Germiston Informal Settlement Neglected Since Dawn of Democracy
“We have rats that are as big as cats here”
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NPA scores Steinhoff victory
NPA scores Steinhoff victory
The National Prosecuting Authority (NPA) has secured its first conviction, sentence and confiscation order related to the Steinhoff case.
This after the Specialised Commercial Crimes Court in Pretoria sentenced former Steinhoff physician, Dr Gerhardus Burger, to some five years imprisonment – wholly suspended for five years, if he is not found guilty of contravention of section 78(2) of the Financial Markets Act within that period.
According to the NPA spokesperson, Lumka Mahanjana, Burger also has to “testify in the criminal proceedings against his accomplices”.
“The court also issued a confiscation order for €90,000 which is about R1.8 million seized by Swiss authorities after the collapse of Steinhoff. This is after Dr Burger pleaded guilty to three counts of insider trading and was convicted as such when he appeared in court.
“The Steinhoff case, one of the biggest cases of corporate fraud in the history of South Africa, has been one of the most complex commercial crime cases that the [Hawks] and the NPA have had to deal with.
“At a point when a significant breakthrough was made to enrol the case earlier this year, the main accused, ex-CEO of Steinhoff, Markus Jooste, took his life on the eve of his arrest, thus escaping the hands of justice when it mattered the most,” she said.
The spokesperson explained that just before the Steinhoff collapse, the late CEO sent Dr Burger who accompanied Steinhoff directors on overseas trips to look after their health, a text advising him to sell his Steinhoff shares.
“Burger thereafter sold all the Steinhoff shares held under the Dieter Burger and Lane Burger Trusts where his children are beneficiaries. He also sold 39,722 Steinhoff shares held at Stefana Overseas Ltd, where Dr Burger was also the beneficiary, on the Swiss stock exchange.
“Shortly after the sale of the shares, Steinhoff shares plummeted and became almost worthless. At that point the Financial Sector Conduct Authority (FSCA) instituted investigations where Dr Burger was convicted and found guilty of insider trading for the same transactions and paid a penalty of R3 million to FSCA. FSCA then referred the matter to the NPA for criminal prosecution.
“The National Prosecuting Authority welcomes the conviction and sentence. It is important for the public to understand that criminal prosecutions require patience, preparation, and a certain measure of certainty,” Mahanjana said. – SAnews.gov.za
NeoB
Fri, 09/27/2024 - 09:54
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Suspect to appear in court for ongoing Steinhoff case
Suspect to appear in court for ongoing Steinhoff case
A suspect in the ongoing Steinhoff investigation will be appearing in the Pretoria Specialised Crimes Court later today following his arrest this morning by the Hawks’ Serious Economic Offences Unit.
The arrest emanates from an ongoing investigation into Steinhoff, where in November 2017, the then Chief Executive Officer, the late Markus Jooste, is said to have shared information on the selling of Steinhoff shares before they fell.
READ | Those who act with impunity will be brought to book
Allegations are that the suspect received a tip-off from Jooste in order to sell his shares before their price dropped due to irregularities in the Steinhoff financial statements.
The suspect in 2017 instructed that over 39 000 of Steinhoff shares be sold. The suspect knew that Jooste was Steinhoff CEO and, by virtue of his employ, had inside information at the time.
The 79-year-old suspect is charged with three counts of the Contravention of the Financial Markets Act (insider trading). His arrest follows the arrest of Stephanus Johannes Grobler, who has since been released on bail and is due back in court on the 4 October 2024.
READ | Former Steinhoff director appears in court for fraud, racketeering – SAnews.gov.za
Edwin
Thu, 09/26/2024 - 11:36
34 views
The New Face of Bleisure Tourism
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Why the Woolies Boss Was Paid 1,300 Times as Much as a Shopfloor Worker
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Expert Tips for Extending Your Car Battery’s Lifespan From Moreleta Service Centre
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Finance Committee Resolves to Give Individual Members More Time to Consider Sarb Amendment Bill
The Standing Committee on Finance has resolved to conduct a second round of public hearings on the South African Reserve Bank (SARB) Amendment Bill [B26-2018], in consultation with the office of the National Assembly Speaker.
The Bill was tabled in 2018 as private member's Bill in the name of a Member of Parliament, Mr Julius Malema. It then lapsed at the end of the 6th Parliament and has since been revived in the 7th Parliament. The first round of the public hearings was held on 18 November 2018.
The committee was briefed today by the Parliamentary Budget Office on its analysis and assessment of the Bill's socio-economic impact.
The SARB Amendment Bill seeks to, amongst other things, amend the South African Reserve Bank Act to make the state the sole shareholder of the shares in the bank and gives powers to the Minister to exercise the rights attached to the shares on behalf of the state. It further seeks to give the Minister of Finance power to appoint directors of the board, instead of board members being elected at an ordinary general meeting.
Distributed by APO Group on behalf of Republic of South Africa: The Parliament.
Durban Flood Victims Told to Vacate Emergency Housing
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Wedding Trends – What’s In, and What’s Out
All weddings are unique in their own way but everyone wants theirs to be the most memorable of them all! Nicola Woodgate, Weddings Sales Executive at ANEW Hotels & Resorts, shares some inspiration for the current top wedding trends to ensure that your wedding is fresh, modern and innovative: Live wedding painting Live wedding painting …
SIU to investigate Eskom contracts
SIU to investigate Eskom contracts
The Special Investigating Unit (SIU) will investigate allegations of corruption and maladministration in nine Eskom contracts.
This after President Cyril Ramaphosa signed a proclamation authorising the corruption busting unit to probe the power utility’s affairs.
The SIU said it will investigate the following contracts:
• The procurement of and contracting for coal from Tegeta Exploration and Resources (Pty) Limited for coal supplied by Optimum Coal Mine (Pty) Limited and the Brakfontein Colliery Mine.
• Procuring and contracting for coal information technology services under a master services agreement concluded with T Systems International GmbH.
• The procurement of and contracting for information technology services related to software licence and support agreements concluded with SAP South Africa (Pty) Limited.
• Procurement of and contracting for coal services concerning Task Order SM008 for “capital scrubbing”
• The procurement of and contracting for coal security services from Combined Private Investigations (Pty) Limited.
• The procurement of and contracting for coal forensic investigation services from Kapditwala Incorporated, trading as Dentons South Africa.
• The procurement of and contracting for information technology services from Cutting Edge Commerce (Pty) Limited (formerly Leonardo Business Consulting).
• Serious maladministration in connection with the affairs of Eskom relating to a pre-payment by Eskom of approximately R1.68 billion for coal from Optimum Coal Mine to Hendrina Power Station, which pre-payment was later changed to a guarantee.
• Serious maladministration in connection with the affairs of Eskom relating to a pre-payment by Eskom of approximately R659 million to Tegeta Exploration and Resources (Pty) Limited.
“Additionally, the SIU will investigate any unauthorised, irregular, fruitless, or wasteful expenditure incurred by Eskom or the State. The investigation will encompass any unlawful or improper conduct by Eskom officials, employees, suppliers, service providers, or any other involved parties.
“The proclamation covers allegations of unlawful and improper conduct that occurred between 1 March 2006 and 30 August 2024, as well as any related activities before 1 March 2006 and after the date of the Proclamation that are pertinent to the matters under investigation or involve the same persons, entities, or contracts,” the SIU said.
Meanwhile, the unit said the proclamation authorising it to investigate allegations at the Department of Rural Development and Land Reform has been amended.
“The amendment results from the SIU’s investigations, which revealed that the SIU needs to investigate further areas that the existing proclamations did not cover. The SIU requested a Proclamation amendment in terms of time and focus areas,” the unit said.
The amendment additionally authorises the SIU to investigate the acquisition by the Department or beneficiaries of:
• the Bekendvlei, Nirwanda, Wonderhoek, Mont Piquet, Appelkloof and Rietvlei farms.
• Mike's Chicken (Pty) Limited, immovable assets and animals for Project Harmonie, Project Uitkyk and Project Dipalemo.
• Shares in Bambanani Fruits BEE (Pty) Limited regarding the Department's Proactive Land Acquisition Strategy or the Land Redistribution for Agricultural Development Policy and identifying, selecting and appointing strategic partners and beneficiaries.
“Additionally, the SIU will investigate any unauthorised, irregular, fruitless, or wasteful expenditure incurred by the department or the State.
“The investigation will encompass any unlawful, improper or corrupt conduct by Department Officials, employees, suppliers, service providers, or any other involved parties. Beyond investigating maladministration, corruption, and fraud, the SIU will identify systemic failures and recommend measures to prevent future losses.
“In line with the Special Investigating Units and Special Tribunals Act 74 of 1996 (SIU Act), the SIU will refer any evidence of criminal conduct uncovered during its investigation to the National Prosecuting Authority [NPA] for further action,” the SIU concluded. – SAnews.gov.za
NeoB
Fri, 08/30/2024 - 13:06
153 views
Cooking Up Success – From Kitchen Dreams to Leading Teams
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Japan-South Africa Foreign Ministers’ Working Dinner
On August 23, commencing at 7:00 p.m. for approximately 70 minutes, Ms. KAMIKAWA Yoko, Minister for Foreign Affairs of Japan held a working dinner with Honourable Mr. Ronald LAMOLA, Minister of International Relations and Cooperation of the Republic of South Africa. The overview is as follows.
- Introduction
(1) At the outset, Minister Kamikawa congratulated Minister Lamola on the formation of South Africa's government of national unity and his appointment as Minister of International Relations and Cooperation and expressed her hope to work together on the challenges facing the international community with South Africa, an important partner with which Japan shares fundamental values and principles and has built up cooperation in a wide range of fields, and which will hold the G20 Presidency from December this year.
(2) In response, Minister Lamola stated that he is pleased to visit Japan and expressed his gratitude for the opportunity of this TICAD Ministerial Meetingwhere we can hold various discussions and hoped to work together with Minister Kamikawa to further develop the friendly relations between the two countries. - Bilateral Relations
(1) Minister Kamikawa stated that South Africa is a hub for Japanese companies to do business in Africa and she would like to strengthen cooperation, particularly in the power and energy sectors, which form the basis of economic activity. Minister Kamikawa also introduced the installation of a system of the officials in charge of cross-border economic affairs who support initiatives by Japanese companies from the perspective of the importance of network building. In response, Minister Lamola expressed his gratitude for Japanese cooperation towards the decarbonization of South Africa, including technical cooperation, and expressed strong expectations for Japanese companies which are creating many jobs to further expand into South Africa. Minister Lamola also expressed his delight at the lifting of the ban on avocado export from South Africa to Japan and expressed his hope to promote high-level visits between two countries, utilizing the Japan-South Africa Partnership Forum.
(2) Minister Kamikawa stated that it is indispensable to maintain and develop a free and open maritime order based on the rule of law as the countries that both face Indo-Pacific Ocean and stated her hope to explore areas where both countries can cooperate, such as freedom of navigation and the promotion of the blue economy. In response, Minister Lamola expressed his hope for the reinforcement of cooperation in Indo-Pacific Ocean, utilizing frameworks including the Indian Ocean Rim Association (IORA). - Cooperation in the International Arena
Minister Kamikawa stated that the G20 has a major role to play as the international community faces complex crises and development challenges become increasingly complicated and that she would welcome it that African voices will be reflected more than ever in the G20 chaired by South Africa, which will begin from December this year. In response, Minister Lamola stated that Africa's role in the international community has been increasing in recent years, including the AU's full membership of the G20, while explaining the areas of focus as the G20 Presidency. Two Ministers confirmed that the two countries would continue to work together looking ahead to the TICAD 9 and the G20 in South Africa scheduled in next year. - In addition, the two ministers exchanged views on such issues as the United Nations Security Council reform, the situations in Ukraine and the Middle East, and the regional situation in East Asia, such as dealing with North Korea including the abductions issue.
Distributed by APO Group on behalf of Ministry of Foreign Affairs of Japan.
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