank Eunomix Business & Economics found that South Africa endured one of the worst declines over the past 12 years for a country not at war. The country’s performance on a range of social, economic, and governance measures deteriorated more than any other nation not involved in an international or civil..
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Bankrupt SA’s bankrupt governors – taxpayers’ contribution to the treasury is recklessly ransacked
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While everyone is encouraged by the ANC regime to help build the economy, so-called governors are making the taxpayers’ contribution to the Treasury wastefully wasted. If R750m from the empty treasury is dumped to renovate the homes of ANC ministers and deputy ministers and even pay thousands of Rands for dog kennels, it’s no wonder..
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ANC Election Donors – Companies like Sanlam, Angelo American, MTN fund the ruling party
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SA’s political parties have been receiving donations in the form of money, goods and services for years from the likes of banks, corporations, individuals, foreign entities, governments and political parties, and state-owned enterprises. Although donations to political parties are not always in hard cash, the largest donations are usually paid into bank accounts. Sometimes goods..
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About R1 billion fraudulent applications is suspected in Road Accident Fund – more than 514 cases investigated
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The Road Accident Fund, which is funded directly from fuel levies, has announced that around R1 billion is involved in fraudulent applications in the 2017/18 financial year. About 514 cases are currently being investigated by the SAPS. Investigations by the Fraud Division of the Fund led to a large number of lawyers being scrapped from..
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The apple doesn’t fall far from the tree – Edward Zuma is just as corrupt as his father Jacob
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Edward Zuma tried to convince General Johan Booysen to “defraud” R15m worth of assets as he is a silent partner of Thoshan Panday whose assets have been frozen. Two meetings with Jacob Zuma were fruitless as Booysen was not given the opportunity to inform Zuma of his son’s escapades. Booysen testified before the State Capture..
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Ramaphosa administration is set to splash out R750 million on renovating minister’s homes and other government buildings at a time when the country’s tax-collection revenue is on the decline
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President Cyril Ramaphosa’s administration is set to splash out on renovations for ministerial homes and other government-owned buildings, including R29 million on a guardhouse and R29 million on gates and a doghouse. The Sunday Times reports that more than R730 million has been set aside for a number of upgrades, at a time when the..
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VBS Bank’s ghost walks in Venda – king of Venda, also had money invested at the bankrupt VBS Mutual Bank, and now he has to repay R17 million
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Toni Mphephu Ramabulana, the king of Venda struggles to survive after an appeal court case that ordered him to repay R17 million to VBS he had previously received from the bankers. King Ramabulana and about 50 shareholders businessmen, politicians, and traditional leaders are accused of enjoying unauthorized benefits from the bankrupt VBS Bank. The VMS..
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Electricity-supply crisis is looming in South Africa that could make intermittent outages in the past few months seem trivial by comparison – Eskom shuts ageing plants
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Eskom Holdings SOC Ltd., which supplies almost all the nation’s power, will lose more than a quarter of its current generating capacity over the next decade as it shuts ageing coal-fired plants. Replacing that output and adding capacity needed to meet rising demand will take years and cost more than R1trn ($71bn), according to government..
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Automotive manufacturing giant, Volkswagen SA invests R86 million exclusively in Black Economic Empowerment
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The automotive manufacturing giant, Volkswagen SA, decided to invest R86 million for the development of black automotive suppliers in South Africa. The Black Economic Empowerment Trust Fund, which is regarded as the largest private transformation fund in the South African automotive industry, has already invested almost a quarter of its investable capital in black businesses…
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Jacob Zuma set to sue Sunday Times and the journalist over ‘Gaddafi’s missing millions’ story – denying all allegations that cash was ever kept at Nkandla
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The paper has reported that ‘authorities are [now] certain’ there was a lot of money hidden in the bunker at the time. Former president Jacob Zuma will reportedly take legal action against the Sunday Times and the journalist “in her personal capacity” following a story claiming he allegedly agreed to keep the late Libyan dictator..
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Mining also a corrupt industry – Donations that had to be used for project development have disappeared without a trace
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Funds earmarked for the development of projects in the Western Transvaal and the Northern Transvaal (Limpopo) apparently disappeared into thin air. The funding and managing of the finances hailing as mining donations has raised questions at Corruption Watchdog. They have now asked that the plundering of essential funds need to be investigated. No records are..
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This is how the ANC-cadres enriches themselves at the expense of the struggling SA taxpayers
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The head of an agency is reimbursed nearly R9 million during 2017 and another senior official worked only 3 months of his final year’s contract. The most senior executives in at least 24 government agencies pay more than R3 million each in the 2017-2018 financial year. At least five of the 24 CEOs each received..
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Struggling SARS is being burdened by striking staff who insist on higher wages – this act could cripple the economy even further
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The struggling SA Revenue Service (SARS) is being pushed even more into the mud with staff who stop striking higher wages. With unions behind the strikes, SARS is now in its third working day of strike and all the bigger offices are affected. The union’s supporters demand an increase of over 11% while the employer..
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Fuel now more expensive than gold says consumers mockingly
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The fuel price that will hike further this Wednesday makes the liquid almost as expensive as gold, says consumers mockingly. Wednesday, the price of petrol will increases by R1.34 per liter, and diesel increases by R0.82 per liter, leaving a big hole in motorists budget. The increase is attributable to the weak Rand and the..
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