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Latest News

Wed, 17 Apr 2019
SHOCK AS R1BN FRAUDULENT RAF CLAIMS

This emerged on Monday when a Port Shepstone teacher pleaded guilty in the Durban Commercial Crimes Court to defrauding the RAF more than 11 years ago.

Phumla Sikhosana, 59, blamed her poor financial situation after her husband’s death for submitting a fraudulent claim to the fund.

She said in a plea statement that she was never a passenger in a taxi that collided with a cow in 2008, but had submitted the claim to defraud the fund of R28 000 through a law firm based in Pretoria, because she needed the money to sustain herself and her four children.

She said she met a man called Ndovela who told her of an opportunity to make money by claiming from the RAF.

She said she gave Ndovela her documents to make the claim. In the documents she claimed that she was travelling in a taxi when it collided with a cow in the road and she was injured.

Source: https://www.iol.co.za/dailynews/news/kwazulu-natal/shock-as-r1bn-fraudulent-raf-claims-reported-21418143

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Mon, 01 Apr 2019
5 things you need to know in SA business today .

 

Tito Mboweni has lashed out at Sanral, criticising the agency’s decision to suspend summonses to recover e-toll debt.

“They [the board] must reverse the decision. It has implications for the bond market, it has implications for the fiscus. It has implications for their own credit rating and the credit rating of the country,” Mboweni said.

 

The repo rate remained unchanged yesterday, with the Reserve Bank worried about growth given loadshedding and weak business confidence. But it also expects that inflation will tick higher over the medium term due to the large Eskom tariff hikes and higher petrol prices. Trevor Manuel has threatened to sue the EFFif the organisation doesn’t retract a “racist” and “libellous” statement over his supposed connections to the new CEO of SARS, Edward Kieswetter. Manuel headed the selection panel. The EFF alleged that Manuel was related to Kieswetter and that they have close business ties. The Independent Regulatory Board for Auditors has struck a former KPMG partner off its rolls. Jacques Wessels audited a number of Gupta companies, and has been accused of dishonesty and negligence. Capitec announced its results yesterday: headline earnings grew almost 20% to R5.3 billion. Capitec now has more than eleven million active bank clients – which grew by 1.5 milllion over the past year.

 

Source : https://www.businessinsider.co.za/uk-is-like-an-emerging-market-thanks-to-brexit-says-mark-mobius-2019-3

 

 

 

 

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Mon, 01 Apr 2019
There will be affordable inner-city housing in Cape Town, but only when the...
Inner-city affordable housing is on the cards for Cape Town if the provincial Department of Human Settlements has its way. On Tuesday, MEC Bonginkosi Madikizela revealed plans to build housing in the Cape Town inner city — but could not provide specific timelines for when construction would begin in areas his department has identified. However, the civil society group Ndifuna Ukwazi is cautious of promises made close to an election.

There are plans for affordable housing in Cape Town’s inner-city areas — the CBD, Bo-Kaap and the wealthier suburbs of Oranjezicht and Tamboerskloof — which will provide 10,000 housing opportunities, but Human Settlements MEC Bonginkosi Madikizela says the developments cannot begin until planning phases are completed by his department.

“Various pockets of land of approximately 8.4 hectares have been identified and secured,” said Madikizela on Tuesday morning, during his department’s budget speech in the Western Cape provincial parliament in Cape Town.

Madikizela, the Western Cape DA provincial leader, delivered his department’s budget speech amid interjections and interruptions from ANC MPLs.

“In 10 years no social housing in the CBD,” ANC MPL Cameron Dugmore shouted at the Human Settlements MEC.

In spite of the noise from opposition MPLs, Madikizela proceeded to set out plans for the department for the 2019-20 financial year, with its budget of just under R2.6-billion.

The announcement of the planned implementation of social and affordable housing in some Cape Town inner-city areas went relatively unnoticed by opposition MPLs.

Daily Maverick asked Madikizela if there was a timeline for this housing construction in areas such as Bo-Kaap and Oranjezicht.

“Where we are now, we have embarked on a process where we identified pieces of land we could use,” the MEC replied. “We will keep you updated.”

Madikizela said the department had researched who owned each piece of land and how the province could acquire it, but said timelines for these properties could be done only once the department concluded its planning phase.

Affordable and social housing has been an issue housing activist groups such as Reclaim the City and Ndifuna Ukwazi have been advocating for.

Earlier in March 2019, Ndifuna Ukwazi released a report titled City Leases: Cape Town’s Failure to Redistribute Land where it argued for 24 areas owned by the City of Cape Town that could be redistributed into mixed and social housing.

Nick Budlender, a researcher for the report, told Daily Maverick:

“Well located affordable housing is crucial to the social, environmental and financial stability to Cape Town.”

Budlender pointed out provincially owned sites such as Tafelberg, the Government Garage and top yard, as well as Moray Place in Oranjezicht that could be used if the province wanted to roll out social housing immediately.

Although Budlender said affordable housing was a step towards redressing apartheid spatial planning — both in the past and in the present — he cautioned against this being a promise made during an election cycle.

“However, promises made by politicians during election season should always be approached with caution. It is too early to celebrate.

“We note that the province has repeatedly argued that our calls for affordable housing on smaller parcels [...]

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