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IOL News
5 days ago
- Business
- IOL News
Court denies couple's bid for legal funds in illegal coal mining case
Jacobus and Elza Jordaan, who are facing multiple charges involving alleged illegal coal mining, lost their legal bid to have preserved funds released for living and legal expenses. Image: Supplied A couple said to be part of a Mpumalanga illegal coal mining case and who earlier had multi-millions in assets frozen by the Asset Forfeiture Unit (AFU), launched a failed legal bid for the release of R6.2 million of these funds for their legal costs as well as R149,000 a month for their living expenses. Jabobus and Elsa Jordaan turned to the Mpumalanga High Court, sitting in Mbombela, as they claimed they urgently need this money to survive and to be able to pay for their defence in their criminal trial. The Jordaans, together with thirteen others, were allegedly part of a syndicate charged with multiple serious offences of illegal coal mining and theft of coal from the State. Their assets were earlier preserved in terms of the Prevention of Organised Crime Act. The Jordaans hold dual citizenship in both South Africa and Namibia. They are also directors of various companies, including GNJ Mining. The AFU in Mpumalanga, in collaboration with South Africa's Financial Intelligence Centre, the Namibian Financial Intelligence Centre, and the Namibian Prosecutor-General's office, at the end of last year seized money in eight Namibian bank accounts to the value of about R52.5 million allegedly linked to the Jordaans. According to the authorities, this amount represents the proceeds of massive illegal coal mining in the Carolina area in Mpumalanga. The Jordaans now told the court applicants contend that the effect of these preservation orders is that they currently have no access to any funds or any unrestrained realisable property, whether movable, immovable, or cash. The National Prosecuting Authority, in opposing the application, said the Jordaans are not being frank with the court. It was argued that the applicants have on several occasions failed to or refused to disclose assets and to repatriate R50 million which was transferred to Namibia shortly before the granting of the preservation orders. It was also said that the couple failed to disclose all property interests and submit a sworn and full statement of all their assets and liabilities, which include assets held in trusts. The applicants, however, stated that they never made or received any income without disclosing it to the curator who was appointed to manage their preserved assets. But the curator said this is incorrect, as live game was removed by the couple and income to the value of R524,752,50, generated therefrom, was not disclosed and remains unaccounted for. The applicants, meanwhile, failed to give an explanation regarding this sum of money to the court. The prosecuting authority also pointed out to the court that the couple last year in another application asked that R3 million be released for their legal costs, as well as R293,349 per month for their living expenses. They had subsequently withdrawn that application. It questioned how the applicants' historical and future legal expenses have increased by R1.2 million and their living expenses have been reduced by R144,582 per month.
The Star
12-06-2025
- Business
- The Star
AG still concerned about use of consultants in KZN municipalities
The Auditor General South Africa (AGSA) has seen an improvement in some KwaZulu-Natal municipalities including their reliance on consultants which decreased from R240 million to R220 million spent annually. Image: File The office of the Auditor General South Africa (AGSA) has seen an improvement in some KwaZulu-Natal municipalities, and while consultants are widely used, there has been a reduction in consultancy fees from R240 million to R220 million in the last financial year. Irregular expenditure also decreased from R6.2 billion to R5.7 billion. Nomalungelo Mkhize, AGSA Business Unit Leader in KZN, presented the local government audit outcomes of the Municipal Financial Management Act (MFMA) to the KZN Legislature-Standing Committee on Public Accounts (SCOPA) and the Portfolio Committee on Cooperative Governance and Traditional Affairs(Cogta), on Tuesday. Mkhize said they made a call to action at the end of the financial cycle in 2022 and 2023, requesting leadership to ensure that the key service delivery indicators are being prioritised with adequate funding to fast track infrastructure projects and to ensure that there is adequate budget for repairs and maintenance. Mkhize said that the AGSA has seen an increase or a gradual improvement compared to 2022 and 2023 in terms of the audit outcomes. Mkhize said that this demonstrates that the municipalities and the officials are able to present a credible set of financial statements indicating how the monies have been spent. 'Although we have seen a decrease in the use of consultants there are a number of municipalities that do use consultants for financial reporting. We still find misstatements in the work that the consultants are doing and at times the consultants are taking on work where they can see that they may not be able to conclude the work with quality. "We are also finding that consultants are not being monitored to see whether there is delivery according to what was contracted for." The AGSA said that municipalities are still struggling with action plans not being implemented and that there was a lack of enforcement being taken against officials that are found to have transgressed previously. Mkhize said that this is the root cause for the continued transgressions and the non-performance in some municipalities. "It then creates the culture that non-compliance can go on without the necessary consequence management. Officials are not being held accountable," she said. Mkhize said that poor payment practices are resulting in interest charges and penalties. Mkhize said poor management of electricity and water distribution losses are above the acceptable norms in a number of municipalities. "There is a concern regarding the credibility of share grants received from national and provincial government. If it was any other business they would actually be at a point where they need to be closed. There is also insufficient funds that are available to complete projects," she said. The AGSA said that in municipalities that ended the year in deficit, where expenditure was more than revenue, many of them already started eating into the next year's budget. [email protected]
IOL News
11-06-2025
- IOL News
SIU freezes Limpopo farm linked to R66 million lottery fraud scheme
The farm Portion 15 of Zandrivierspoort in Limpopo has been frozen by the Special Tribunal after the SIU linked its purchase to R66 million in misappropriated National Lotteries Commission funds meant for old age homes. Image: Pixabay / File The Special Investigating Unit (SIU) has obtained a preservation order from the Special Tribunal to freeze immovable property following a sweeping investigation into the alleged looting of National Lotteries Commission (NLC) funds earmarked for the construction of old age homes. The order forms part of a broader crackdown on a complex web of corruption involving the hijacking of Non-Profit Organisations (NPOs), fabricated grant applications, and the diversion of public funds into private hands. SIU spokesperson Kaizer Kganyago said the probe centred around three NPOs, Matieni Community Centre, Lethabong Old Age Home, and War Against Rape and Abuse (WAR RNA), which collectively received over R66 million in lottery grants 'under false pretences.' One of the central entities in the scheme is Matieni Community Centre, a defunct organisation that was allegedly fraudulently revived to secure funding from the NLC. 'The original members of Matieni Community Centre were unaware of the application, and the individuals listed on the NLC application were not legitimate members,' said Kganyago. Lethabong and WAR RNA were similarly compromised, with falsified documentation submitted by individuals who had no legal standing in the organisations. The SIU's findings paint a damning picture of how the R66 million in public funds were misused. Matieni alone received R23 million from the NLC. Of this, R5.975 million was transferred to the Mbidzo Development Programme, an entity linked to Collin Tshisimba, already implicated in other NLC fraud cases. A further R6.2 million was paid to Wa Rothe Construction. 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 ✕ Lethabong Old Age Home secured R20 million, with R15 million allegedly funneled into Mbidzo's account. WAR RNA also received R20 million, with R5 million redirected to Mbidzo. The investigation uncovered that Mbidzo, under Tshisimba's control, used the funds to pay attorneys for the purchase of a farm in Louis Trichardt, Limpopo. The property was registered under Promise Kharivhe, Tshisimba's life partner. 'The order of the Special Tribunal is part of implementing SIU investigation outcomes and consequence management to recover financial losses suffered by State institutions because of corruption or negligence,' Kganyago said. The preservation order is one of several legal remedies the SIU is pursuing under its statutory mandate. 'The SIU is empowered to institute a civil action in the High Court or a Special Tribunal to correct any wrongdoing uncovered during investigations caused by corruption, fraud, or maladministration,' Kganyago said. The SIU confirmed that any evidence pointing to criminal conduct has been referred to the National Prosecuting Authority (NPA) for further action, in accordance with the Special Investigating Units and Special Tribunals Act 74 of 1996. IOL News
Fibre2Fashion
10-06-2025
- Business
- Fibre2Fashion
South Africa's TFG posts strong FY25, plans 100+ new stores in FY26
The Foschini Group (TFG) has reported a 4.1 per cent year-on-year (YoY) increase in Group revenue to R62.6 billion (~$3.51 billion) for the year ended March 31, 2025, driven by a strong second-half performance and the acquisition of UK brand White Stuff. Gross profit climbed 6.7 per cent to R28.8 billion (~$1.61 billion), with margins improving by 150 basis points to 49.4 per cent. Operating profit also hit a new high of R6.2 billion (~$347 million), up 4.4 per cent, TFG said in a media release. TFG Africa, contributing nearly 70 per cent of total Group sales, delivered a 7 per cent rise in second half (H2) sales, resulting in 3.7 per cent growth for the full year. Online sales surged 43.5 per cent, accounting for 5.8 per cent of regional sales. Growth was led by womenswear, beauty, and jewellery, as well as improved performance in recently acquired brands Jet and Tapestry. TFG London saw sales jump 15.3 per cent YoY, boosted by the acquisition of White Stuff in October 2024. Excluding the new acquisition, sales fell 9.5 per cent. Online sales now account for 44.8 per cent of TFG London's total, while overall gross margin rose to 65.5 per cent due to fewer supply chain disruptions and improved cost control. In contrast, TFG Australia faced a 6 per cent drop in sales, largely due to weak consumer spending and weather-related disruptions. However, EBIT before brand impairment held strong at AU$81 million (~$52.57 million), with online sales rising 7.3 per cent. TFG's basic earnings per share (EPS) rose by 4.9 per cent to 980.6 cents (~$0.55), and headline EPS increased 4.6 per cent to 1,015.6 cents (~$0.57). The board declared a final ordinary dividend of 230 cents per share (~$0.13), up 15 per cent from the previous year. A preference dividend of 6.5 cents per share was also announced. Looking ahead, the group expects to build on its strong FY25 momentum despite varied economic conditions across its markets. In South Africa, early signs of improvement in inflation, interest rates, and fuel costs support cautious optimism, although consumer confidence and loadshedding risks persist. TFG Africa's sales rose 9.9 per cent in the first eight weeks of FY26, aided by strong online growth and operational efficiency from the nearly fully operational Riverfields distribution centre. Over 100 new store openings are planned for the year, along with continued investment in the profitable Bash platform. In the UK, White Stuff remains a key growth driver, with the broader portfolio showing early signs of recovery as Spring/Summer trading improves. TFG London's sales grew 10.8 per cent during the same period, though sales excluding White Stuff declined. In Australia, while trading remains pressured, recent interest rate cuts and modest sales growth in May point to stabilisation. TFG remains confident in delivering against its medium- and long-term targets through geographic diversification, digital expansion, and cost discipline. TFG's FY25 revenue rose 4.1 per cent to R62.6 billion (~$3.51 billion), driven by strong H2 and UK's White Stuff acquisition. Gross profit rose 6.7 per cent, EPS grew 4.9 per cent, and a 15 per cent higher dividend was declared. TFG Africa led with 9.9 per cent early FY26 sales growth. UK shows signs of recovery; Australia remains pressured. Over 100 new stores and digital investments are planned. Fibre2Fashion News Desk (HU)
IOL News
16-05-2025
- Business
- IOL News
KZN Legislature vows to enhance oversight on struggling municipalities
Fed-up residents vent their anger against against poor service delivery. The KwaZulu-Natal Legislature Portfolio Committee on Cooperative Governance and Traditional Affairs(Cogta) said they will do everything possible through the avenues available to perform our oversight role on failing municipalities. Image: Boxer Ngwenya, The Star The KwaZulu-Natal Legislature Portfolio Committee on Cooperative Governance and Traditional Affairs (Cogta) said they will do everything possible through the avenues available to perform an oversight role on failing municipalities. The KZN municipalities came under the spotlight over management issues and the Municipal Finance Management Act (MFMA). The Auditor General South Africa (AGSA) presented the local government audit outcomes of the MFMA to Standing Committee on Public Accounts (Scopa) and the Portfolio Committee on Cogta, on Tuesday. Nomalungelo Mkhize, the AGSA Business Unit Leader in KZN, said they had seen an improvement in some of the municipalities but were concerned about their reliance on consultants which amounted to R220 million, down R20m from the previous financial years. Mkhize said irregular expenditure also decreased from R6.2 billion to R5.7bn. The AGSA gave a brief overview of the material irregularities that have been resolved, where appropriate action is being taken and where there was a process of assessing action. The AGSA also found that key infrastructure projects in the province were delayed because of poor management and some contractors were not qualified or capable of performing the required work leading to substandard work. Marlaine Nair, MPL: KZN Cogta portfolio committee chairperson, said each municipality is required to submit an annual performance report. Nair said that apart from the AGSA audit outcomes, these reports give them a clear picture of what is going on in municipalities. Nair said that Scopa and Cogta are limited in terms of oversight of municipalities. 'I have requested these for the portfolio committee and we will scrutinise them as part of our oversight role. We have to hold Cogta to account for failing municipalities,' Nair said. Kirsch Bezuidenhout, a senior legal advisor for Parliamentary Services, said that Scopa does not exercise any direct oversight over municipalities. Bezuidenhout said exercise of oversight extends to departments like Treasury and to Cogta who then in terms of the municipal pieces of legislation are supposed to exercise oversight over municipalities. He said each of these departments have different programs that are specialists in areas of how municipalities should function optimally. Verna Benjamin, Cogta legal advisor said Cogta exercises direct oversight over local government and the Cogta portfolio committee will coordinate these engagements and hold the provincial executive to account in respect of their oversight of these underperforming municipalities. Benjamin said they need to start with the annual performance plan of the department. 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 ✕ 'We really need to engage and interrogate those department targets so that we can ensure that the end of the day there is going to be an improved achievement of targets as pertaining to the performance of municipalities," she said. 'The rationale here is to prevent these kinds of audit findings becoming repeated. While we strengthen our oversight over the department it will filter down to better performance in terms of the municipalities. Everybody wants to see a good outcome but we need to do so within our respective competencies. We want to see a turnaround strategy of ailing municipalities,' Benjamin stated.
