The Guptas and their associates scored a second court victory on Monday when the High Court in Bloemfontein freed assets such as luxury cars, aircraft and properties seized by the Asset Forfeiture Unit (AFU). The assets worth at least R250m were seized in April after the AFU obtained a provisional restraint order in relation to the Estina dairy farm matter.
Reserve Bank Fines VBS And China Bank
The South African Reserve Bank (Sarb) said on Tuesday that it had imposed R77.5 million in administrative penalties to two banks for failing to comply with the Financial Intelligence Centre (FIC) Act and directed them to take remedial action to address the identified deficiencies. The China Construction Bank Corporation and the embattled VBS Mutual Bank were penalized for not identifying and verifying customers’ details, failing to report certain cash transactions above R24,999.99, not keeping records of customer identification, and inadequate controls pertaining to the reporting of suspicious and unusual transactions.
160 Million Worth Of Unclaimed FNB Policies
FNB Life has identified over R160m worth of unclaimed policies on its books, it said in a statement on Tuesday. The bank has, therefore, started an initiative to proactively identify customers who have not submitted claims in the past. It wants to track down nominated beneficiaries, family members or the next of kin.
White Sasol Workers Strike Over Share Scheme
Solidarity, a labor union that represents skilled, mainly white workers, registered a dispute with the Commission for Conciliation, Mediation and Arbitration, or CCMA, after Sasol introduced benefits that it said would exclude workers based on race. The CCMA ruled that workers at Sasol are allowed to strike over the exclusion of white staff from an employee-shareholding plan.
Fiat Chrysler Recalls 5.3 Million Cars
Fiat Chrysler Automobiles is recalling more than 5.3 million vehicles in North America over a defect that could prevent drivers from deactivating cruise control. The Italian-American carmaker said no injuries or crashes were related to the large recall campaign, but said it had one report of a US driver of a 2017 Dodge Journey rental car being unable to deactivate the cruise control. Fiat Chrysler, which in 2015 was hit with penalties from US regulators totalling $175million (R2.18billion) for safety lapses, did not say how much the recalls would cost.
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