Latest news with #R2m
The Citizen
10 hours ago
- Politics
- The Citizen
Nkomazi Local Municipality CFO suspended
The CFO of the Nkomazi Local Municipality, Steven Thobela, has been put on suspension pending an investigation into his alleged financial misconduct. The municipality suspended Thobela with effect from last week Friday, June 13, following a council resolution that was taken at the KaMdladla Community Hall. 'The suspension stems from several allegations of financial misconduct against the CFO. The suspension will allow proper investigation to be undertaken and also allow the official to clear his name if the allegations are not true,' said the municipality's spokesperson, Mbuso Malale. Sipho Mathaba has been appointed as an acting CFO pending the finalisation of the investigations against Thobela. Malale refused to elaborate on the merits of the investigations saying it was sub-judice. Thobela's suspension comes just a month after the municipal manager (MM) Xolani Mabila resigned without giving reasons. ALSO READ: Nkomazi court sentences rapist to 12 years in jail According to Malale, the reasons for Mabila's resignation remained close to his own chest, but unconfirmed reports suggested it was related to alleged corruption within the municipality The suspension of the CFO and the resignation of the MM come in the midst of serious corruption allegations by the DA against the municipality. The DA councillor in the Nkomazi Local Municipality, Nhlonipho Dlamini, said the party urged the provincial Department of Co-operative Governance Human Settlements and Traditional Affairs (Coghsta) to intervene in the alleged corruption within the municipality. The DA in Nkomazi will write to Coghsta to investigate municipal officials implicated in the delay of upgrading the Naas Water Treatment Works project. The project which aimed to alleviate water challenges for residents around Naas and neighbouring towns was initiated in September 2020. However, the project has cost the municipality over R39m to date and has been delayed by more than two years,' said Dlamini in a statement. 'It is understood that the project was supposed to be completed in different phases. However, according to the Auditor-General's 2023/24 Management Report, the municipality has poorly managed this project. These are some of the alarming findings that the AG flagged,' added Dlamini. 'These items include mechanical and electrical equipment to the value of R2m. The municipality stored some of the equipment to the value of R7m off-site while there is no written agreement with suppliers regarding warranty and insurance,' said Dlamini. ALSO READ: City of Mbombela sounds alarm on tender scam According to him, at some point, the contractor had halted the project due to cash flow problems and that the municipality had failed to impose penalties against the contractor. 'The municipality paid for equipment before it was procured by the contractor from the supplier (up to 15 months in advance). It was also revealed that at some point the municipality failed to efficiently dispatch water tankers to communities affected by the upgrading of the Naas water treatment works project,' Dlamini said. 'Coghsta must intervene and regulate the implementation of infrastructure projects. It cannot be business as usual while money meant for service delivery is misused,' added Dlamini At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading! Stay in the know. Download the Caxton Local News Network App Stay in the know. Download the Caxton Local News Network App here
TimesLIVE
11-06-2025
- Business
- TimesLIVE
Mashatile defends ‘wasteful' expenditure on international trips
The office of Deputy President Paul Mashatile has defended his international travel expenses which have sparked criticism. In a parliamentary written reply, Mashatile provided a breakdown of his international travel costs for transport and accommodation since taking office last year. He said he has been on international trips to Ireland, Botswana, Zimbabwe and Japan which cost more than R2m. During his Japan trip, Mashatile was accompanied by several ministers and deputy ministers, including: minister of sport, arts and culture Gayton McKenzie; minister of agriculture John Steenhuisen; minister of higher education Dr Nobuhle Nkabane; minister of trade, industry and competition Parks Tau; deputy minister of international relations and cooperation Thandi Moraka; and deputy minister of science and innovation Nomalungelo Gina. Among other costs, Mashatile and his wife spent more than R900,000 on four nights' accommodation in Japan, sparking criticism from ActionSA, which called it 'wasteful expenditure' that could be spent on building decent homed for those in need. Mashatile's office clarified the deputy president did not 'misuse state funds or was extravagant in financing the costs of his international travel'. It said the visits were necessary to advance the global agenda. 'The office of the deputy president wishes to reiterate Mashatile undertakes all international working visits not in his personal capacity but on behalf of the government as delegated by President Cyril Ramaphosa. 'Moreover, the most these strategic international visits are aimed at strengthening existing bilateral, political, economic and diplomatic relations between SA and visited countries,' Mashatile's office said. His office reiterated the Japan visit was of the same importance. 'The Japan working visit achieved several key objectives, including representing the first high-level engagement between SA and Japan in the past 10 years, signalling an acknowledgment and appreciation for the long-standing relationship between the two countries based on a wide area of cooperation not limited to trade and investment. 'The visit was beneficial in terms of SA's African Agenda, the confluence of SA's G20 chairship and Japan's hosting of the ninth Tokyo International Conference on African Development in August, presenting a unique opportunity for SA to communicate its own and the continent's position and priorities to Japan and the expected support and role Japan could play in this regard.'
TimesLIVE
06-06-2025
- Business
- TimesLIVE
GNU ministers spent R200m of taxpayers' money on travelling since taking office
Ministers in the government of national unity (GNU) have spent more than R200m on travel expenses since July last year. This was revealed by ActionSA through its GNU performance tracker after receiving replies to parliamentary questions sent to ministers. This week, the party said Deputy President Paul Mashatile and his staff splurged more than R2m on travel expenses for transport and accommodation since last year. In a written reply, Mashatile said he has been on four international trips - to Ireland, Botswana, Zimbabwe and, recently, Japan. A total of R613,214 was spent on flights, R1,235,569 on accommodation and R410,926 for ground transport for all trips. Other costs included laundry services at R8,033 and R51,393 for restaurant services. ActionSA MP Alan Beesley criticised the spending, calling it 'executive indulgence' and 'wasteful expenditure'. 'This sort of wasteful expenditure, an extension of ANC excess now rebranded under the GNU, has become business as usual for the world's most bloated executive,' Beesley said. 'South Africans deserve leadership that puts people before perks and not a R200m travel spree by the world's largest cabinet.' The sport, arts and culture department's travel expenses have also raised concern. Minister Gayton McKenzie said he and his staff undertook 11 international trips costing more than R2m. R164,556 was paid for a trip to Burkina Faso that never took place. 'Not only is this spending exorbitant, but it is riddled with red flags, gaps and inconsistencies. The public paid for flights and accommodation for an event that was abandoned, a textbook case of wasteful expenditure, as defined by the Public Finance Management Act. 'Unless the minister can demonstrate that this loss was unavoidable and efforts were made to recover the funds, this reflects a serious failure of financial oversight and internal control.' ActionSA has introduced the Enhanced Cut Cabinet Perks Bill to address unchecked government spending. 'This bill seeks to slash ministerial perks and restore much-needed fiscal discipline.'
TimesLIVE
05-06-2025
- Business
- TimesLIVE
Taung winner plans home and car upgrade after more than R2m lotto win
A resident of Taung plans to furnish his home and buy a car to improve his mobility and quality of life after winning more than R2m in the Lotto Plus 2 jackpot draw on May 7. The winner, who purchased his ticket for R30 using the manual number selection, has come forward to claim his prize. The lucky man, who does not play the lottery regularly, said the news came as a 'shock'. 'I knew it was possible but I did not expect it. I'm happy. I've never won such a big amount of money.' He said he danced with joy when he found out he had won. The numbers were chosen spontaneously off the top of his head and he kept his ticket safe until he verified the numbers at a local shop. The man said he first shared the news with his children. National Lottery operator Ithuba congratulated the winner on his life-changing prize. 'We're thrilled for our lucky winner. It's wonderful to know he will get to enjoy his home in comfort and happiness. We hope this win brings him joy, peace of mind and the freedom to live life happily. We wish him all the best and are happy to have been part of his win,' said Ithuba CEO Charmaine Mabuza. Meanwhile, Ithuba has confirmed the winner of the PowerBall jackpot has also come forward to claim their prize of more than R68m. The winning ticket was purchased via a banking app for the draw on May 23, with a R45 wager using the quick pick selection method. This win follows 12 consecutive rollovers, after a R110m jackpot was claimed on April 8 by a healthcare worker. The latest winner has chosen to remain anonymous.
Daily Maverick
27-05-2025
- Business
- Daily Maverick
Bitcoin nears R2m as crypto goes mainstream — but don't get too excited just yet
In case you missed it last week, bitcoin hit almost R2m. This wasn't just another crypto bro celebration moment either — it goes deeper. Bitcoin's breakthrough last week to past $111,000 (R1,966,480 for those keeping track) has been hailed as a genuine turning point for digital assets, coming at a time when traditional tech stocks were having what can only be described as a tantrum. 'Bitcoin hitting a new all-time high above $111,000 marks a major milestone for the crypto industry,' said Hannes Wessels, the general manager of Binance South Africa. 'It reflects growing global confidence in digital assets, driven by strong institutional demand and regulatory progress.' Translation for the rest of us: Big money is finally taking crypto seriously, and governments are starting to figure out how to regulate it without completely breaking it. When trading goes nuclear The bitcoin surge wasn't happening in isolation. On 19 May, crypto wallet platforms recorded the kind of trading volumes that would make the JSE weep with envy. Binance Wallet alone hit over $5-billion in daily trading — that's roughly R88-billion changing hands in a single day on one platform. To put it in perspective, that's more than the entire market capitalisation of Shoprite, and it happened in 24 hours on a platform most South Africans probably haven't heard of. This trading frenzy suggests something fundamental is shifting in how people interact with cryptocurrencies. Gone are the days when crypto was just about buying bitcoin and hoping for the best. Users are becoming more sophisticated, seeking out early opportunities and engaging with what the tech crowd calls 'Web3' — think of it as the internet's awkward teenage phase, where everything becomes decentralised and confusing. The early bird gets the (digital) worm Much of this activity revolves around platforms that let users get in on cryptocurrency projects before they hit the big exchanges. These early-access platforms have become incredibly popular by offering exclusive token generation events and airdrops. Since December 2024, Binance Alpha has featured 18 tokens that eventually got listed on major exchanges — a 43% success rate that would make any venture capitalist jealous. Here's where it gets interesting for regular investors: participants in these early events bought tokens at prices averaging eight times lower than their opening day values. That's the kind of return that makes property investment look like a savings account. But — and this is a big but — this is also where things get properly risky. Don't fall for the Fomo trap Before you start liquidating your unit trust to chase crypto dreams, let's talk reality. Getting early access to cryptocurrency projects is like being invited to a high-stakes poker game where half the players are card sharks and the other half are algorithms. Yes, the potential returns are eye-watering. But so are the risks: Regulatory roulette: Governments worldwide are still figuring out how to handle crypto. Rules can change overnight, potentially making your investment illegal or inaccessible. Hacker heaven: Crypto platforms are magnets for cybercriminals. When they succeed, your money disappears into the digital ether with zero chance of recovery. Volatility on steroids: Traditional shares can be volatile, but crypto makes the JSE look like a lazy Sunday afternoon. Prices can swing 50% in a day just because someone influential tweeted something. Liquidity nightmares: Sometimes you can't sell your tokens even if you want to, because there aren't enough buyers or the trading volumes are too low. Technical meltdowns: When platforms crash or have bugs, your investments can be stuck in digital limbo. When courts get crypto reality The legal system is slowly catching up with crypto reality, and the results are sobering for investors who think digital assets are a guaranteed path to riches. A recent UK Court of Appeal case involving Bitcoin SV investors provides a masterclass in crypto reality checks. These investors sued Binance and other exchanges for $13.4-billion (yes, billion), claiming that delisting their favourite token prevented it from becoming the next bitcoin. The court's response was, essentially, 'Nice try, but no.' The judges ruled that cryptocurrencies are 'by their nature, volatile investments' and should be treated like shares or other financial instruments. More importantly, they rejected the idea that investors could claim damages based on what their tokens might have been worth in some hypothetical future. As the court put it: 'It would be unthinkable for the holders of freely tradeable shares, whose value had been reduced by tortious conduct, to be able to claim more than the current value of those shares to compensate them for the prospect that their value might have substantially increased in the future.' This ruling could reshape how crypto disputes are handled globally, establishing that digital assets don't get special treatment just because they're digital. The regulatory maze Meanwhile, regulators worldwide are creating a patchwork of rules that would make a tax consultant weep. The European Union's new crypto regulations are so strict that Tether — the company behind the world's most popular stablecoin — simply refused to comply. This has led to major exchanges delisting USDT (a dollar-pegged cryptocurrency) for European users, creating a fragmented market where your access to certain digital assets depends entirely on your location. In Nigeria, tensions have escalated dramatically, with authorities seeking $79.5-billion from Binance in alleged damages, plus another $2-billion in back taxes. What this means for you For South African investors watching this unfold, the message is clear: crypto is maturing, but it's maturing into something complex and regulated, not the Wild West of easy money that early adopters experienced. The good news is that institutional money is flowing in, providing stability and legitimacy. The bad news is that with legitimacy comes regulation, compliance costs, and the kind of complexity that makes traditional investments look simple. Bitcoin's march toward R2-million represents genuine progress for digital assets, but it's progress that comes with grown-up responsibilities and grown-up risks. Keep it tidy The cryptocurrency market is undoubtedly entering a new phase of maturation, with unprecedented trading volumes, institutional adoption and regulatory clarity. But this maturation cuts both ways — while it brings legitimacy and stability, it also brings complexity and risk that many retail investors aren't prepared for. For South Africans considering crypto investments, the advice remains unchanged: only invest what you can afford to lose, understand the risks, and remember that past performance — even R2-million Bitcoin — is never a guarantee of future returns. DM
