New Leaked Reports Show Why PRASA Train Security has Collapsed

By SAPeople Contributor 31-10-18 11:36

Investigations by Werksmans Attorneys on mismanagement at the Passenger Rail Agency of South Africa (PRASA) for the 2014/15 financial year have raised more red flags about security at the beleaguered state-owned entity. The leaked reports substantiate previous investigations by the Public Protector, Auditor General and National Treasury. They reveal that hundreds of millions of rands […]

SA’s Reserve Bank Starts Winding Up Corruption-Hit VBS Bank

By SAPeople 30-10-18 17:26

JOHANNESBURG – The South African central bank – the Reserve Bank – said on Tuesday that it has started the process of winding up VBS Mutual Bank, which was caught up in a corruption scandal earlier this year. A report commissioned by the Reserve Bank this month titled “The Great Bank Heist” found that R1.9 […]

South Africa’s Nedbank Becomes Latest Firm to Drop KPMG

By Reuters 29-10-18 15:09

JOHANNESBURG – South African lender Nedbank said on Monday it would appoint Ernst & Young as joint external auditors in May 2019, becoming the latest firm to drop the scandal-hit KPMG’s local unit. The auditor’s South African unit has been under close scrutiny since 2017 over work done for a company owned by the Gupta […]

ANC Will Go to the Polls with Only One Major Asset: President Ramaphosa

By Guest Contributor 29-10-18 09:40

It is common cause that the performance of South Africa’s government, led by the African National Congress (ANC), has been worse than abysmal. Under former President Jacob Zuma, ANC functionaries pillaged numerous institutions of state. They enabled state owned institutions to be looted, mismanaged the provision of basic services and presided over an alarming downward […]

Namibia Scraps Black Ownership Rules for Mining Exploration Licences

By Reuters 28-10-18 23:35

WINDHOEK – Namibia has scrapped a requirement for companies seeking mining exploration licences to be partly owned and managed by black Namibians, the country’s mining industry group said on Friday. The policy was introduced in 2015 to increase the participation of historically disadvantaged black Namibians in some of the country’s most lucrative business projects, but […]

South Africa’s Gordhan Warns Anti-Corruption Efforts Face “Dangerous Fightback”

By Reuters 28-10-18 20:51

JOHANNESBURG – South African Public Enterprises Minister Pravin Gordhan said on Sunday that efforts to clean up corruption in state-owned companies (SOCs) faced “dangerous” resistance which threatened the country’s sovereignty… and hinted that the Gupta family is behind this resistance. Gordhan, a former finance minister, has been tasked by President Cyril Ramaphosa with cleaning up […]

Chinese Tycoon Jack Ma’s 3 Key Pieces of Advice to South Africa

By SAPeople 27-10-18 11:45

Chinese business tycoon Jack Ma has three main pieces of advice for South Africa: improve the education system, invest in entrepreneurs and ensure clean governance. Speaking at the inaugural South Africa Investment Conference business dinner on Friday night, Ma said for any country to develop it has to pay attention to those three elements. Ma […]

South Africa’s Committed to Protecting Property Rights, Says Ramaphosa

By SAPeople Contributor 27-10-18 00:30

JOHANNESBURG (Reuters) – South African President Cyril Ramaphosa used an investment summit on Friday to reassure investors that his government was committed to protecting property rights as it pursues plans to accelerate the pace of land redistribution. “We are committed as government to pursuing a comprehensive approach to land and agrarian reform which ensures transformation, […]

R290 Billion Worth of Investments Committed to Revive South Africa!

By SAPeople 26-10-18 20:50

It’s been a fantastic day for South Africa as local and international businesses have come to the inaugural South African Investment Conference bearing gifts in the form of investment commitments to the tune of R290 billion ($20 billion). “This R290 billion is what we have now in our hands and these are in addition to […]

South Africa’s Rand Slumps After Mboweni’s Budget Disappoints

By Reuters 24-10-18 15:41

JOHANNESBURG – South Africa’s rand weakened more than 1 percent on Wednesday after new Finance Minister Tito Mboweni forecast wider deficits and slower growth in his maiden budget speech. At 1247 GMT, the rand traded at 14.4200 versus the dollar, 1.1 percent weaker on the day. Mboweni delivered the medium term budget to parliament as […]

South African Pension Fund Buys Majority Stake in Africa’s Biggest Cattle Firm

By Reuters 24-10-18 13:22

JOHANNESBURG – South Africa’s state pension fund and a local black investment firm have bought a majority stake in Africa’s biggest cattle company for R5.2 billion. The Public Investment Corp. (PIC), Africa’s largest investment fund and the biggest investor in South Africa’s economy, said on Tuesday it had bought a majority share in Karan Beef […]

Shoprite Will PAY South African Customers to Reuse Plastic Bags

By Reuters 23-10-18 17:15

JOHANNESBURG  – South Africa’s biggest supermarket chain, Shoprite, said on Tuesday it would pay customers for reusing its newly introduced recyclable bag… as it joined domestic rivals in efforts to curb plastic pollution. Supermarkets have come under increased pressure to cut their use of plastic as images of littered oceans and beaches become commonplace, shocking […]

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Heartless Killers of Security Guards Shot in Police Shootout

By SAPeople Contributor 23-10-18 17:06

Police in South Africa have shot and killed two men in KwaZulu-Natal in a ‘blaze of bullets’ who were allegedly responsible for the murder of two security guards in a stationary vehicle in Soweto two weeks ago. This was confirmed by South African Police Service (SAPS) spokesperson Vishnu Naidoo in a statement on Tuesday. Chilling […]

South Africa’s New Finance Minister Walks Budget Tightrope to Fix Economy

By SAPeople Contributor 22-10-18 23:35

JOHANNESBURG (Reuters) – South Africa’s new finance minister will target spending on agriculture, infrastructure and job creation projects in his inaugural budget speech on Wednesday in a bid to haul the economy out of a recession. With the government facing a ballooning debt, stubbornly high unemployment, struggling state companies, and dwindling coffers, Tito Mboweni, a […]

South Africa’s Transnet Removes CEO Following Alleged ‘Misconduct’ Worth Millions

By SAPeople Contributor 22-10-18 12:15

JOHANNESBURG – Wiping out corruption in South Africa continues with an announcement that Transnet’s board of directors has removed Chief Executive Siyabonga Gama, who has been accused of misconduct in a multi-million-dollar deal. State-owned Transnet, which operates nearly three-quarters of the African rail network – most of which is in South Africa – has been […]

VBS Mutual Bank Retrenches Employees

By Wendy Mothata 19-10-18 11:48

Some employees of VBS Mutual Bank have finally agreed to sign retrenchment letters following days of refusing to sign them. The employees had a meeting with representatives of the office of the curator and the bank’s Human Resource Department in Limpopo, Thohoyandou on Thursday. According to SABC 100 workers are being retrenched while 25 will […]

South Africa’s Ramaphosa Orders Inquiry at $142 Billion State Pension Fund

By Reuters 18-10-18 11:21

JOHANNESBURG – South Africa’s President Cyril Ramaphosa on Wednesday appointed a judicial inquiry into the R2 trillion rand ($142 billion) state pension fund, a government gazette said, following corruption allegations. The PIC is Africa’s biggest pension fund and the biggest investor in South Africa’s economy holding a large volume of bonds issued by government and […]

South Africa’s Treasury Says It Will Struggle to Finance Public Services

By Reuters 16-10-18 11:53

CAPE TOWN – South Africa will struggle to finance the public services that form the largest part of its budget… due to falling revenues and an economic recession, the National Treasury told lawmakers on Tuesday. South Africa slipped into recession in the second quarter for the first time in nearly a decade; and the political […]

WATCH Waste-Pickers Hurtle Through Sandton On a Trolley!

By SAPeople Contributor 16-10-18 10:20

South Africans have had mixed reactions to a video posted on Sunday showing two guys weaving through the traffic on Grayston Drive in Sandton, Gauteng… on a trolley. “Nothing serious, just some guys on their way to Sandton via Grayston Drive on a trolley!” wrote Intelligence Bureau SA, when they uploaded the video. The two […]

Ramaphosa Rejects Report He Knew About Looting at VBS Bank

By SAPeople 15-10-18 21:19

JOHANNESBURG – South African President Cyril Ramaphosa on Monday rejected a newspaper report that he failed to stop R1.9 billion ($132 million) being illegally siphoned from VBS Mutual Bank. City Press reported on Sunday that sources close to a major VBS shareholder said the shareholder had informed Ramaphosa about what was going on when he […]

Jooste Advised Friends to Sell Before Steinhoff Shares Collapse

By SAPeople Contributor 11-10-18 14:17

JOHANNESBURG – Steinhoff’s shares fell more than 9 percent on Thursday to a near two-month low after a global market rout and a report by Bloomberg saying the retailer’s former CEO advised friends to sell the firm’s stock days before the shares collapsed. Traders said the retailer’s losses were exacerbated by a Wall Street rout […]

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