Author: Agency

Special Investigating Unit (SIU) head, Advocate Andy Mothibi, says the unit has gathered enough evidence for civil, prosecutorial and disciplinary action to be taken against those who allegedly “siphoned” some R279 million from the coffers of the National Lotteries Commission (NLC). Mothibi was briefing the National Assembly’s Portfolio Committee on Trade and Industry on Tuesday. The corruption-fighting unit recently concluded the first phase of an investigation into allegations of maladministration, fraud and corruption at the NLC, which revealed how some NLC officials and board members allegedly illegally benefitted from funding grants meant for public benefit through non-profit organisations (NPOs). “This…

Applications for Phase IV of the Presidential Youth Employment Initiative (PYEI) in the Basic Education sector have opened today and will close on 16 October 2022. In a statement on Sunday, the Department of Basic Education announced that Phase IV will offer job opportunities to 255 100 youth across the nine provinces in around 20 000 public ordinary schools and schools for learners with special education needs (LSEN). “Phase IV comes as the country‘s youth have reaped the benefits of more than 850 000 job opportunities coupled with training that was offered throughout this initiative. The applications will officially open…

Eskom will continue to implement load shedding this week due to constraints from its diesel suppliers that is affecting the availability of bulk diesel to the Ankerlig and Gourikwa Open Cycle Gas Turbines, which have a combined capacity of 2 000MW. In a statement on Sunday, Eskom said Stage 3 load shedding would continue to be implemented between 00:00 and 16:00 until Thursday, while Stage 4 load shedding will be implemented daily during the evening peaks from 16:00 until 00:00. “While we expect diesel deliveries from Tuesday onwards, should this uncertainty of supply persist, higher stages of load shedding may…

The Financial Sector Conduct Authority (FSCA) has launched a seminal discussion paper on Unclaimed Assets that have accumulated to almost R90 billion across the financial sector. The authority this week said the majority of these assets are in retirement funds. In a statement, the FSCA said the discussion paper builds on work done it had done with the National Treasury to find a solution that will lead to increased disbursements of unclaimed assets to beneficial owners. FSCA Commissioner, Unathi Kamlana, said work is continuing to establish the “true value of unclaimed assets in the sector, given that these assets are…

The South African Reserve Bank’s Monetary Policy Committee (MPC) has hiked the repurchase rate (repo rate) by 75 basis points. The increase means that the repo rate will now be 6.25% per year from 23 September 2022, with prime now at 9.75%. The MPC made the decision during its meeting on Wednesday. This was the fifth consecutive increment following a two 25 basis points hike in November and in January. The repo rate was hiked by 50 basis points at the May meeting. The MPC upped the ante, with a 75 basis point rise at its July meeting. Addressing media…

Eskom CEO, Andre de Ruyter, says the power utility is working hard to bring back failing generation units and restore stability to the grid. This after multiple trips, breakdowns and delays in return to service at generation units caused the implementation of Stage 6 load shedding over the weekend. De Ruyter said teams at coal fired power stations are “working flat out” to bring back generation units as quickly as they can. He warned, however, that not all units will be immediately available to feed the grid. “We are planning to bring back 1 590 MW by (Sunday) peak and…

Deputy President David Mabuza has acknowledged that illegal mining is a major challenge in South Africa. “It has grown to the point where it is a major source of concern not only for the government, but also for the mining industry and the communities that are located close to illegal mining operations,” he told Parliamentarians on Thursday. He was responding to questions for oral reply in the National Assembly. He told Members of Parliament that the police and the Department of Mineral Resources and Energy will appoint specialised teams in each province to fight illegal mining. “We agreed that illegal…

Deputy President David Mabuza has assured Parliamentarians that there are no plans to privatise the national power utility, Eskom. “Government’s policy options and positions have not reached the point where privatisation is seen as an answer to providing better solutions to the current problems that are facing Eskom,” he said. The Deputy President was responding to questions for oral reply in the National Assembly on Thursday. Questions posed to the Deputy President by members of political parties represented in Parliament covered issues on Eskom, measures underway to curb illegal mining activities and the outcomes of the recent Communal Land Summit.…

A further three suspects have been arrested in relation to a R60 million fraudulent traffic licensing swindle at the Mbombela and White River Traffic Departments. The arrests were confirmed by the Hawks on Wednesday. Hawks spokesperson, Captain Dineo Lucy Sekgotodi, said the trio, aged between 36 and 42, are from the Mbombela Municipality and the two traffic departments. They are expected to appear before the Nelspruit Magistrate Court today. They were arrest during a joint operation by the Hawks Nelspruit-based Serious Commercial Crime Investigation and Road Traffic Management Corporation (RTMC) in Mbombela and White River for fraud, theft and money…

President Cyril Ramaphosa has lauded the opening of the R7.7 billion Sappi Saiccor Mill upgrade and expansion project in Umkomaas, KwaZulu-Natal. The Sappi Saiccor upgrade and expansion project is aimed at increasing the capacity and global competitiveness of Sappi Saiccor Mill, while also creating employment opportunities in the short- and lon- term. The project marks the fulfilment of a commitment the company made at the first South Africa Investment Conference in 2018, when President Ramaphosa called for investments into the South African economy. The first Investment Conference was convened with the aim of raising R1.2 trillion in new investments over…