South Africa’s richest man Johann Rupert said “radical economic transformation,” the policy championed by the country’s President Jacob Zuma to reduce racial inequality, is no more than theft. “Radical economic transformation is just a code word for theft,” Rupert said on the sidelines of Richemont’s annual general meeting in Geneva on Wednesday. “That’s what’s happening..
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Johan Rupert: “Radical economic transformation is just a code word for theft”
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SAA cash crunch deepens as suppliers have still not been paid
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South African Airways (SAA) appears to have exhausted its available cash reserves following news that suppliers have still not been paid for work done in July. The airline has thirty-day terms with a number of suppliers that provide essential services to it. They had not been paid at the end of last week, a week..
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Payment administrator IntelliMali coughs up the ‘lost’ R818k misappropriated by NSFAS
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Payment administrator IntelliMali has reimbursed Walter Sisulu University (WSU) the full amount misappropriated by NSFAS “student millionaire” Sibongile Mani out of its own pocket. IntelliMali has also roped in the services of a forensic investigator to probe how the R14-million ended up in the account of one student. The company responsible for administering state loans..
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Unemployment fund’s assets currently valued at R110bn – Hopefully the government will keep their hands off
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The Unemployment Insurance Fund (UIF) currently has assets valued at R110-billion‚ Labour Minister Mildred Oliphant disclosed on Monday. In a written reply to a parliamentary question by Democratic Alliance labour spokesman Michael Bagraim‚ Oliphant said that while the projected monthly contributions from September 1 2017 to August 31 2018 were expected to total R1.58-million‚ the..
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Lessons to be learnt from the rest of the African continent
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While South Africa had “a head start in the level of its development compared to other African economies” there was much to learn from the rest of the continent, many of who were “making greater progress, despite starting from a low base.” South Africa also had a role to play in contributing to the continent’s..
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ConCourt rules on new owners’ historical debt.
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The Constitutional Court on Tuesday ruled that new home owners are not liable for historical debt taken over from previous owners. Municipalities such as Tshwane, eThekwini and Ekurhuleni — as well as the cooperative and governance minister — argued against a landmark high court judgment in 2016, which made a similar ruling. The high court..
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Gigaba lashes out against ‘hysteria’ over SAA bailout
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Finance Minister Malusi Gigaba has spoken out against what he termed hysteria that has been created around the options government is considering to recapitalise South African Airways (SAA). He was speaking at a briefing at Treasury following a meeting with the steering committee of the CEO Initiative on Friday. He emphasised that government is still..
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Eskom wants to give Molefe R11-million golden handshake
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Public Enterprises Minister Lynne Brown this week quashed yet another bid by Eskom’s board to pay former CEO Brian Molefe a multimillion-rand golden handshake. The request to pay Molefe a settlement of R11.2-million was made to Brown by interim board chairman Zethembe Khoza. It came just months after the minister rejected an initial bid to..
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Did Guptas sell mines they didn’t own? The Zuma and Guptas stories is just getting interesting day by day.
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Many questions remain about the Gupta family’s announcement on Wednesday that it was selling Tegeta Exploration, a company with coal mines that, according to Eskom, are critical for keeping the lights on in the country. But two questions stand out: Who is buying Tegeta, and who is selling it? Neighbours in the vicinity of the..
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Guptas get bailed out of another SA business after Swiss Company is investing R2,97b
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Oakbay flogging Tegeta for amazingly quick profit of nearly R800million. A United Arab Emirates businessman using a Swiss shelf company is investing R2.97-billion to buy the Gupta family’s Tegeta mining company, which is under investigation for dubious dealings in its purchase of the Optimum colliery. Tegeta Resources and Exploration will be sold by Oakbay Investments,..
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Are the Guptas starting to feel the heat?
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Gupta-owned Oakbay Investments has sold Tegeta Exploration and Resources to Swiss-based Charles King SA for R2.97-billion, it announced on Wednesday. The firm is at the centre of former Public Protector Thuli Madonsela’s State of Capture report, which found irregularities with its dealings with Eskom. Brian Molefe stepped down as a result of the report in..
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Energy fund faces ruin if state mining company moves to Zwane’s department.
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The Central Energy Fund (CEF) faces financial ruin when Energy Minister Mmamoloko Kubayi hands the state’s mining company, African Exploration Mining and Finance Corporation, to the department of mineral resources. This will take place in the few months left of this financial year. Sources in the department have told the Mail & Guardian it will..
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Makhosi Khoza, African National Congress MP, hits back at claims that she ‘insulted’ ANC colleagues.
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Makhosi Khoza has denied she insulted ANC colleagues following a boycott of a meeting she chaired last week, saying she was responding to their initial taunts. Khoza was sacked as chairperson of the portfolio committee on public service and administration last Thursday, August 17, after ANC MPs wrote a letter demanding she be removed two..
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Falling BRICS endanger their citizens’ health, starting with Jacob Zuma.
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As he launches the African Regional Centre of the New Development Bank (NDB) in Sandton on Thursday, nearly 18 months behind schedule, Jacob Zuma must have mixed feelings. Strife-riven Brazil, Russia, India and China are more risky allies than Zuma reckoned when in 2010 he accepted Beijing’s invitation to join the club. “I was poisoned..
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