Absa To Pay Back Apartheid Billions?

Absa could be forced to pay R2.25‑billion to the fiscus for an unlawful apartheid-era bank bailout. In Busisiwe Mkhwebane’s suggested remedial action she also proposes that the president should consider a commission of inquiry into apartheid-era looting of the state. Thuli Madonsela started the investigation in 2011 which centered around The Ciex report. It claimed that the loans were fraudulently given as to gifts to various shareholders, banks and businesses. The Ciex report found that Sanlam and Absa benefited from the deal and that the money should be clawed back by the government. The report is preliminary and Absa has said its inaccurate and denied wrongdoing.

Zuma Backs Nkosazana, Says Not Policy For Deputy To Be President

Zuma said yesterday that “Anyone who is nominated can contest. There is no policy. It’s not true that it’s a tradition.” He went on to say it was a coincidence that former presidents Oliver Tambo, Nelson Mandela and Thabo Mbeki were succeeded by their deputies. When he was asked about a woman president he said “In the ANC that is no longer the issue. It has been accepted that women can hold senior positions.” Interesting how the divisions are playing out so openly and the senior leadership seems to be speaking in different voices.

ANCWL Calls For Probe Into SAA

The ANC Women’s League has called for Judicial Commission of Inquiry or Parliament Inquiry to investigate various disturbing allegations of corruption and anti-transformation at SAA. In a 12-point corruption report, the Women’s League has damned South African Airways for an alleged R232 million conflict of interest, poor transformation policies and “ghost workers”. This is the first useful thing the women’s league have done in years.

Zimbabweans Force Networks To Drop Data Prices

Zimbabwean consumers have forced mobile companies to drop their data prices after new “floor” data tariffs approved by the Zimbabwe government sent data prices soaring. Econet Wireless, the biggest telco in Zimbabwe had implemented the new charges and was charging $5 for 250MB and 50 cents for 5MB and users didn’t hold back in their attack of the company. By this morning, all mobile operators had reverted to the old and promotional data tariffs.

Drug Cartels Looting Mexico Gas Lines 

Mexico’s government removed subsidies on fuel which was costing them an estimated annual amount of 200 billion pesos ($9 billion) to help stabilize rising public debt and foster competition and private investment in the fuel market.Since then, the black market has exploded with several states experiencing gasoline shortages at the end of last year as more thieves tapped into state-owned Petróleos Mexicanos (Pemex) pipelines. The stolen fuel was sold to drivers hoping to save money. Pipeline theft in 2015 increased seven-fold, to more than 5,500 taps, from just 710 in 2010. Hectic!

Summary

Absa sceletons are coming back to haunt them and the new Public Protector may actually be doing something useful after all. Speaking of useful women, The ANCWL arent happy with SAA. A bit late considering the whole country has been raising this issue for ages. The Mexico and Zim situations are similar. if you get people used to something and sweep it from underneath them, you get chaos! The Zim govt responded, now for Mexico to do the same.

Currencies & Stuff

Oil 55.92 . Gold 1195.70 . Silver 16.72 . Rand/USD 13.50 . Rand/GBP 16.41 . Rand/EUR 14.36
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Author: The Turk Report

Simplifying complex money matters

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