
Former EOH director fined R500k for faking PhD
Bogdanov falsely claimed to have a PhD from the London Business School.
As a result, she has also been banned from serving on the boards of JSE-listed companies for the next 10 years.
Dr Esewu Mathebula, from the South African Association of PhDs, says they are working to collaborate with law enforcement to root out this kind of misconduct.

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TimesLIVE
23 minutes ago
- TimesLIVE
Committee urges MPs to reprimand Mashatile over undisclosed gift to wife
The joint committee on ethics and members' interests has resolved that the National Assembly should reprimand Deputy President Paul Mashatile and fine him R10,000 for his failure to declare a gift to his wife in the members' interests register. The unsolicited gift Humile Mashatile received was a diamond from alleged mastermind of a diamond scam investment Louis Liebenberg. The committee received a complaint against Mashatile on March 5 for an alleged breach of the code of ethical conduct and members' interests. Item 13(3)(f) of the code requires MPs to disclose gifts received by their immediate family in the confidential part of the register. 'Following consideration of the complaint and perusal of the confidential part of the deputy president's disclosed interests, the committee noted that the gift in question (a diamond from Mr Louis Liebenberg) was not disclosed,' the committee said. While the committee noted Mashatile's response, among others, that he was waiting for the appraisal of the diamond to determine its value before a declaration was made and that he has since surrendered the gift to the National Prosecuting Authority, the committee contended that ethical behaviour required that the gift be declared, with the value disclosed at a later stage. The committee said it remained steadfast in its quest to ensure accountability of all MPs as demanded by the code. 'The disclosure process not only facilitates public trust in parliament but also enhances its credibility,' the committee said.


The Citizen
an hour ago
- The Citizen
Rate cuts save homeowners thousands per year as housing demand rebounds in 2025
Today's announcement by the South African Reserve Bank (SARB) sees the repo and prime lending rates cut by 25-basis points for a second consecutive time. Now at 7% and 10.50% respectively, borrowing costs are officially 1.25% lower than they were a year ago – a welcomed result that Rhys Dyer, CEO of the ooba Group, believes will continue to support homebuyers and homebuying activity. 'At the current prime lending rate of 10.50%, the monthly repayment on a home priced at our Q2 '25 average approved bond size of R1,455,712 equates to R14,534 over 20 years – down from R15,776 just a year ago. Savings like these add up to almost R15,000 extra in a homeowner's pocket over the course of a year.' Dyer adds that consumers' improved affordability is reflected in ooba Home Loans' latest figures. 'In Q2 '25 we saw an 11% year-on-year increase in home loan applications and a 18.5% increase in the total value of these applications,' he shares. 'This points to ongoing market recovery, increased buying power and growing buyer confidence.' Interestingly though, deposits – a key indicator of consumer liquidity – have drifted lower, down by 13.5% year-on-year for the average homebuyer and 1.9% for first-time homebuyers (as at Q2 '25). 'We do however believe that these figures are reinforced by strong bank lending activity, including attractive incentives like zero-deposit loans and some of the highest discounts to the prime lending rate seen in years,' says Dyer, highlighting an average interest rate of prime less 0.67% for its customers in Q2 '25 – a 0.11% reduction year-on-year. Economic Outlook in Support of Further Potential Rate Cuts While the country has five rate cuts under its belt since September 2024, Dyer believes that there is still scope for a further reduction. 'Today's news is certainly welcomed by the residential property sector,' he says. 'As it stands, South Africa's economic outlook provides room for monetary easing. Inflation remains anchored at the lowest levels seen in four years (currently 3%) and the country has benefitted from a series of petrol price cuts, with another anticipated in August.' And despite global uncertainty, Dyer believes that the demand for homes will build in light of today's news and the prospect of a stable, lower interest rate environment. 'The market has responded positively this year – even in the face of trade policy volatility – and we expect this to continue.' Fuelling the positive momentum is news of a second consecutive year of real salary growth, with increases of 5% to 6% outpacing last year's inflation rate of 4.4% and the projected 3.5% for this year. 'This is reflected not only in the higher value of home loan applications in Q2 '25, but also in our January – June 2025 salary data, which shows year-on-year growth in excess of inflation in average monthly gross income across four of the nine regional housing markets.' Will Rate Cuts Further Entice First-Time Homebuyers? Fuelled by recent rate cuts, first-time homebuyers are making a cautious but steady return to the market. 'While this segment has only experienced marginal year-on-year growth in Q2 '25 – up just 1% to 46% – they're spending 3.5% more on homes year-on-year,' shares Dyer. Notably, first-time homebuyers appear to be more financially prepared than in the past. 'In Q2 '25, the average deposit rose to 10.4%, a significant increase compared to Q2 '20 at 8.45%. This indicates that they are prioritising savings and are actively taking steps to pay down their home loans.' For those struggling to save, the good news is that the banks are stepping in. 'In Q2 '25, 59% of first-time homebuyers secured a home without a deposit, while 10.5% purchased a home without a deposit or access to funds for transfer and bond costs,' says Dyer. Reflecting on whether this group could return to their May 2020 peak, Dyer remains measured. 'That surge was driven by a record-low 7% interest rate – a level that we're unlikely to see again anytime soon. Still, the banks remain committed to supporting first-time homebuyers and we expect their presence in the market to continue strengthening' he concludes. Issued by Jess Gois

IOL News
2 hours ago
- IOL News
Systemic issues in eThekwini's procurement and consequence management exposed in audit report
The eThekwini Audit and Risk Committee's report highlights ongoing financial management issues, prompting calls for immediate accountability and action from municipal leaders. Image: File Repeat findings in the eThekwini Audit and Risk Committee (ARC) report for the third quarter ended March 31, 2025, raised eyebrows during a council meeting on Thursday. The ARC is an independent advisory body providing oversight and advice to the municipal council overseeing the organisation's financial reporting, internal control, and risk management processes. The report stated that failure to address the repeated findings also renders the ARC ineffective. Some of the findings are as follows: Persistent deficiencies in ensuring adequate and effective consequence management. There is a lack of oversight on non-financial misconduct matters. Also, there is a lack of implementation of recommendations of the City Integrity and Investigations Unit (CIIU). Procurement below R750,000, including splitting of orders, lack of evidence that the chief financial officer or his delegates approve deviations from the 7-day s upplier self-service advert period. The municipality was encouraged to fast-track filling of vacancies in the CIIU. Dissatisfaction with the culture of not addressing findings by the Auditor-General and thus incurring repeat findings, incl uding compliance management with the Wastewater Treatment Works undertaken without a valid licence, and consequence management, where it has been discovered that there are delays in concluding investigations, and no disciplinary action has been taken in certain instances. With regards to the Durban Marine Theme Park, concerns were raised regarding cashflow challenges and non-finalisation of the feasibility options to determine a viable business model. Reporting on the Inkosi Albert International Convention Centre, concerns were raised over the deteriorating financial position of the entity and the declining short-term investments. 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 ✕ Ad Loading In response to the ARC, the municipality stated that should it become necessary, a task team comprising some of the eThekwini Executive Committee members will be established to focus on clearing the repeat findings. The municipality stated that the fourth quarter will reflect an improved picture. Jay Singh, United Independent Movement (UIM) councillor, said the recurring audit failures in procurement, finances, and consequence management show systemic problems aren't being fixed urgently enough. He called for forensic audits of all irregular expenditure and monthly progress reports. Singh said one cannot approve another plan while no officials face consequences for irregular spending, and infrastructure keeps failing. 'Until we see real accountability, these reports are just costly paperwork. The UIM insists on immediate, measurable improvements in consequence management. We cannot support business as usual while our city suffers,' he said. Zwakele Mncwango, ActionSA eThekwini leader, hoped the report was taken seriously and that consequence management started to roll out. Sunitha Maharaj, Minority Front councillor, said the steps management will be taking to address these concerns are key to keeping the city stable and providing essential services. 'Management was not responsive enough to the auditors' findings the first time round, nor was there political will shown to be responsive. We needed an independent body like the risk committee to remind management to act now and not later. Will be closely monitoring the commitment of the municipality on matters identified and the corrective measures to ensure correct billing of utilities and meaningful measures to address the water loss crisis,' Maharaj said. Andre Beetge, DA councillor, was concerned about flaws in the Supply Chain Management processes. 'The entities cannot run at a deficit and are not sustainable. There will be no ICC or uShaka if the municipality does not assist them because there is no other method of sustaining them,' Beetge said. Nkosenhle Madlala, ANC councillor, said interventions are in place to improve water and sanitation, and that the municipality is implementing a macro structure which will fill critical vacancies. Patrick Pillay, leader of the Democratic Liberal Congress (DLC), was also concerned about water losses and called for the city manager to bring to account the officials responsible. 'It is unacceptable for us to continue to drag our feet in dealing with critical matters when it is brought to the attention of management and the Executive Committee. The key issues surround the inability to develop action plans that at times threaten the withdrawal of grant funding, inadequate performance management, procurement and contract management, and compliance management and consequence management are critical matters of note,' Pillay said.