Posts tagged with 'National Treasury'

 

Hawks Confirm They are Investigating Two Cases of Alleged Theft from SARB Amounting to over R41 Quadrillion Linked to Tokyo Sexwale!

Posted on Leave a comment

A new twist in the Tokyo Sexwale “stolen quadrillion” saga has appeared – after the fund invited ANC government, to a Bank in Singapore. The chairman of the Worldwide Proxy and Trustee of the White Spiritual Boy (WSB) and Spiritual Wonder Boy (SWB) Heritage Funds, Mr Chark Leong Boey, has written a letter in his personal capacity, in an effort to clarify the confusion around the Heritage Fund. The Hawks on Monday confirmed that they were investigating two cases of alleged theft amounting to over R41 quadrillion.

Mr Boey, who is from Singapore, has stated in a letter that he extended an invitation to a South African delegation to travel to Singapore to verify the said fund.

Reports emerged last week of how Trillions of Rands from the fund had allegedly been looted from the South African Reserve Bank (SARB) and from The National Treasury. These damning allegations were dismissed by the two financial institutions as being a mere scam.

The letter which
Continue reading…

Share with friends on Social Media (if share buttons do not show below, disable your ad blocker temporarily):

Enjoyed this post? Share it!

 
 

“Rooi Gevaar” Using Corruption to Oust Ramaphosa! Axis of Evil Blaming Cyril for “Mass Epidemic of Looting” Because “He Did Not Act” Against Them!

Posted on Leave a comment

Communists are masters at the dark art of subterfuge and obfuscating blame, accountability and punishment, and it now seems that the Axis of Evil (ANC, COSATU & SACP) are blaming Cyril for all their corruption & failures! They want Ramaphosa out, because NDZ & COSATU have joined forces with alliance partners, the SA Communist Party (SACP) and SA National Civic Organisation (SANCO), in pushing for the reconfiguration of the ANC-SACP-Cosatu-Sanco alliance, to get Communists as national leaders. COSATU general secretary Bheki Ntshalintshali said the future of South Africa must be in socialism, not capitalism.

Coved-19 corruption has become the latest ANC scandal, with public claims of corruption relating to the procurement of PPE in the last couple of days, suggesting that these corruption claims are the result of Ramaphosa’s failure to act against corruption. There are claims it is his responsibility to take action because they backed him at NASREC in the
Continue reading…

Share with friends on Social Media (if share buttons do not show below, disable your ad blocker temporarily):

Enjoyed this post? Share it!

 
 

SA 5th Most Infected Country! All BRICs Countries in Top 5 Except China! SA & India Receive USD 1 Billion Covid Loans from BRICs Bank!

Posted on Leave a comment

Cases for Cash? For an 8th straight day South Africa has reported the 4th most daily new COVID19 cases (chart below) which has helped push SA into 5th place worldwide, eclipsing many countries far more populace and undeveloped than itself, like Indonesia, Pakistan, Nigeria, Bangladesh, Mexico, etc. Even more remarkable is that 4 of the top 5 most infected countries are BRICs countries – all of them are in the top 5 except China, where it all started, coincidence? Even though China is the most populace country in the world? Did the access and clout that Chinese citizens have in BRICs countries help spread the virus? Or does the fact that South Africa and India have received 1 BILLION dollar Covid Loans from the BRICs Development Bank explain the high figures?

The Board of Directors of the New Development Bank (NDB) approved a USD 1 Billion Emergency Assistance Program Loan to South Africa las
Continue reading…

Share with friends on Social Media (if share buttons do not show below, disable your ad blocker temporarily):

Enjoyed this post? Share it!

 
 

Eskom – in return for R59bn bailout from National Treasury, Eskom must recover Soweto, municipal debt

Posted on Leave a comment

National Treasury is set to impose 28 conditions on Eskom in return for a R59bn lifeline to keep the cash-strapped power utility afloat and enable it to pay interest on its mounting debt burden.

Treasury updated Parliament’s appropriations oversight committee on the conditions attached to an appropriations bill on Wednesday. The bill, which has not yet been passed by Parliament, grants R59bn to Eskom over two years. This is in addition to R69bn over three years announced by Finance Minister Tito Mboweni in his maiden February budget.

In addition to regular and detailed reports of all its finances, Treasury has stipulated the utility needs to recover all debt owed to it by errant municipalities, national department and corporations, including Soweto.

“Eskom cannot provide electricity and not collect debt,” Treasury’s acting director-general of the assets and Liabilities Tshepiso Moahloli told MPs. “Members, we know that between Soweto and municipalities –
Continue reading…

Share with friends on Social Media (if share buttons do not show below, disable your ad blocker temporarily):

Enjoyed this post? Share it!

 
 

South Africa stuck in longest downward cycle since before Apartheid (1945)! Ramaphosa tries to talk it better…

Posted on Leave a comment

Neither communism nor multiculturalism has ever worked, yet South Africa is implementing both at the same time to disastrous effect! Now Ramaphosa has vowed to rebuild crashing confidence in South Africa’s economy, and desperate South Africans, who want concrete things that can make a difference in the economy, have no choice but to hope he does. He promised real actions that “move the needle,”  however in Africa accountability is not required.

After a decade of low growth and deepening poverty, South Africans are looking for signs of progress, according to President Cyril Ramaphosa. He pledged “concrete things” to rebuild confidence in the economy.

This year, the economy will record growth lower than expected, Ramaphosa said. The GDP growth forecast for 2019 has been revised by the National Treasury to 1.5 percent, from an estimated
Continue reading…

Share with friends on Social Media (if share buttons do not show below, disable your ad blocker temporarily):

Enjoyed this post? Share it!

 
 

National Treasury gives SA Express a R300 million bailout

Posted on Leave a comment

The National Treasury has just announced that it has committed R300m to drag the bankrupt SA Express airline of its financial difficulties.

The company’s Chief Executive Officer, Siza Mzimela, disclosed the information to the media.

The airline company needs the R300m guarantee to keep its wings up and does not have the ability to obtain a loan from commercial banks without shareholders guarantees.

Rumours are circulating that the ANC’s Finance Minister, Tito Mboweni, has refused a request for assistance, saying the airline company, and perhaps the SA Airways, should be sold instead.

The R300m is in addition to the R1.2bn SA Express received in its February budget.

The amount is not, however, because the R1.2 billion is only for debt for which the Treasury has given guarantees.

How many other debts the company has is unknown.

Continue reading…

Share with friends on Social Media (if share buttons do not show below, disable your ad blocker temporarily):

Enjoyed this post? Share it!

 
 

Liquidations on the rise in South Africa – number of liquidations increased by 13.7% during the first seven months of 2019 with 183 business liquidation recorded in July

Posted on Leave a comment

South Africa recorded 183 business liquidations in July 2019, representing a 24.5% rise from 147 liquidations recorded a year ago, according to StatsSA.

The stats body said that 1,198 liquidations were recorded so far this year (January to July), higher than the 1,054 recorded in the same period last year.

The report found that the financing, insurance, real estate, business services sectors saw the most closures, followed by the trade, catering and accommodation sector.

Those in the financing, insurance, real estate and business services were most likely to file for insolvency in South Africa while those working in electricity, gas and water were the least likely to go insolvent.

The total number of liquidations increased by 13.7% during the first seven months of 2019 compared with the first seven months of 2018, StatsSA said.

The estimated number of insolvencies increased by 4.2% in the second quarter of 2019 compared with the se
Continue reading…

Share with friends on Social Media (if share buttons do not show below, disable your ad blocker temporarily):

Enjoyed this post? Share it!

 
 

SAPS R20 billion budget cuts could lead to a loss of 23 000 personnel over next 3 years

Posted on Leave a comment

On Wednesday, in the Portfolio Committee of Police, the South African Police Service (SAPS) announced that National Treasury has instructed SAPS to cut their budget through a 5%, 6% and 7% baseline reduction over the next three years, which may ultimately result in a loss of 23 000 personnel. This shocking announcement comes at a time when the majority of South Africans feel increasingly unsafe in their communities, due to escalating levels of violence and crime.

The Democratic Alliance (DA) has proposed an alternative, yet constructive, budget proposal, which considers cutting VIP protection costs instead of other police programmes. The VIP protection budget allocation amounts to approximately R10 million per individual, per year, with an approximate Cabinet cost to taxpayers amounting to R631 million yearly.

It is unconscionable that National Treasury would request SAPS budget cuts, when our police service is already severely under-capacitated and un
Continue reading…

Share with friends on Social Media (if share buttons do not show below, disable your ad blocker temporarily):

Enjoyed this post? Share it!

 
 

While National Treasury and SARS scramble for money, a new focus has been placed on the revenue service’s plans to tax SA expats working abroad , who could face having 45% of their earnings over R1 million fed back to government

Posted on Leave a comment

South Africa’s expat tax is coming – and there’s only one way to legally avoid it.

Speaking on The Money Show this week, personal financial advisor at Galileo Capital, Warren Ingram said that even though the actual rules around the tax are yet to be finalised, they are planned to come into effect in March 2020.

The new legislation has many expats riled up, with much confusion and uncertainty around the new laws, and many believing that it will not apply to them or that it will be unenforceable.

It has also brought into question whether young South Africans who are working abroad for a short time are tax compliant.

According to Ingram, many South African expats who are working abroad are currently – unintentionally – flouting the country’s tax laws, and may already owe SARS money.

“One thing (expats) don’t do is tell SARS, ‘I am no longer a tax resident’ – this isn’t a process that happens automatically, wher
Continue reading…

Share with friends on Social Media (if share buttons do not show below, disable your ad blocker temporarily):

Enjoyed this post? Share it!