Eskom Cuts Off Owing Municipalities

Eskom has cut off the Ventersdorp and Naledi municipalities due to outstanding debt. They had threatened to cut power to other municipalities but some payments were received and payment plans agreed upon with Nketoana, Nala, Tokologo, Mantsopa and Walter Sisulu municipality. To think that most consumers pay but the municipalities dont pass that money onto Eskom. Those municipal managers must be fired. So many people being affected.

Ford To Have Press Briefing On Fiery Kuga’s

Ford South Africa will have a press briefing this morning as more and more Kuga’s go up in flames. Insurance companies revealed that they warned Ford about potential issues with the Kuga in 2014 but these warning were ignored. Since then, over 45 Kugas have burst into flames, killing one motorist. The rumor is that they may recall the Kuga fleet.

Hlaudi and Mbalula’s Wife in R1bn Fraud Drama

Hlaudi Motsoeneng and Fikile Mbalula’s wife Nozuko allegedly received millions from a “fraudulent” R1-billion spending spree by the Free State government meant for houses for the poor which were never built. Mosebenzi Zwane, while he was MEC for human settlements, sanctioned the payments of hundreds of millions of rands to companies that had not done any work for the government. Now new MEC Sisi Ntombela’s department is suing the 106 contractors, including Motsoeneng and Nozuko Mbalula in their capacities as trustees, and materials suppliers that received upfront payments to build more than 14,000 RDP houses many of which were never delivered. The department wants to recover more than R600-million.

South Korea Officials Call For Arrest Of Samsung Group Head

South Korea’s special prosecutor’s office says it wants a warrant to arrest the head of Samsung Group accusing him of paying bribes totalling 43 billion won ($36.42 million) to a friend of President Park Geun-hye. Jay Y. Lee was questioned for 22 straight hours last week as investigators probed a corruption scandal that resulted in parliament impeaching Park last month. Seoul’s central district court said a hearing will be held on Wednesday to decide whether to approve the warrant.

Pharmacies Now Selling Home HIV Testing Kits

Up until late last year pharmacies were prohibited from selling these products but now you can buy them for R60.00. Government had argued that counseling is vital when people receive results as you never know how people will react to positive results. By law, pharmacies are still meant to provide materials of how to deal with positive results at the point of sale but its been shown that very few of them do.

Gupta Associates On Course To Buy A Bank

Salim Aziz Essa and businessman Hamza Farooqui’s bid to buy 100% of Habib Overseas Bank’s South African assets has passed the first hurdle, with the Competition Commission approving the deal without any conditions. The Compcom decided to approve the intermediate merger between Vardospan, a joint venture between two entities each controlled by Essa and Farooqui, and Habib, which handled more than R1.1bn in domestic assets by November.

Currencies & Stuff

Oil 55.29 . Gold 1203.60 . Silver 16.83 . Rand/USD 13.59 . Rand/GBP 16.31 . Rand/EUR 14.40



Author: The Turk Report

Simplifying complex money matters

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