While the airline is required to present its financials by the end of the month, it cannot do so as it’s technically bankrupt. A report in The City Press on Sunday documents the massive financial problems of state-owned airline South African Airways (SAA). According to the report, SAA’s debt is currently R15 billion more than..
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Fraud and theft behind SAA bankruptcy – SAA’s debt is currently R15 billion more than its assets, and banks will no longer lend the airline any money
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There is some good news for consumers – Repo rate remains unchanged
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The recession apparently forced the SA Reserve Bank to keep the lending rate unchanged. However, three of the seven members of the bank’s monetary policy committee asked for a 25 basis point increase. The bank expects GDP to grow at 0.7% for 2018, against the forecast of 1.2% in July. Read the original article in..
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Standard Bank warned that their license will be suspended if they close Gupta’s bank account
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Ian Sinton of Standard Bank told the Zondo commission how the former minister of mineral affairs, Mosebenzi Zwane, requested the bank not to close the Gupta accounts, on which the minister pointed out that the bank would not violate the laws by doing so. Zwane’s response was that he would change the law that would..
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Neo Mongwaketse, Absa Manager: “Your white shit arrogance lead to that torture and for white like you, I feel no pity”
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Double standards at its best in South-Africa. It seems that only a certain race has the privilege to freedom of speech, hate speech and racism, but if you are white you go to jail for the K word they hate so much.
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Nedbank confirms that farmers will still have to repay their loan debt even though the ANC regime stole their farm
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The Nedbank Bank Group has confirmed that mortgagees will still be held responsible for repayment of loans, even if their land would be expropriated without compensation. This news was confirmed by Kedibonea Molopyane, head of Nedbank’s media department. According to the bank, a loan agreement is binding regardless of any form of so-called land reform…
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Government spend Half a million on braai areas for ministers that is funded with taxpayers money
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The department is said to have about 148 ministerial houses that cost anywhere between R4m and R9m. Themba Godi, who is the chairperson of the Standing Committee on Public Accounts (SCOPA), made it clear on Tuesday that taxpayers could not possibly be expected to foot the bill for the expenditure. The SCOPA revealed that the..
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Three of the VBS execs provisionally sequestrated, Vele liquidated
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Provisional sequestration orders have been granted against three businessmen in the VBS Mutual Bank fraud saga.
Vele Investments, VBS’s main shareholder, has also been liquidated.
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VBS chair, Tshifhiwa Matodzi, family trust implicated in bank’s looting
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The family trust of former VBS Mutual Bank chairperson Tshifhiwa Matodzi was allegedly paid nearly R5-million from Vele Investments’ heist of money from VBS Mutual Bank.
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ANC bash caught up in VBS Mutual Bank’s web
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The ANC may be entangled in alleged fraudulent transactions involving embattled VBS Mutual Bank. These details have emerged from the ongoing investigation into the bank’s collapse, contained in civil claims launched by VBS curator Anoosh Rooplal against VBS shareholder Vele Investments and former bank officials.
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ABSA claims its African identity and reveals new image- what do you think about it?
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Absa says it wants to claim its African identity by changing its image across all its operations on the continent – Welcome to the new Africanacity! After weeks of suspense, Absa has finally revealed its new brand by changing its logo and tagline. The Johannesburg Stock Exchange (JSE) is a hive of activity on Wednesday..
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Brace yourself for new Mandela banknotes and coins
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The new series of banknotes and R5 coin designed to celebrate milestones of former president Nelson Mandela’s life will go into circulation next week Friday. “Every commemorative banknote and the R5 circulation coin tell a story of Madiba from a milestone chapter in his life‚ from his humble beginnings in Mvezo‚ to his pursuit of..
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Land Confiscation Will Redistribute Poverty, Not Wealth! 180 Billion Rand’s Mortgages, Food Production and SA Economy Will Be Destroyed
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Zimbabwe 2.0 – The South African economy and the nation’s food production could collapse if the government seizes land from white farmers and redistributes it to black citizens, a local race relations organization has said. The move, approved by the ruling African National Congress (ANC) regime as well as the opposition EFF party earlier this..
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Greedy World Bank Endorses Land Expropriation Without Compensation! Happy to Profit From Poor SA’s Misery, Debt and Destruction
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If ever there was proof that we are living in enforced debt slavery, the World Bank has just shown its hand. It is so greedy to create new debt it even endorses South Africa’s Racist Land Expropriation without Compensation Plan, which will surely destroy the country just like Zimbabwe!
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ANC intend to start a process to nationalize the Reserve Bank of South Africa – Here Comes The R200 000 000 Note
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ANC general secretary, Ace (the Free State-milkman) Magashule, announced that, not only does the ANC intend to start with expropriation of land without compensation within the next week or two, but that they will also start a process to nationalize the Reserve Bank of South Africa.
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Viceroy Labels Capitec A Loan Shark, Wants Bank Placed Under Curatorship
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Viceroy says it has found that Capitec has been advising and approving loans to delinquent customers in order to repay existing loans.
The Viceroy research group has called on the Finance Minister and the South African Reserve Bank to immediately place Capitec under curatorship after branding the bank as a “loan shark with massively understated defaults – masquerading as a community finance provider”.
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