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In a volatile economic landscape, the importance of prudent financial planning and savvy saving strategies becomes more critical than ever. When inflation is high, the value of money seems to shift like sand beneath our feet, with a knock-on effect on interest rates and the cost of living. Despite this, it’s encouraging to see many …
Debt consolidation allows consumers to consolidate their debt held with various credit providers into one manageable debt that they can pay off. Debt consolidation can lead to better control and financial relief for the consumer. Alpheus Legodi, FNB Loans Product Head, says, “If used correctly, debt consolidation can be a powerful money management tool for …
Agriculture is a capital-intensive activity, typically with years passing between initial investment and revenue. The primary challenge facing small scale farmers is access to reasonably priced, reasonably termed funding to drive capital investment in their enterprises. The Economic Transformation of Black Citrus Growers (ETBCG) programme began with a proposal by the Citrus Growers Association (CGA) …
R32-million paid by hundreds of grassroots organisations into accounts of KZN NLC official and his wife
SIU granted order to freeze KZN NLC official’s bank accounts
The Special Investigating Unit (SIU) has been granted a preservation order by the Special Tribunal to freeze approximately R2.4 million held in four bank accounts linked to a KwaZulu-Natal National Lotteries Commission’s (NLC) official and his wife.
According to the SIU statement, the money was paid into the accounts by non-profit organisations that received funding from the NLC to improve the conditions of ordinary South Africans, but made its way into the bank accounts for self-enrichment.
“An investigation by the SIU into the affairs of the NLC revealed that [Sibonelo] Vilakazi approached daycare centres and football clubs in KZN to apply for grant funding. Immediately after receiving funding, football clubs and care centres would transfer large sums of money into 05 ZZET ENTERPRISES (PTY) LTD’s bank account and those linked to Zuma and Vilakazi.
“A report by the Financial Intelligence Centre states that 05 ZZET Enterprises received multiple electronic fund transfer payments from several care centres and football clubs of approximately R 32 259 707. SIU investigations show that more than 400 care centres and football clubs made payments to accounts linked to Vilakazi and Zuma from money received from the NLC between 2019 and 2023,” SIU spokesperson, Kaizer Kganyago said.
In terms of the order dated 13 September 2023, the suspended NLC official Sibonelo Vilakazi, his wife Nosipho Zanele Zuma and 05 ZZET ENTERPRISES (PTY) LTD, solely owned by Zuma, are prohibited from dealing in any manner with funds held in the frozen bank accounts.
“In August 2023, the Tribunal granted a similar order pending the intervention application by the SIU in a matter brought by Zuma against First National Bank (FNB) before the High Court of South Africa: Kwa-Zulu Natal Local Division, Durban, and the subsequent conclusion of the main application to be brought by the SIU in the Special Tribunal.
“The bank had frozen Zuma’s bank accounts through its own processes. The High Court granted the order in favour of Zuma [and] as a result, the SIU approached the Special Tribunal to vary the order so that it was not dependent on any other court process,” Kganyago said.
The SIU was, in terms of Proclamation R32 of 2020, authorised by President Cyril Ramaphosa to investigate allegations of corruption and maladministration in the affairs of NLC and the conduct of NLC officials and to recover any financial losses suffered by the State.
The SIU has been granted a preservation order to freeze approximately R2.4 million, pending the final determination of a civil action to be brought by the Unit within 60 days. – SAnews.gov.za
GabiK
Fri, 09/15/2023 - 11:57
14 September 2023 – FNB, recently declared South Africa’s Most Valuable Brand*, has delivered strong results for the financial year ending 30 June 2023, boosted by sustained growth in customers, deposits, transactional activity, and take-up of its comprehensive product range. Against the backdrop of a tough economic climate that has strained the finances of households …
Building on the resounding success of her captivating exhibition earlier this year at Spier Wine Farm in the Western Cape, renowned artist Diane Victor’s rousing pieces exploring the dark side of South African society, the vulnerability of life and the human condition are coming to Johannesburg. Open City and FNB Art Joburg will present a …
At the end of the day anyone that submits a press release to MyPR wants to know that their article can and will be found by people searching for relevant and timeous information. No matter how you spin it, Google Search is still the benchmark when it comes to finding information and a top of …
Op-Ed by Michelle Geraghty, Business Development Head at FNB Business Advisory: Business succession planning is often an overlooked aspect of leadership for many business owners, most of whom tend to consider it only when retirement is imminent and the need to hand over the reins becomes apparent. Regrettably, even when the need to identify a …
Judge unfreezes bank accounts of KZN company
FNB is proud to have been named South Africa’s Most Valuable Brand in the 2023 Kantar BrandZ Most Valuable South African Brands rankings. With an impressive brand value of $3,402 billion, this is the third time in four years that FNB has won the accolade. This year’s remarkable achievement comes on the back of FNB’s …
There are many factors to consider when it comes to deciding whether to sell your house or hold onto it. These include current real estate market conditions, the costs associated with selling a property, personal financial circumstances, and the physical appeal of the property to prospective buyers, says Paul Stevens, CEO of Just Property. Unpacking …
“Over the last decade, a plethora of studies have found that women make better investors than their male counterparts. More recently, an analysis of five million Fidelity accounts over a 10-year period showed that US women’s returns were 0.4% higher than men. This difference is even higher according to a Berkeley study, which showed women’s …
FNB is accelerating its commitment to environmental sustainability and operational resilience by installing solar power systems in 100 of its branches across the country. This initiative aims to improve uninterrupted access to services offered in its branches during times of load shedding while mitigating the environmental impact of its operations. The project will commence with …
By Bobby Madhav, Head of Trade and Structured Trade & Commodity Finance, FNB. South Africa recorded a trade deficit of R3.5bn in June 2023 compared to the surplus of R9.6bn recorded in May 2023 and far below the market forecast of an R11.9bn surplus. This is the second month in this calendar year that the …
As South Africa braces itself for hotter and drier EI Niño weather conditions, coupled with risks associated with loadshedding, farmers are cautioned to put the necessary measures in place to mitigate against the risk of veld fires during this winter and windy spring season. “Over the years, we have seen the negative impact that veld …
In a pioneering move aimed at further bolstering the security of customer interactions, FNB has introduced Secure Call on the FNB App to allow its customers to make safer voice calls to its customer service areas. This is in addition to its existing Secure Chat feature, which was introduced a few years ago and allows …
In today’s complex financial world, planning for the future is essential. One often overlooked aspect of financial planning is creating a will, which ensures that your loved ones are protected, and your assets are distributed according to your wishes after you pass away. Recognising the importance of wills as a crucial component of financial planning, …
In response to the growing trend of customers with side hustles, coupled with over 600 thousand FNB customers currently running side businesses off their personal accounts, the Bank has now made it easier for them to separate their personal and business activities, through a new ‘FNB Solopreneur Bundle’ that offers customers an additional Business account …
The pressure is widespread across most of the major retail categories, except for Clothing and Footwear Retail (+10.3% real year-on-year growth) interestingly. Even the less cyclical “General Dealers” saw a decline of -3.7%, impacted not only by rising interest rates and a weakening economy pressuring consumer disposable income, but also by a recent food price …
Should you have a tax-free savings account or not? It seems as if it is the ideal vehicle to save in, regardless of the goal or time horizon, because the returns are tax free. However, there are a few considerations when it comes to having a tax-free account. Ester Ochse, Product Head, FNB Integrated Advice …
FNB customers continue to prove that every penny counts when it comes to building a savings culture. The Bank’s customers are tapping into innovative and automated ways to save, such as using the Bank Your Change® saving feature that is activated through the FNB App to automate saving small amounts from a transactional account into …
By Prof. Yudhvir Seetharam: Head of Analytics, Insights and Research at FNB Commercial While digitisation and automation create many opportunities for businesses to streamline tasks and deliver benefits of ease and convenience to customers, this doesn’t automatically translate to good customer service. In fact, that assumption can create a significant risk for any business, because …
FNB and MTN have announced a strategic network collaboration aimed at accelerating access to reliable telecommunications and internet services for customers who use FNB Connect, which has been recognised as the Best Digital Mobile Virtual Network Operator (MVNO) in the World*. FNB Connect already offers an extensive array of innovative services that are accessible through …