Índex per 2024-09-30 a Star

THE SOUTH African Reserve Bank (SARB) has imposed administrative sanctions on Old Mutual Life Assurance Company South Africa (OMLACSA) as a result of its non-compliance with the provisions of the Financial Intelligence Centre Act 38 of 2001 (FIC Act), following an FIC Act inspection conducted in 2020. The SARB on Friday said the administrative sanctions imposed on OMLACSA were due to its failure to comply with certain provisions of the FIC Act and consist of four cautions and a financial penalty totalling R15.9 million, of which R5.9m is conditionally suspended for a period of 36 months as from July 23 this year. The administrative sanctions im- posed stem from the following non- compliance: ■ OMLACSA failed to comply with its customer due diligence obligations in terms of sections…

PENSION and provident funds are workers’ hard-earned savings and must be geared to support them during their careers and in retirement. For too long, pension funds have been treated as a feeding trough for fund managers, corrupt politicians and opportunist businesspersons to feast from. The voice of workers for many years has often been ignored. Cosatu has campaigned for comprehensive reforms of our pension laws to ensure the needs of workers are placed first and their savings are protected from abuse. The Public Investment Corporation (PIC) is the largest investment fund in Africa with R2.3 trillion in assets; 87% of its funds come from the Government Employees’ Pension Fund with the balance from the Unemployment and Workplace Injuries and Diseases Funds. For years the PIC occupied headlines for all…

from page 1 The source continued to say that a lot was at stake on this case, hence they wanted it to be squashed. When questioned about the allegations, Bila said Ipid’s spokesperson Pheladi Shuping would furnish the publication with responses but failed to do so by the time of publication. However, Ipid executive director Ntlatseng said she would look into the matter and respond accordingly. “Good day, Sir, I will definitely intervene and respond accordingly,” she concluded. However, ID’s spokesperson Henry Mamothame said there was nothing untoward about ID’s head of investigation’s involvement in the matter. “IDAC stands by its initial response, that we engage with colleagues from Ipid professionally and nothing illegal has been done in our interface with them,” Mamothame said. Police Minister Senzo Mchunu, through his…

THE Organisation Undoing Tax Abuse (Outa) has praised the National Prosecuting Authority (NPA) for extraditing businessman Michael Lomas to face 65 counts of corruption. This concerns kickbacks he allegedly received from contracts between his firm, Tubular Construction, and Eskom for R1.4 billion work on the Kusile power station. Following many failed court attempts to block the extradition order granted by the UK secretary of state early last year, Lomas, 78, touched down at OR Tambo International Airport over nine days ago in a wheelchair and under a heavy police escort. As Outa followed the developments, it praised the NPA for Lomas’s extradition to answer for his alleged crimes and said it had confidence in the prosecuting authority. Outa’s investigations manager, Rudie Heyneke, said: “The extradition of Lomas with his several…

The Miss Intercontinental South Africa organisation has been plunged into controversy as former finalists have come forward to reveal mistreatment, abuse and last-minute cancellation that left them in shock. Following the abrupt cancellation of the grand finale just days before it was scheduled to take place on September 7, a former employee claimed that this was not the first time such an issue has occurred. The organisation, however, insists that the finalists failed to meet key competition requirements, leading to the finale being called off. One of the finalists, who did not want to be identified, said they felt betrayed and was disappointed by how the organisation handled things. She said they were left confused and frustrated by the organisation’s last-minute decisions. The contestants said that the ticket-sale requirements, which…

Lucas Mahlakgane, chairperson of the World Changers Candidate, a non-profit organisation that is fighting against the scourge of drug use among high school learners, took a group of young people from the drug-infested Leondale High School on a tour of historic sites in Soweto. This came about as some of the learners who have become ambassadors against drug use are set to participate in various development programmes locally and abroad. Among them is a 17-year-old girl who has been accepted to participate in the UN Best Diplomats Conference to be held from March 10-13 next year in New York, US. Best Diplomats United States Conference is an educational simulation by the UN which engages the youth from across the globe, helping them learn more about the principles of the UN…

Municipalities and their functions reflect the reality of governance in South Africa. Grand legislation and regulations formulated and passed by Parliament and implemented by ministries have a theoretical effect on the people of this country, but it is the function of municipalities that genuinely affect the day-to-day lives of the South African people. But the reality for many is that they live in a municipality run by incompetent, self-interested, uneducated and ill-equipped officials. This has resulted in infrastructural decay, corruption and collapse of essential services. According to the SA Local Government Association (Salga), a third of all councillors don’t have a matric. In the private sector, not having a tertiary education would be considered insufficient to even apply for a job. Yet, in the most crucial section of government, a…

PROMINENT world leaders have spoken at the UN today about the tragedy that is unfolding, while those in the corridors of power remain unmoved. All 193 nations in the UN are guilty of crimes that are tantamount to crimes against humanity. It is a monumental tragedy that we live in an insane world. Powerful nations and their allies launch onslaughts against civilians in acts of human atrocities unseen in recorded human history. Resistance is often criticised as futile given the grotesque power imbalance between the various sides. When blood is spilled on such a massive scale, there are no winners only various kinds of pain. The combination of revelations about the scale and intensity of the killings, the complicity of Western nations, the failure to intervene and the suppression of…

As South Africa engaged with the world at the UN’s inaugural Summit of the Future, which took place on September 22 and 23, attention was turned to the country’s progress toward the 2030 Agenda and its 17 Sustainable Development Goals (SDGs). For South Africa, a nation grappling with a host of socio-economic challenges, one goal stands out: SDG 4, focused on ensuring quality education for all. The Basic Education Laws Amendment (Bela) Act is being framed as a legislative leap towards this goal. Positioned as a bold reform to modernise the country’s unequal education system, the bill promises to address governance, admissions, language policy and learner safety. It even claims to align South Africa with the global education targets set out by the UN. But the question that lingers is…

TRELLIDOR Holdings increased headline earnings more than 100% to 36.1 cents a share in the year to June 30, compared with 4.2c the prior year. Notwithstanding the strong increase in earnings, the directors said that because of high debt it was decided not to pay out a dividend. Revenue increased 12.6% to R565.8 million. Earnings a share increased by more than 100% to 36.1c per share, from 3.7c the prior year. The directors said they would revert to paying dividends once borrowings had normalised. Net cash from operations was R51.1m versus R20.2m, excluding a Labour Appeal Court settlement, reducing net debt by R31m, or by 21.1%. Operating profit increased robustly to R62.5m from R21.9m. Finance costs increased to R20.77m from R18.23m. Taxed profit increased to R34.7m from R3.5m.…

Junior staff members ‘coerced to divert payments meant for students’ ACCUSATIONS of fraud and corruption have once again hit the Gauteng Department of Education. This comes after a group of anonymous department employees accused the head of human resources, Kgabo Morifi, and the head of department, Rufus Mmutlana, of an elaborate scheme that coerced junior administrators to divert payments and stipends meant for students, funded under the department’s bursary scheme, the Gauteng City Region Academy (GCRA). The staffers have penned a letter to the Hawks, calling on them to launch a probe into the matter. In it, they accuse the two officials of coercing employees to change and tamper with the names and ID numbers of deserving students and replace them with people linked or associated with the pair.…

The tragedy of 144 people with mental illness, who lost their lives in 2016 in the care of the public health system, from neglect and starvation, will never be forgotten, especially as a book which delves into the heartbreaking event has now been published. Life Esidimeni: Portraits of Lives Lost, by Harriet Perlman and Mark Lewis, explores the ongoing struggle for better mental health care in South Africa and the urgent need to ensure such a tragedy never happens again. This is a call to action, urging readers to engage with the ongoing fight for mental health reform. When writer Perlman and photographer Lewis set about documenting the lives of the families whose loved ones had died so horribly in the Life Esidimeni tragedy, they were determined to honour the…

Innocent motorists and road users in Gauteng are being terrorised by vehicles fitted with unauthorised emergency lights, leading to fatal accidents as the Gauteng Traffic Police fail to crack down on the problem. The DA has received numerous complaints from road users about incidents of harassment or bullying by unauthorised vehicles using blue or red emergency lights on Gauteng roads. These vehicles have been forcing other road users to be involved in accidents, some of which have led to the loss of life. The illegal use of emergency lights is a clear violation of Regulation 176 and 185 of the National Road Traffic Act, 2000, which are in place to ensure the safety of all road users and prevent confusion or abuse of emergency signals. The act explicitly permits vehicles…

ROMAN Cabanac (sounds generic to me) is a cheap, tannic house wine, tirelessly bland and dry, possibly because it has not yet aged to maturity to ensure an exceptionally smooth finish. But this is no wine in a bottle but the capricious rabble-rouser, the DA chief of staff in the Agriculture Ministry, who refuses to resign until he gets a big handout (case of a parched throat being thirsty). Ironically, the cultivation of grapes and wine farming will fall under the portfolio he is refusing to leave. And now the cellar master, Minister John Steenhuisen, is guilty of plucking an early harvest from an immature vine. And so the academic qualifications and practical experience of important government personnel in sensitive portfolios once again comes under the microscope. Cabanac is alleged…

As much as the Springboks wanted to win for Eben Etzebeth against Argentina on Saturday night, the emphatic performance in Mbombela was also about celebrating and backing the unique skills of flyhalf Manie Libbok. The 32-year-old Etzebeth made history as he set a new Springbok Test caps record of 128, surpassing the great Victor Matfield on 127. The giant from Goodwood in Cape Town delivered a typically robust display, getting stuck into the Argentina forwards, but also pulling off a few subtle passes when required and contesting for the ball in the air. But while the boisterous fans at Mbombela Stadium rightly cheered all night long as the Boks wrapped up the Rugby Championship title, the way in which Libbok hit back from his missed penalty in the previous match…

It’s not often you get a sense of a coach feeling he could have got more out of his team after they scored five tries, but those are the high standards Lions boss Ivan van Rooyen is trying to inculcate in his team this season. After the disappointment of going down in the final minute of the Currie Cup final, the Johannesburg side picked themselves up off the floor and delivered a fine response to beat Ulster 35-22 in their United Rugby Championship opener at Ellis Park on Saturday. Apart from the five touchdowns by Rabz Maxwane, Francke Horn, Franco Marais, Henco van Wyk and Kade Wolhuter, it was also the Lions’ first triumph over the men from Belfast at their fourth attempt. Springbok Quan Horn delivered a superb performance…

THE AIR TRAFFIC and Navigation Services (ATNS) has devised a five point in- strument flight procedure plan, ap- proved by the South African Civil Aviation Authority (Sacaa), in response to the surge of concerns about South Africa’s failing airline activities. This follows mishaps ranging from poor maintenance of runway lights to the recent suspension of ATNS, which forced airlines to incur additional expenses in alternative arrangements. The plan comes as Transport Minister Barbara Creecy, under pressure to take action at the height of concerns of the downgrade of the RSA airspace, mandated reforms from the ATNS in early August. ATNS’ five instrument flight procedures for OR Tambo International Airport and Polokwane International Airport includes procedures that are pending approval from Sacaa, that related to airports that are…

THE PAST WEEK saw Chinese stocks rise by 20% to 30% following the Chinese government’s announcement of measures to stimulate the economy. This caused much excitement in the market, although some investors are sceptical about whether this rally will continue and translate to real economic growth or if it is just another flash in the pan. It didn’t take much to boost the stocks; most investors were underweight on Chinese stocks due to an under-performing economy, high interest rates and a housing market slowdown, which was reflecting in Chinese equities as stocks were trading at relatively low margins. It is no surprise that stock prices jumped significantly. Stock of the week: Tencent The PPS Managed Fund has had relatively high exposure to Chinese stocks before the government intervention and was…

THE EXTRADITION and arrest of Michael Lomas is a new eye-piercing layer in the seven-year-long attempt to prove Matshela Koko’s culpability in the Eskom saga. In a long-anticipated turn of events yielding the extradition and arrest of former contractor Lomas, author Paul O’ Sullivan, in his book, provides some evidence that could acquit former senior Eskom executive Koko from any wrong doing. This is because it was Koko’s efforts that revealed to O’Sullivan who the architects of State capture were, and possibly these exclude Koko. In his book, Stop Me If You Can, O’Sullivan reveals how Koko, for his reasons against Kgathatso Tlhakudi, triggered the investigation, arrest and the final stage for Lomas – his successful extradition to face the mighty arm of the law in South Africa. Koko as…

MOMENTUM Group delivered strong normalised headline earnings (NHE) of R4.4 billion for the year to June 30, up 27% on the prior year, with operating profit up 31% to R3.6bn, as the financial services group readies for a new three-year growth strategy, CEO Jeanette Marais said on Friday. NHE a share increased 32% to 309.7 cents, reflecting also the positive impact of the share buyback programme. Headline earnings a share increased 39% to 298.6c. A final dividend of 65c a share was declared, bringing dividends for the year up 4% to 125c a share. A further share buy back of R1bn was approved. “We are pleased that, despite the challenging economic backdrop, our results and earnings are strong. This was the outcome of positive contributions from most business…

Blood Legacy has been trending online and for good reason. The Netflix series provides a captivating glimpse into the world of the elite, their corrupt business practices and scandalous family secrets. With its star-studded cast and reflections of South African culture, there is nothing quite like it on television. The drama was also legendary South African actress Connie Chiume’s final performance before she died at the age of 72, in August. She exudes a quiet confidence as she portrays the regal and nuanced Madlamini Ndlovu. Her powerful performance is a testament to why she was sought after in the industry and was selected to star in Beyoncé’s Black is King and Black Panther. Wielding significant influence in her family’s highly profitable sugar cane and hospitality enterprise, her key character…

Amid Heritage Month festivities, a Ndebele-inspired mural was unveiled at the Mall of Africa during the weekend in honour of legendary cultural envoy and artist, Dr Esther Mahlangu. The artwork marked history as it is the first South African mural to pay homage to Mahlangu, including being the first large-scale Ndebele mural created on staircases. The concept of the Ndebele-inspired mural was initially tabled in 2018 by MyArts International; however, the project was approved this year by Waterfall City. Waterfall City, owned by Attacq, is a smart and world-class city in the precincts of Johannesburg. The mural highlighted another milestone of the ongoing Waterfall City Beautification Project. MyArts International collaborated with Mmabona Foundation, where it engaged with Mahikeng-based artists to contribute to the completion of the mural. MyArts International…

Ingredients: 125g salted butter, at room temperature 150g Muscovado sugar 2 large free-range eggs 1 tbs golden syrup 1 tsp vanilla essence 150g self-raising flour 2 tsp Hinds Spices Pure Ground Ginger 100g Medjool dates, chopped 1 cup water 2 tsp bicarbonate of soda For the ginger caramel sauce: 100g salted butter 150g Muscovado sugar 3 tbs golden syrup ½ cup pouring cream A generous pinch of salt 1 tbs Hinds Spices Pure Ground Ginger 1 cup custard powder Method: Preheat the oven to 160°C and grease a 20 cm ovenproof bowl or baking dish. In the bowl, using an electric beater, beat the butter and sugar at a high speed until pale and creamy. Add the eggs one…

The recently council-approved five-year salary increment agreement for workers in the City of Tshwane will go a long way in cushioning their financial difficulties after the municipality previously pleaded poverty for not honouring collective wage agreements. This was the sentiment shared by different political parties in the Tshwane council that also approved a resolution to implement the city’s collective agreement with workers unions. According to a council report, the five-year salary agreement was concluded on September 6 this year, under the auspices of the SA Local Government Bargaining Council (SALGBC). The report said: “Salga negotiates on behalf of the 257 municipalities on salary increases for municipal employees, excluding section 55 and 56 employees, as described in the Municipal Systems Act no 32 of 2000. “The negotiations are conducted with the…

In what can be described as a gaming pilgrimage, thousands of gaming lovers travelled from near and far for South Africa’s ultimate pop culture and gaming festival, the Comic Con Africa festival, which kicked off on Thursday and wrapped up its gaming fair yesterday. For four straight days, the Nasrec Conference Centre in Soweto bustled with younger and older gaming fanatics as they visited various exhibitions and sprawling food stalls as well as merchandisers selling various items and collectables. On Friday, a day before his much- anticipated performance at the AXE stall, dancer, musician and actor Robot Boii was the centre of attraction as he posed and interacted with eager fans following his recent partnership with the fragrance brand. Commenting on the gaming in- dustry and its potential for inclusive…

AS OF July this year, vacancy rates for crucial positions like nurses, medical doctors, and senior management across South Africa have reached crisis levels with the Northern Cape seeing an astonishing 44% of critical senior management roles unfilled and the Free State grappling with a staggering 22% shortage of doctors. ActionSA’s Parliamentary question to the health minister revealed that 18.5% of doctor positions in Mpumalanga, 28% of nursing in the Northern Cape, and a staggering 44% of senior management in the Northern Cape remain vacant. As a consequence, the quality of care is undoubtedly undermined, coupled with staff burnout, low retention rates, and a surge in medical malpractice lawsuits. The reality is that overworked and under-resourced hospitals are paying the price, with nearly R24 billion having been paid out in…

IT’S unlikely that the average South African is aware of Ukraine’s massive contribution of wheat, corn and vegetable oil to the world. Records show that over 60 million metric tons of grain were harvested last year. Ukraine produces between 10% and 15% of world grain production ... that’s enough grain to feed the tens of millions of starving people in Africa. In 1932, as history records, the former Soviet Union under dictator Joseph Stalin introduced an impossible grain quota procurement policy in Ukraine. Translated this was a “tax” introduced by Stalin to procure the vast majority of grain produced in Ukraine for consumption in the USSR. This was a death sentence to five million Ukrainians who died of starvation between 1932 and 1933. For those South Africans wondering why Ukraine’s…

Employee burnout is a serious challenge facing companies of all sizes in South Africa. As businesses navigate a competitive environment and difficult economic conditions, they are often pressured to “do more with less”.Unfortunately, this often results in employees bearing the brunt through increasing workloads and rising stress levels. Finding the right balance between employee well-being and the demands of success is a significant challenge. I have not seen such high burnout rates as in the past couple of years. The statistics back up the observation. A report from iSolve, Uncovering the Significant HR Trends of 2024, found that 65% of employees surveyed reported suffering from burnout. Burnout and stress lead to exhaustion, lack of enthusiasm and diminished performance. It not only impacts work productivity but also takes a toll on…