Latest news with #161
IOL News
23-05-2025
- Business
- IOL News
Durban businessman not backing down until City pays nearly half-a-billion owed to him
Durban City hall is the headquaters of eThekwini Municipality. Picture: Willem Phungula Image: Willem Phungula DURBAN businessman and legal advocate Siyabonga Xulu is taking a hardline stance against the eThekwini Municipality, demanding payment of over R413 million due to his company, Solbeth Security and Risk Management Services. Xulu, the owner of the Makhathini Group, which oversees 21 companies, told the Daily News, he will not relent until the city settles what's due to him, which includes over R62 million in interest. Xulu alleged that the municipality refused to pay for the critical security services his company provided to senior officials, including former city manager Sipho Nzuza, dating back to 2019. Now, he is calling on members of the city's Executive Committee (Exco) to intervene and force the city's ANC-IFP-EFF coalition government to act. 'I just want this matter to end now. I want us to find an amicable solution. I'm demanding what is rightfully mine,' said Xulu. 'The city must pay what it owes me. This is a legitimate claim backed by years of services rendered under the city's own instruction. My appeal to Exco is for the councillors to support me because I did the work and I must be paid for that,' he said. On September 8, 2024, Solbeth sent an official demand to Exco requesting the urgent settlement of R413,161,463. It included unpaid invoices and accumulated interest. Xulu said the city ignored the letter, just one of many signs of what he calls 'intentional delay tactics.' According to Xulu, his company was brought in during a period of heightened threats against municipal leadership. He alleged that the then city manager, Nzuza, personally appointed Solbeth to provide close protection and covert security operations for high-ranking officials. These services included sweeping and debugging of offices and homes, installing secret surveillance equipment, and monitoring movements of personnel through advanced systems. 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 ✕ The original agreement was for eight months, with an option for renewal. Xulu claimed that even after the contract lapsed, Nzuza instructed him to continue the work, which he did, for years, believing the city would honor its financial obligations. 'This wasn't casual work,' said Xulu. 'We deployed high-level resources, and expensive technology, and trained personnel to safeguard the lives of municipal leaders. The city knew exactly what we were doing and why. Their refusal to pay now is not only dishonest, it's criminal. That is why we took the matter to court, where the city is also using all the tricks available to delay the matter.' Xulu said the fallout has been devastating for his business. His lawyer, Theyagaraj Chetty of Theyagaraj Chetty Attorneys, told the Daily News that the city is weaponising the legal system, dragging the matter through the courts while relying on public funds, leaving Xulu to cover all legal expenses himself. 'It's a disgrace. The city is using taxpayers' money to fight a man who protected their officials. Meanwhile, my client is left struggling to cover his business and personal expenses,' said Chetty. 'Solbeth is a major company, and what the city has done has had a knock-on effect on his business.' Chetty also slammed the court delays, saying the city benefits from a legal system that cannot offer Xulu timely justice. 'You can't even get a court date soon. That delay plays directly into the city's hands while my client suffers.' Municipal spokesperson Gugu Sisilana defended the city's actions, saying: 'The Municipality is entitled to legally defend itself against unclear claims in order to protect taxpayers' money. Any legal action taken is in the best interests of the public.' But Xulu was unmoved. He insisted that his claim was not only clear, it's fully justified and backed by documentation. 'I have got all the documents to prove that I did work for the city and was authorised to do that. It is a shame because the city officials are benefitting from something they are not paying for. My equipment is there (city).' WhatsApp your views on this story at 071 485 7995 DAILY NEWS
The South African
14-05-2025
- Business
- The South African
Warren Hammond's Personal View: Gold to hit R91 935 - The case remains intact
On 8 March 2021, with gold trading at $ 1,690/oz (R31,074), I recommended investors buy and accumulate the metal. Readers can refer back to my posts on that date, and since then, to familiarise themselves with what has become a long-standing and personally defining recommendation. A thoughtful question was recently asked of me by a Middle East–based institutional private credit fund manager: 'Could a slew of trade agreements trigger a sharp pullback in the gold price?' While I acknowledge the potential for short-term price fluctuations, I remain confident that the structural drivers supporting gold's long-term ascent remain firmly intact. Since that original recommendation, gold has moved materially higher. The $3,000 (R55,161) price target reached in early 2025 was upgraded to $5,000 (R91,935) on 26 February 2025, with a 12-month horizon. Do I expect volatility? Certainly, a 5 – 8% correction is part of any healthy trend. But I do not anticipate a crash, even amid trade accords. The Broader Macro Context To fully appreciate this view, one must consider the broader macro framework. In January 2016, I published 'The USA – Major Themes 2015–2033', arguing that this period would echo the historic transformation of 1895–1913, a time of seismic shifts in industry, finance, geopolitics, and technology. Consider the parallels: Trade Protectionism – McKinley's 1897 tariffs vs. today's US-China duties Energy Transition – Coal and electrification then, renewables and EVS now Tech Disruption – Model T, plastics, and radio vs. AI, quantum, and robotics Immigration Shifts – Labour realignment then and now Financial Reset – The Panic of 1907 led to the Fed; today's system is again overstretched Isolationism – Then and now, a pullback from global integration In both eras, gold plays a stabilising role, not speculative, but a pillar of trust and monetary credibility. Today: Central banks (Asia & Middle East) are stockpiling gold De-dollarisation is accelerating Supply constraints tighten the market (fewer discoveries, higher costs, underinvestment) Geopolitical fragmentation boosts demand for a neutral store of value Trade breakthroughs may soften headlines, but they don't cure structural excess, fiscal fragility, or currency erosion. They reconfigure, not resolve. Why Gold Remains Essential Gold remains essential: a portfolio cornerstone, and a hedge, not just against inflation or conflict, but against systemic dysfunction, volatility, and monetary decline. That's why my forecast stands: $5,000 (R91,935) within 12 months (from 26 Feb 2025). This isn't merely a price call – it's a thesis shaped since March 2021, rooted in macro history, geopolitics, and structural insight. The path to $ 5,000 (R91,935) is open. Who's positioned for it? What's your take on gold's trajectory? Do you see $ 5,000 (R91,935) as realistic or too ambitious? Share your thoughts in the comments below! Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
Emirates 24/7
06-02-2025
- Business
- Emirates 24/7
General Pension Authority holds first board meeting for 2025
Mubarak Rashed Al Mansoori, Chairman of the Board of Directors of the General Pension and Social Security Authority (GPSSA), chaired the first council meeting of 2025 on Wednesday. The meeting reviewed the minutes of the previous session and outlined the strategic direction for the year ahead, based on decisions and recommendations issued by the sub-committees. The sub-committees consist of the Supreme Committee for Human Resources and Remuneration, the Investment Committee, the Audit and Risk Committee and the Development and Improvement. During the meeting, the council reviewed the developments of the Ma'ashi digital platform, approved the financial performance report for December 2024, and discussed developments in the implementation of GPSSA's strategic plan 2025-2027. It also discussed the results of GPSSA's financial position at the end of 2023 and the necessary decisions taken in response. According to GPSSA's January 2025 statistics, the number of contributors rose to 154,103, marking an increase of 28,683 compared to 125,420 in January 2024. The number of registered employers also grew to 18,500, up from 14,724 in the same period last year, reflecting an increase of 3,776 employers. Meanwhile, the number of pensioners increased by 5,202, reaching 21,051 compared to 19,714 in January 2024. The number of beneficiaries rose to 8,275, up from 8,084 for the same month last year. The total value of pensions disbursed for January 2025 climbed to AED807,942,274.64, compared to AED748,951,113.20 in January 2024, marking an increase of AED58,991,161. Follow Emirates 24|7 on Google News.
