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The Wholeweek Wrap With Daily Maverick

Location: News

Another tender, another scandal. But it might not be too late. Then, it’s back to school for ANC members. We ask: what’s the point? Later, the US elections are here and it could be an uncomfortably close race. And a win for families as Tiger Brands offers to pay up. But first: this past week’s mini-budget was hardly one for the history books. With a strong emphasis on early retirement and public-private partnerships when it comes to infrastructure projects, we unpack some of the key points. Ghost Company Bags R428-Million Tender (https://www.dailymaverick.co.za/article/2024-10-28-ghost-company-bags-r428m-oxygen-plants-tender-for-state-hospitals/) · Carte Blanche Website (https://www.dstv.com/m-net/en-za/show/carte-blanche) · Chat on X (https://twitter.com/carteblanchetv) · Chat on Facebook (https://www.facebook.com/carteblanchetv)

Read moreThe Wholeweek Wrap With Daily Maverick

Black Friday Online Shopping Boom: How to Shop Safely

Location: Business

With the surge in online shopping expected to continue this year after Standard Bank recorded the highest increase in 2023, the banking group advises clients to remain alert to the heightened risk of cybercrime during Black November. During the Black Friday weekend in 2023, Standard Bank customers’ online purchases surged by 17% compared to the …

Read moreBlack Friday Online Shopping Boom: How to Shop Safely

Committee welcomes prevention of R3.47 billion in financial losses  

Location: News

Committee welcomes prevention of R3.47 billion in financial losses  

The Standing Committee on the Auditor-General (AG) has welcomed the recovery and prevention of the R3.47 billion in financial losses by the Office of the Auditor General (AGSA) through the Material Irregularities (MIs) process.

This as the committee received a briefing from the Auditor-General of South Africa (AGSA) on its integrated annual report for the 2023/24 financial year.

“The AG has recovered R1.55 billion in financial losses; R1.14 billion in financial losses in the process of recovery and has prevented the financial loss of R0.78 billion for government departments, municipalities and entities.

“These successes show the importance of the execution of the new powers of the AG obtained through the amended Public Audit Act. In the year under review, the AG identified 626 MIs on non-compliance and suspected fraud,” the Chairperson of the Standing Committee on the Auditor-General Wouter Wynand Wessels said on Friday.

This resulted in 500 MIs on material financial loss, 51 MIs on substantial harm to the general public, 66 MIs on substantial harm to public sector institutions and 9 MIs on misuse on material public resource.

An MI is any non-compliance with legislation, fraud, theft or breach of fiduciary duty that could result in a material financial loss, misuse of public funds or substantial harm to a public sector institution or the public.

The amended Public Audit Act introduced the concept of MIs and expanded the powers of the AG to refer the MIs to relevant bodies for investigation if the accounting officer or authority does not take appropriate action to address them.

“The committee welcomes the AGSA's culture shift strategy. This entails plotting auditees not only according to mere compliance, but also focusing on service delivery performance.  This shows that 23% of government departments and entities and 45% of municipalities are currently doing harm, while 40% of departments and entities and 43% of municipalities are not doing the basics.

“The committee commends the AG for receiving a clean audit opinion for the year under review. A functional office of the AG is important as it results in a positive shift towards accountability and public sector performance,” Wessels said.-SAnews.gov.za

nosihle
Sun, 11/03/2024 - 10:09

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Read moreCommittee welcomes prevention of R3.47 billion in financial losses  

President Ramaphosa Appoints Members of Special Tribunal

Location: News

The Presidency of the Republic of South Africa
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President Cyril Ramaphosa has appointed the Tribunal President and Judges of the Special Tribunal which has a statutory mandate to recover public funds syphoned from the fiscus through corruption, fraud and illicit money flows.

President Ramaphosa has made these appointments in terms of the Special Investigating Units and Special Tribunal Act of 1996 and following consultation with Chief Justice Mandisa Maya.

The President has appointed Judge Margaret Victor as Tribunal President with effect from today, Friday, 1 November 2024, for a period of three years.

The President has also appointed the following additional judges for a period of three years starting today, Friday, 1 November 2024:
(i) Judge Thandi Victoria Norman, of the Eastern Cape Divisron of the High Court;
(ii) Judge David Makhoba, of the Gauteng Division of the High Court;
(iii) Judge Brian A Mashile, of the Mpumalanga Division of the High Court;
(iv) Judge Andre Henry Petersen, of the North West Division of the High Court; and
(v) Judge Chantel Moira Jennifer Fortuin, of the Western Cape Division of the High Court

Special tribunals differ from ordinary civil proceedings which are adversarial in nature.

The Special Tribunal adopts a more flexible and expeditious approach to legal actions. Its proceedings are inquisitorial in nature and characterised by extensive pre-trial investigations.

Distributed by APO Group on behalf of The Presidency of the Republic of South Africa.

Read morePresident Ramaphosa Appoints Members of Special Tribunal

SIU collects evidence in Makana Local Municipality maladministration allegations

Location: News

SIU collects evidence in Makana Local Municipality maladministration allegations

The Special Investigating Unit (SIU) has searched and collected evidence related to allegations of serious maladministration at the Makana Local Municipality in the Eastern Cape.

This after it obtained a warrant to search the premises of the municipality on Thursday.

“At 9 am on Friday, 01 November, the SIU, assisted by the Directorate for Priority Crimes Investigation, commonly known as the Hawks, entered the municipality's premises to collect evidence that is in line with Proclamation 207 of 2024 authorised the SIU to investigate allegations of serious maladministration,” the unit said in a statement.

The SIU and Hawks collected documentation and equipment required for audit or compliance purposes concerning successful tenders from 1 January 2019 to 18 October 2024, as stipulated in Proclamation 207 of 2024. 

“This includes comprehensive records such as company registration documents, all forms of payment documentation (invoices, purchase orders, remittance advice), and devices—such as laptops, mobile devices, external storage, or media used by relevant committees, officials, or employees. 

“The documentation also extends to any electronic data stored on these devices, including emails and cloud storage, covering current and outdated devices associated with specific personnel and posts.”

The warrant was granted by the Grahamstown Magistrate Court.

The application for a search and seizure followed the signing of Proclamation 207 of 2024 by President Cyril Ramaphosa, which authorised the SIU to investigate allegations of serious maladministration in the affairs of the Makana Local Municipality involving seven tenders, which was gazetted two weeks ago. 

The SIU’s investigation will look into the:

• Makana Bulk Sewer Upgrade Phase 1.
• Professional Engineering services for groundwater development project.
• Implementing agents for water conservation and demand management.
• Re-appointment of MBB Consulting for water conservation and demand management.
• Electrification of the greater Makana and surrounding areas 11KV line project.
• Host municipal emails and provide internet services.
• Operate and manage the Makana burning landfill site for six months.

“The SIU has reason to believe that a normal route of requesting information and documents would not have yielded positive results. Hence, it was deemed necessary to approach the Grahamstown Magistrate Court for a search warrant to seize documents and computers to assist with the ongoing investigation.

"Upon the receipt of the allegations, the SIU engaged the municipality seeking documents that would help assess the merit of the allegations and help prepare a motivation for a proclamation.

“However, the municipality did not cooperate with the SIU’s request. The SIU engaged the Auditor General of South Africa (AGSA), as the office was auditing the municipality at the time. The AGSA indicated that the municipality failed to furnish it with documents.”

The SIU is empowered by the Special Investigating Units and Special Tribunals Act 74 of 1996 (SIU Act) to subpoena bank statements and cell phone records, search and seize evidence, and interrogate witnesses under oath to thoroughly investigate allegations brought before it. 

The SIU is also empowered to institute civil action in the High Court or a Special Tribunal to correct any wrongdoing uncovered during investigations caused by acts of corruption, fraud or maladministration. In line with the SIU Act, the SIU will refer any evidence pointing to criminal conduct it uncovers to the National Prosecuting Authority for further action. -SAnews.gov.za
 

Edwin
Fri, 11/01/2024 - 10:35

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Read moreSIU collects evidence in Makana Local Municipality maladministration allegations

Fourteen in court on fraud, money laundering charges 

Location: News

Fourteen in court on fraud, money laundering charges 

Fourteen people have appeared in court on allegations of fraud and money laundering, the Directorate for Priority Crime Investigation (the Hawks) said on Wednesday. 

The 14 accused, including two former Nedbank employees, Nicolette de Villiers and Keitumetse Mathimbi, aged between 25 and 51 years were arrested on Tuesday in Pretoria, Johannesburg and Ekurhuleni by the Gauteng Serious Commercial Crime Investigation of the Hawks on allegations of fraud and money laundering.

“It is reported that the main suspect unlawfully made payments from suspense accounts valued at over R157 million which were further transferred … to recipients who were [not] entitled to receive such monies. The amounts were between R50 000 and R20 million. Twenty-three recipients are involved in the matter including 15 individuals, seven entities and six banks.”

The 14 made their first appearance in the Specialised Commercial Crimes Court sitting in the Palm Ridge Magistrates court on Wednesday.

The Hawks said 13 of the 14 were granted bail while accused number 10’s bail application will be heard on 7 November 2024 in the same court.

“Accused No 10, Yu-Wei Fang's bail application will be heard on the 7 November 2024 in the same court, he was remanded in custody. The other 13 accused will appear again on 29 January 2025,” said the Hawks.

The National Head of the Directorate for Priority Crime Investigation, Lieutenant General (Dr/Adv) Godfrey Lebeya commended the concerted efforts by the investigation team, prosecutors and specialists to ensure speedy finalisation of the investigation and securing the attendance of the accused in court. 

“This is one of the complex high value serious commercial crime[s] that exhibits the elements of professional money laundering enablers. Investigations are continuing,” said the Hawks.

Meanwhile, the Hawks said three suspects are expected to appear in court following the murder of an unknown man whose body was found severely beaten, stabbed and dumped in a veld in Boksburg, Gauteng.

The three suspects aged 42, 33 and 31 were arrested in the early hours of Wednesday morning in a multidisciplinary operation led by the Hawks Tactical Operations Management Section (TOMS), Benoni Flying Squad, Secure Tech, Graphite Security, Blue Hawk Tactical, DOT Towing and Brakpan Crime Prevention.

“Two suspects were arrested in connection with a murder of an unknown man whose body was found severely beaten, stabbed and dumped in a veld in Boksburg North. Through information received, the pair was traced to Brakpan. The third suspect was arrested also in Brakpan after he was found with a replica firearm and live ammunition which were confiscated for further investigation.”

The team also recovered a baseball bat and a panga which are suspected to have been the weapons utilised in the murder.

Investigations in the matter are continuing. -SAnews.gov.za

Edwin
Thu, 10/31/2024 - 11:23

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Read moreFourteen in court on fraud, money laundering charges 

100 days in office: Labour Minister focuses on job creation, improved services

Location: News

100 days in office: Labour Minister focuses on job creation, improved services

Employment and Labour Minister Nomakhosazana Meth says her first 100 days in office signify not an "endpoint" but rather the beginning of numerous initiatives aimed at better serving clients and the country as a whole.

In addition, Meth said her department was consumed by fulfilling the mandate of job creation and protection of vulnerable workers.

The Minister was speaking at the Cape Town Labour Centre, where she was unpacking the first 100 days in office following the establishment of the Government of National Unity (GNU). 

“We are seized with the mammoth task of changing the trajectory of our economy into one that resonates with the resolve of the GNU to nudge actions that will advance the three priorities.” 

These, she said, include driving inclusive economic growth and job creation, reducing poverty and tackling the high cost of living, and building a capable, ethical and developmental State. 

Meth said they hit the ground running with the Deputy Ministers getting acquainted with the department, and strengthening cooperation with organised labour, organised business, social partners and civil society.

The leaders have also been participating in parliamentary processes, and ensuring accountability to the Portfolio Committee, Cabinet and Cluster Committee meetings. 

The last three months have also been characterised by the Strategic Plan 2025/2030 of the department, which sets out the GNU strategic priorities and principles espoused by the statement of intent of the GNU.

Inspections and enforcement activities

Meth took the time to delve into the role of inspection and enforcement, saying these were critical to safeguarding workers' rights, ensuring compliance with labour laws and upholding fair practices. 

According to the Minister, the department has jointly conducted more successful inspections, leading to 81 arrests of employers and undocumented immigrants.

The high-impact inspections and compliance raids targeted the hospitality, road and freight, textile, car manufacturing, and farming sectors, as these have high non-compliance with labour laws. 

“During these inspections, we addressed non-standard employment practices that render workers vulnerable. We contributed to job preservation by ensuring that employed individuals enjoy the protection of their rights, which in turn enhances productivity and economic growth,” Meth said.

She announced that 17 662 national inspections were conducted during this period. 

Out of the 17 662 inspections, 12 195 workplaces were compliant, while 5 494 workplaces were found to be non-compliant, with enforcement notices issued as a result.

TERS budget

Meth said during this period, there was an increase in the budget for the Temporary Employer-Employee Relief Scheme (TERS), from R400 million to R2.4 billion for the current financial year. 

“This significant boost aims to shelter companies in distress and prevent employee layoffs amid unstable economic conditions.”

Meth was of the view that the increase in the TERS budget was a proactive response to volatile economic trends that threaten the livelihoods of impoverished workers and the sustainability of businesses. 

“Our goal is to preserve jobs and support companies facing financial difficulties. Furthermore, increasing the scheme's capacity aims to reduce the risk of further retrenchments and support economic stability.”

During the COVID-19 pandemic, R65 billion was made available for TERS.

Meanwhile, Meth said Phase 3 of the “Follow the Money” project started in October 2024.  
The project aims to verify the payment of R65 billion to 215 companies under the COVID-19 relief scheme.

To date, Meth said the project has recovered R1.2 billion since inception. 

“Initially, the aim was to verify 50% of the amount paid, and now we want to verify the entire amount. Consequently, 27 audit firms have been appointed, and Phase 3 commenced in October 2024."

Ninety-six fraud cases were identified, 40 were presented to the court, and all were finalised. The highest conviction was 20 years of direct imprisonment. – SAnews.gov.za

 

Gabisile
Tue, 10/29/2024 - 15:17

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Read more100 days in office: Labour Minister focuses on job creation, improved services

NLC strategy to be implemented over a six-year period

Location: News

NLC strategy to be implemented over a six-year period

The National Lotteries Commission (NLC) says its organisational turnaround strategy is under way and will be fully implemented over a six-year period. 

The strategy includes modernisation and streamlining processes, stronger oversight mechanisms and built-in fraud prevention.

Addressing the media in Pretoria on Tuesday afternoon, NLC Commissioner Jodi Scholtz said they have been working hard on the strategy.

“We have worked diligently to respond to the frustrations of our stakeholders around the long wait for funding, while ensuring that we build fraud-prevention into our processes, increase the efficiency and enhance the impact of our work through the development of a new grant application and management system,” said Scholtz.

Scholtz announced the readiness of the commission’s reparative measures programme to address harm caused to individuals and communities by previous actions of maladministration and to rehabilitate the identified community infrastructure projects to their intended state.

While the interactions with the affected parties would largely be behind closed doors, she said, a commitment was made to share milestones of the reparative measures publicly, with an emphasis that each community infrastructure project would be addressed based on the Special Investigative Unit (SIU) report, community engagement and other relevant reports.

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 said in February it had made eight criminal referrals to the National Prosecuting Unit and 11 disciplinary referrals to NLC officials.

The unit said the investigation in its totality is worth approximately R1.4 billion, which the State and the NLC have allegedly lost due to corruption at the organisation.

Grant funding processes

Scholtz touched on continuing enhancements to its grant funding processes aimed at increasing efficiencies and improving the service experience of applicants and grantees.

This was alongside continuing engagements with the Department of Trade, Industry and Competition (the dtic) to facilitate the appointment of additional members for the Distributing Agencies in order to increase the pace of adjudications.

With the Call for Applications for 2024/25 intended to open at the tail end of 2024, the NLC announced the revival of Section 2A(3) of the Lotteries Act following the 2022 moratorium on what was then known as Proactive Funding.

Now renamed Research-Based Funding (RBF), and with a strengthened policy that ensures transparency at all stages that will mitigate the internal control deficiencies that existed under Proactive Funding, the RBF is to be launched with two critical programmes aimed at addressing pressing societal needs in South Africa - food security and primary health care. 

The Eastern Cape province will serve as a pilot province.

Scholtz noted that while the Request for Proposals for the appointment of the Fourth National Lottery Operator was the subject of much interest, engagement with the public and media in that regard would only take place once the process had been concluded in its entirety by Trade, Industry and Competition Minister Parks Tau.

“Our journey to restore trust and achieve operational excellence is just that – a journey and it requires agility. We have started from within, and the team’s dedication to our turnaround has been commendable so far. 

“We know that we have much to do, and notwithstanding the challenges we face, we are committed to achieving what we have set out to do.

“The work is gaining momentum, and we fully intend to maintain it. We are delighted at the determination and positive energy of the team at the NLC,” Scholtz said. – SAnews.gov.za

Edwin
Tue, 10/29/2024 - 15:26

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Read moreNLC strategy to be implemented over a six-year period

Operation Shanela nets over 15 000 suspects

Location: News

Operation Shanela nets over 15 000 suspects

The South African Police Service (SAPS) has arrested 15 298 suspects through Operation Shanela.

The arrests were made between Monday, 21 October and Sunday, 27 October. The recorded arrests are 2 479 more than the previous week. 

Operation Shanela includes tracking operations, roadblocks, high visibility patrols, stop and searches, as well as tracing of wanted suspects.

All Shanela operations are led by the Provincial Commissioner of each province.

The following arrests were made:

  •  3 015 wanted suspects were arrested, representing 1 042 more wanted suspects behind bars than the previous week. These suspects were wanted for various crimes such as murder, attempted murder, rape, business and house robberies.
  • 146 suspects were arrested for murder. The majority of these suspects were arrested in the Eastern Cape (37), followed by Gauteng (33) and the Western Cape (30).
  • 74 suspects were arrested for attempted murder.
  • 213 suspects were arrested for rape. KwaZulu-Natal arrested the majority of these suspects (89 arrests).
  • 1 380 suspects were arrested for assault GBH [grievous bodily harm] during this period.
  • 197 drug dealers were arrested.
  • 1 314 suspects were arrested for being in possession of drugs, with 646 of these suspects being arrested in the Western Cape.
  •  123 suspects were arrested for being in the illegal possession of firearms. The majority of these suspects were arrested in the Western Cape (36), followed by KwaZulu-Natal (27) and Eastern Cape (24).
  • 492 suspects were arrested for illegally dealing in liquor, with Mpumalanga arresting 124, while KwaZulu-Natal arrested 123 suspects.
  • 478 drivers were arrested for drunken driving. The majority of these suspects were arrested in Gauteng (110), followed by the Western Cape (89).

Under recoveries and confiscations, police registered the following successes:

  • 132 firearms were confiscated in the past week; 26 handguns were confiscated during police operations in the Western Cape; 23 were confiscated in KwaZulu-Natal, while 19 were confiscated in the Eastern Cape.
  •  3 443 rounds of ammunition were confiscated.
  •  78 hijacked and stolen vehicles were also recovered, which is 21 more vehicles recovered during the previous week’s operations.

Highlights of major takedowns and other successes include the following:

  • Police in Gauteng arrested a 23-year-old Mozambican national following the rape and murder of six-year-old Amantle Samane in Orlando East, Soweto on Monday, 21 October 2024. The suspect made his first appearance before the Protea Magistrates’ Court last week.
  • The Ministry of Police officially signed a Cooperation Agreement with the KwaZulu-Natal Provincial Government and eThekwini Metropolitan Municipality, the last metro to join the collaborative initiative. This highlights the commitment between SAPS, the provincial government and eThekwini Metro to enhance safety and security within the region.
  • A prosecution-guided, multi-disciplinary operation, led by the Northern Cape Hawks’ Serious Organised Crime Investigation Unit, has resulted in the arrest of nine suspects. These suspects were arrested in Gauteng and the North West provinces, respectively. The syndicate is alleged to be involved in dealing with unpolished diamonds and fraud.
  • Police seized over 6 000 counterfeit items, worth more than R3 million, during an integrated takedown operation in the Johannesburg CBD on Friday, 25 October 2024. Among the items seized were pharmaceuticals, clothing, bags, watches and perfume.
  • Police in KwaZulu-Natal arrested one suspect and are still searching for at least five others in connection with the killing of four people and the attempted murder of one person in Nyezane, Estcourt, on Sunday afternoon, 27 October 2024.

SAPS says police will continue with their operations by asserting the authority of the State to ensure the safety and security of all South Africans and visitors to the country. – SAnews.gov.za 

Edwin
Tue, 10/29/2024 - 09:12

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Read moreOperation Shanela nets over 15 000 suspects

FSCA Warns Public Against Entities Impersonating HF Markets (Pty) Ltd

Location: News

The Financial Sector Conduct Authority (FSCA) warns the public to be cautious of individuals or entities (impersonators) who are fraudulently soliciting funds from members of the public by impersonating authorised financial services provider HF Markets (Pty) Ltd (FSP 46632). The impersonators are conducting their activities through Elite Wealth Consultants (Elite Wealth), Titans Trade, and Lucrativefxtmtrade. …

Read moreFSCA Warns Public Against Entities Impersonating HF Markets (Pty) Ltd

Suspend Wim de Villiers and Nicky Newton-King From Stellenbosch University Over Fraud and Conspiracy Allegations

Location: News

Dear Editor The Democratic Alliance (DA) calls for the immediate suspension of Stellenbosch University Rector and Vice Chancellor, Professor Wim de Villiers, as well as the chairperson of council, Doctor Nicky Newton-King, following explosive allegations levelled against both of them by the sitting Chancellor of the university, former Constitutional Court Justice Edwin Cameron. According to …

Read moreSuspend Wim de Villiers and Nicky Newton-King From Stellenbosch University Over Fraud and Conspiracy Allegations

123456 The Cat Is Out of the Bag

Location: News

Time to come out from under your see-through cloak: The most common password in the world is still “123456”. Despite all the advancements in cybersecurity, many people still use weak passwords, making it easy for hackers to break into accounts. This highlights the importance of creating strong, unique passwords to ensure your online security! Reduce …

Read more123456 The Cat Is Out of the Bag

DA Demands Accountability and Immediate Action on SRD Grant Fraud Allegations

Location: News

Dear Editor Today, two Stellenbosch University students presented to the Portfolio Committee on Social Development the alleged wide-scale fraud within the Social Relief of Distress (SRD) grant system. The DA is disappointed that SASSA was ill-prepared to respond to the serious allegations, which they have been aware of for years. The DA will not allow …

Read moreDA Demands Accountability and Immediate Action on SRD Grant Fraud Allegations

The SIU welcomes the arrest of former Transnet CEO

Location: News

The SIU welcomes the arrest of former Transnet CEO

The Special Investigating Unit (SIU) welcomes the arrest and court appearance of former Transnet Group Capital (TGC) Chief Executive Officer Herbert Msagala. 

He appeared before the Johannesburg Specialised Commercial Crime Court on fraud, corruption, theft and money laundering charges. 

Following his first appearance, Msagala was granted R60 000 bail.

The arrest and court appearance follows a thorough investigation by the SIU, which uncovered that Msagala unduly benefited from kickbacks worth over R26 million from IGS Consulting Engineering, which he allegedly used to purchase properties and vehicles.

The SIU's investigations focused on contracts totalling over R194 million that TGC awarded to IGS Consulting Engineering.

These contracts were related to maintaining and upgrading high-pressure pipeline infrastructure as part of the New Multi-Product Pipeline project, which transports various fuel products from Durban to Gauteng.

Msagala improperly benefited from kickbacks exceeding R26 million from IGS Consulting Engineering. The SIU investigated under the authorisation of Proclamation No. 11 of 2018.

In line with the Special Investigating Units and Special Tribunals Act (SIU Act), where the SIU finds possible criminal evidence, it must refer the evidence to the National Prosecuting Authority for further action. 

In 2020, the SIU made criminal referrals against Msagala and others, which led to him being charged alongside two individuals and IGS Consulting Engineering being charged as an entity. While the individuals are yet to appear in court, the Directorate for Priority Crime Investigation (Hawks) is actively tracing their whereabouts.

In July 2020, the SIU obtained a preservation order from the Special Tribunal to preserve Msagala’s pension benefits and assets. The assets included 35 luxury vehicles and five properties, which comprised two farms and houses in gated estates, valued at over R18 million. 

Msagala attempted to overturn the order but lost his appeal in November of that year. As a result, his properties and pension fund have been forfeited to the State.

The SIU is authorised, under the SIU Act, to initiate a civil action in the High Court or a Special Tribunal in its name to address any wrongdoing identified during its investigation resulting from acts of corruption, fraud or maladministration.

The criminal case has been postponed to 19 November 2024, to allow for further investigations and to trace the outstanding suspects. 

The SIU will continue to support the prosecutorial process and ensure that all individuals implicated in corruption are brought to justice by the law.

The prosecution of Msagala is part of implementing the National Anti-Corruption Strategy, which sees law enforcement agencies coming together to eradicate corruption in South Africa and ensure the continued cleaning up of government departments from corruption. – SAnews.gov.za

Edwin
Wed, 10/23/2024 - 08:58

317 views
Read moreThe SIU welcomes the arrest of former Transnet CEO

The Role of AI in Detecting, Monitoring, and Preventing Payments Fraud

Location: News

The promise of AI and the beauty of large language models sets radical expectations in how banks can improve overall payment experiences for customers. This technology is re-orienting the way financial institutions, and payment service providers operate, and its advocates have identified (not without low hubris) numerous use cases, all offering new ways for banks …

Read moreThe Role of AI in Detecting, Monitoring, and Preventing Payments Fraud

Kaspersky Uncovers New Grandoreiro Light Variant

Location: News
Kaspersky

Despite the arrest of important operators in early 2024, Grandoreiro continues to be used by its partners in new campaigns. Kaspersky Global Research and Analysis team (GReAT) (www.Kaspersky.co.za) has discovered a new light version focused on Mexico targeting around 30 banks. These findings are to be highlighted at the Security Analyst Summit (SAS) 2024. Remaining one of the most active threats globally and targeting users of more than 1,700 banks, Grandoreiro variants account for around five percent of banking trojan attacks this year.  Mexico is one of the most targeted countries by various Grandoreiro strains, including the new light version, seeing 51,000 recorded incidents this year.

Kaspersky data indicates Grandoreiro has been active since 2016. In 2024, the threat targets more than 1,700 financial institutions and 276 cryptocurrency wallets across 45 countries and territories, lastly adding Asia and Africa to the list of its targets, making it a truly global financial threat. Among countries affected in Africa are Algeria, Angola, Ethiopia, Ghana, Ivory Coast, Kenya, Mozambique, Nigeria, South Africa, Tanzania, Uganda.

After assisting an INTERPOL-coordinated action, which has led to Brazilian authorities arresting (http://apo-opa.co/3BUqgrb) operators behind a Grandoreiro banking trojan operation, Kaspersky discovered that the group's codebase has been split into lighter, fragmented versions of the trojan, to continue its attacks. Recent analysis has identified a specific light version focused primarily on Mexico, which has been used to target approximately 30 financial institutions. The creators likely have access to the source code and are launching new campaigns using the simplified legacy malware.

“All the recent developments underscore the evolving nature of the threat. Fragmented and lighter versions may represent a trend that could extend beyond Mexico and into other regions, including beyond Latin America. However, we believe that only some trusted affiliates have access to the malware source code to develop such lighter versions. Grandoreiro operates differently from the traditional ‘Malware-as-a-Service' model we are accustomed to. You won't find announcements on underground forums selling the Grandoreiro package; instead, access to it appears to be limited,” explains Fabio Assolini, head of the Latin American (GReAT) at Kaspersky.

Multiple variants of Grandoreiro, including the new light version and the primary malware, accounted for approximately five percent of global banking trojan attacks detected by Kaspersky in 2024, making it one of the most active threats worldwide. Kaspersky has also analysed the newer samples of the primary Grandoreiro from 2024, and observed new tactics. It records mouse activity to mimic real user patterns, aiming to evade detection by machine learning-based security systems that analyse behaviour. By replaying natural mouse movements, the malware aims to trick anti-fraud tools into seeing the activity as legitimate.

Additionally, Grandoreiro has adopted a cryptographic technique known as Ciphertext Stealing (CTS), which Kaspersky has never seen being used in malware. In this case, its aim is to encrypt the malicious code strings. “Grandoreiro has a large and complex structure, which would make it easier for security tools or analysts to detect if its strings were not encrypted. This is likely why they introduced this new technique – to complicate the detection and analysis of their attacks,” Fabio Assolini elaborated.

To protect from financial malware, Kaspersky security experts recommend organisations to:

  • Enable a Default Deny policy for critical user profiles, particularly those in financial departments; this ensures that only legitimate web resources can be accessed.
  • Provide cybersecurity awareness training (http://apo-opa.co/4e3nlKa) to staff, especially to employees responsible for accounting, that includes instructions on how to detect phishing pages.
  • Use protection solutions for mail servers with anti-phishing capabilities such as Kaspersky Security for Mail Server, to decrease the chance of infection through a phishing email.

While banks should educate its customers, individuals are advised to:

  • Never open links or documents included in unexpected or suspicious-looking messages. Be attentive to web pages – from the right web address to details of interface.
  • Use a reliable security solution, such as Kaspersky Premium (http://apo-opa.co/4dWrbEW), that protect digital assets from a wide range of financial cyberthreats.
  • Install only applications obtained from reliable sources.
  • Refrain from approving rights or permissions requested by applications without first ensuring they match the application's feature set.
  • Install the latest updates and patches for all software used.

Read more on Securelist (http://apo-opa.co/3C4N5bD). The comprehensive Grandoreiro analysis and overview is to be presented by GReAT at Kaspersky's sixteenth Security Analyst Summit (SAS) (http://apo-opa.co/3BPHtly), which takes place from October 22-25, 2024, in Bali.

Distributed by APO Group on behalf of Kaspersky.

For further information please contact:
Nicole Allman 
INK&Co.
nicole@inkandco.co.za

Social Media:
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Kaspersky is a global cybersecurity and digital privacy company founded in 1997. With over a billion devices protected to date from emerging cyberthreats and targeted attacks, Kaspersky's deep threat intelligence and security expertise is constantly transforming into innovative solutions and services to protect businesses, critical infrastructure, governments and consumers around the globe. The company's comprehensive security portfolio includes leading endpoint protection, specialized security products and services, as well as Cyber Immune solutions to fight sophisticated and evolving digital threats. We help over 200,000 corporate clients protect what matters most to them. Learn more at www.Kaspersky.co.za. 

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Read moreKaspersky Uncovers New Grandoreiro Light Variant

Suspects Arrested for Alleged Diamond Investment Scam

Location: News

RETORIA – A mutli- disciplinary operation led by Northern Cape Hawks’ Serious Organised Crime Investigation unit resulted to the arrest of eight suspects who are alleged to have been involved in the diamond investment scam. The operation, which resumed last night, rounded up suspects in Gauteng and North West. The suspects includes a couple wherein …

Read moreSuspects Arrested for Alleged Diamond Investment Scam

Donafin (Pty) Ltd, Wescott and Lincoln Still Rendering Unauthorised Financial Services 6 Years Later

Location: News

On 18 May 2018 the FSCA warned the public against doing financial services related business with Donafin (Pty) Ltd (Donafin) and its representatives Mr Sean Westcott (Mr Westcott) and Mr Leon Lincoln (Mr Lincoln)- see copy of that notice below. The FSCA informed the public that Donafin and its representatives rendered unauthorised financial services, when …

Read moreDonafin (Pty) Ltd, Wescott and Lincoln Still Rendering Unauthorised Financial Services 6 Years Later

FSCA Warns the Public Against Villion Trade “The People’s Broker”

Location: News

The Financial Sector Conduct Authority (FSCA) advises the public to act with caution if they intend to conduct financial services business with Villion Trade. It has come to the attention of the FSCA that Villion Trade may be providing financial services to members of the public without being authorised to do so. The FSCA is …

Read moreFSCA Warns the Public Against Villion Trade “The People’s Broker”