Latest news with #R10
eNCA
an hour ago
- eNCA
Ex-prosecutor in court over job scam
JOHANNESBURG - A former prosecutor and her accomplice are applying for bail in the Roodepoort magistrate's court. Siphokazi Magangana and Yandisa Jam Jam face charges of corruption and money laundering. The pair were allegedly involved in a jobs for cash scam in 2022. They are accused of defrauding three victims of R10,000 each in exchange for jobs as prosecutors.
The Citizen
4 hours ago
- Business
- The Citizen
Clarity sought on alleged R700m cost of National Dialogue
The Presidency's plan to hold a major National Dialogue in August is being criticised for its potential cost, lack of oversight, and uncertain agenda. The proposed National Dialogue has the potential to be another watershed moment for South Africa, as the Convention for a Democratic SA was in the early '90s. Picture: Gallo Images/Die Burger There are concerns about the lack of transparency around President Cyril Ramaphosa's proposed National Dialogue that is meant to take place in a few weeks. Ramaphosa said the country will hold the first leg on 15 August, with the second leg expected to take place next year. Local talks will be held before then. The purpose of this convention is to discuss South Africa's problems and find solutions to them. However, it has been met with anger following an announcement that it could cost more than R700 million. Unions and political parties call for accountability The government has stated that there is no definite figure yet. Congress of South African Trade Unions (Cosatu) spokesperson Matthew Parks said he is concerned about the abuse of state funds used for the National Dialogue. 'We can talk about figures like R10 million or R20 million, but R700 million is just ridiculous. 'Government can find ways of ensuring this is done in a manner that is more affordable. We just objected to a VAT hike, it would not make sense for us to agree to this,' he said. Conflicting statements over the proposed budget Parks said Cosatu had engaged with the Presidency and was reassured there is no final figure for how much the dialogue will cost. The amount of R700 million was first estimated by Nkosinathi Biko, executive trustee of the Steve Biko Foundation. ALSO READ: Ramaphosa announces 'Eminent Persons Group' to guide national dialogue – These are the people appointed 'Nothing has been tabled to parliament and Cabinet, so this is random ramblings from some officials and people from foundations,' said Parks. Questions about coordination and purpose Rise Mzansi spokesperson Mabine Seabe said: 'The touted R700 million price tag appears excessive, which is why Rise Mzansi will be engaging with President Cyril Ramaphosa on this matter and timelines both in the buildup to and after the National Dialogue. 'We will use our parliamentary oversight authority to ensure that every rand and cent is accounted for.' ActionSA parliamentary leader Athol Trollip said parliamentarians have not been given intricate details of how the National Dialogue will be coordinated. Presidency spokesperson Vincent Magwenya told SAfm this week: 'There isn't a budget, there isn't a number or a cost that the government has committed to. 'All we have is what has been communicated as a proposal that the foundations have put forward. 'Government is going to be the fiscal custodian of the process and it has not yet engaged in formulating a budget. So the debate about R700 million is completely misplaced and unnecessary.' Dialogue 'must be ambitious' Dr Philani Mthembu from the Institute for Global Dialogue said the dialogue, if done correctly, can be an important tool in addressing problematic legislation and policies. ALSO READ: 'Bring all to dialogue': Experts insist national dialogue must be people-driven 'If this dialogue is compared to the Convention for a Democratic South Africa, then it needs to be ambitious in what it is trying to achieve. 'For instance, we must ask if this will open up the debate on reviewing the constitution, what elements of the constitution are working and which need to be revised. 'This dialogue could discuss issues such as electoral reform and whether we are ready for new systems that will hold those in power to account. 'It has to be ambitious, otherwise if we just discuss issues such as national cohesion and service delivery, we already know these challenges. Discussing the deep issues will have more impact.' A noble idea? Advocate Sipho Mantula, a researcher at Thabo Mbeki African School of Public & International Affairs, said the idea of a national convention is a noble one. 'Conventions are normally called when there is a national crisis or key issues that affect the country, from governance to the rule of law to the socio-cultural and economic conditions.' Mantula said all state organs and institutions should assist in ensuring the success of the National Dialogue and no-one should be left behind. 'It should begin with local conventions and then provincial conventions that ultimately lead to the National Dialogue,' he said. NOW READ: 'A meaningless publicity stunt by a limping president': EFF slams Ramaphosa's national dialogue call
IOL News
5 hours ago
- Business
- IOL News
EEskom employees pocket R3bn in overtime during turbulent year
Electricity and Energy Minister Kgosientsho Ramokgopa has disclosed that R10 million was paid to Eskom board members and R3 billion in overtime to employees. Image: Henk Kruger / Independent Newspapers ESKOM employees pocketed R3 billion in overtime during the 2023/24 financial year. This was for work outside the normal working hours that was approved for an emergency during a standby period, breakdown of plant, pre-arranged plant maintenance, commissioning of plant, authorised construction work on site or critical personnel shortages only for short periods not exceeding one month, among other things. 'Approximately 92% of the workforce is eligible for overtime,' said Electricity and Energy Minister Kgosientsho Ramokgopa. He was responding to parliamentary questions from EFF MP Mandla Shikwambana, who enquired about the annual expenditure on overtime for Eskom employees and the circumstances under which overtime was paid. Shikwambana also wanted to know whether the 22 board meetings, averaging two meetings per month, as reported in the 2024 annual report, were pre-planned and the reasons for not planning them. He also asked the total remuneration of each board member and whether the board members were subject to individual performance reviews. The board of directors was paid more than R10 million in board fees. He said 22 board meetings were held, and at least 10 were pre-scheduled for the period between April 2023 and March 2024. He said non-executive directors had not been paid per meeting but had received a fixed annual fee based on their committee allocations. 'This fixed fee implicitly covered participation in up to eight scheduled board meetings. The remaining 14 meetings that exceeded the planned schedule did not attract any additional fees.' Board chairperson Mteto Nyati was paid R1.3m, Fathima Gany R1,081,000, Claudelle von Eck R1,061,000, Clive Le Roux R1 058 000 and Tryphosa Ramano R1,018,000. Electricity minister Kgosientsho Ramokgopa, Image: Jairus Mmutle/GCIS Other board members - Leslie Mkhabela, Busisiwe Vilakazi, Bheki Ntshalintshali, Tsakani Mthombeni, Ayanda Mafuleka and Lwazi Goqwana - were paid amounts ranging from R933,000 to R676,000. Ramokgopa said the amounts paid included fees for both board meetings and sub-committee meetings. The additional meetings had been convened on an ad hoc basis to address urgent and time-sensitive matters that had required the immediate attention of the board. 'Several of these engagements had been necessitated by unforeseen and evolving developments. These additional meetings had not resulted in any additional payment of fees to the non-executive directors,' he said. The additional meetings had primarily dealt with the group chief executive recruitment, National Transmission Company of South Africa board of directors recruitment, and the unbundling matters. CAPE TIMES
IOL News
a day ago
- Business
- IOL News
KZN government to establish a beef production enterprise for King Misuzulu's financial needs
King Misuzulu kaZwelithini will get his own beef production company to fund his cultural events. Image: Independent Newspapers Archives KwaZulu-Natal Finance MEC Francois Rodgers is in the process of establishing a beef production enterprise which will help the Zulu royal family to be financially independent and save the province more than R60 million which is annually allocated to King Misizulu kaZwelithini and the family. This was revealed by the Democratic Alliance chief whip in the provincial legislature Dr Imran Keeka on Thursday. The party was reflecting on its first anniversary of the Government of Provincial Unity, particularly its role and achievements. The party said one of its achievements is that it has strengthened relations with the AmaZulu Royal Household and its Finance MEC is working on a beef production enterprise to ensure the monarchy's fiscal independence. 'The Treasury under Rodgers is working on establishing a beef production enterprise to ensure the monarchy's fiscal independence,' said Keeka. If Rogers succeeds, he will achieve what has been elusive since 1994. There had been talk of creating a Royal Household Trust which previous provincial government administrations had described as the vehicle that was going to sustain the Zulu royal family financially and end its financial dependence on taxpayers who fund the king and the royal family's financial needs. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Reacting to the announcement, the Zulu royal family's spokesperson Prince Thulani Zulu said the family will comment after the MEC has officially informed his Majesty, King Misuzulu kaZwelithini about the details of the enterprise. Another major achievement listed was Rogers' ability to devise a cost-cutting strategy which has reduced the provincial government's projected over-expenditure from R10 billion to R800 million. The plan is now being implemented. The party described its participation in the GPU as a year of positive change for the people of the province, 'who now have a government focused on placing their needs first and realising the province's true potential'. It said the move from a single majority party government to a partnership consisting of KZN's four leading political parties has not been without its challenges, however, there have been notable successes. The party said its participation in the GPU has allowed it to play a key part in critical decision-making that affects the people of the province. These roles include heading KZN Finance Rodgers, Public Works and Infrastructure which is under MEC Martin Meyer, deputy Speaker through Mmabatho Tembe as well as chairing important portfolio committees such as Health, Cooperative Governance and Traditional Affairs and provincial SCOPA( Standing Committee on Public Accounts).
IOL News
a day ago
- Business
- IOL News
South Africans face currency shock as rand stays stagnant against US dollar
Many South Africans were hopeful that their local currency would mirror this decline, allowing them to capitalise on the weakening greenback Image: Armand Hough/Independent Media South Africans who expected to score massively from the fact that the greenback has lost 10% against every other major currency this year are set for a sore surprise because the rand has barely budged against the dollar year-on-year. In fact, investors would have been better off putting R10,000 into pounds or even euros, with euros having provided the best return of R555.67 – or 5.6% year-on-year, IOL's calculations show. Based on a linear equation that doesn't include transaction costs, fees, or reinvestment of gains, the pound would have provided a return of R405.12, or 4.1%. While the rand had been gaining against the US currency given the greenback's weakness, the exchange rate went over R18 to the dollar again this week – effectively on par with a year ago. As a result, a R10,000 investment into the dollar would provide a negative return. Andre Cilliers, currency strategist at TreasuryONE, explained that the rand had lost ground as the dollar firmed and there was uncertainty over any US military action against Iran, which is keeping the local currency on the back foot for now. US President Donald Trump has variously indicated he would support Isreal in its fight against Iran, while also stating that this may not happen. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Bloomberg data indicated that, since Trump was inaugurated for his second term on January 20, the greenback has declined in value against the euro, pound and Swiss franc. This, it stated, was due to Trump's tariffs and his insistence that Federal Reserve Chaiman Jerome Powell lower interest rates. The Fed voted overnight to keep rates unchanged, the same position for all of 2025 so far. The last time the dollar plunged this much and this fast was in 2010 when the US Federal Reserve pumped more money into the economy to help deal with the ravages of the 2008 Global Financial Crisis, Bloomberg data showed. South Africa's rand is notoriously volatile. IOL
