Latest news with #Moneyweb
The Citizen
a day ago
- Business
- The Citizen
The tenant who won't leave
Another tale of a victim of rental fraud and the legal system that allowed the occupant to stay. The owner of a Parkwood home estimates that her direct loss already exceeds R500 000, excluding legal fees and unpaid municipal charges. Picture: AdobeStock South Africans are no strangers to bureaucratic indifference. But sometimes a single story reveals just how deeply systemic failure has set in. A Moneyweb reader – at her wits' end – shared her sad tale of losing more than R500 000 after a tenant moved into her house under false pretences, then refused to pay rent and won't leave. The email describes the owner's serious dilemma and highlights the risks of investing in rental property. She says the elaborate scam involves fake documents, visa violations, falsified payslips and a brazen abuse of legal processes. The reader owns a R4.5 million property in Parkwood and she says almost every institution charged with protecting honest citizens – including the Rental Housing Tribunal, the police, SA Revenue Services (Sars), the Department of Home Affairs, banks and the courts – has failed to act. 'This isn't just about me,' she says. 'This is happening to people all over the country. Just because we are ordinary South Africans, we are expected to absorb the loss and move on. 'Must we accept that this is just the way things are? I have the evidence to show how to thrive illegally in this country and get away with it,' she says. The facts are straightforward. The owner leased her property to a man who arrived in a Land Rover, claiming to run multiple businesses. He promised to pay six months' rent upfront into a trust account. Needless to say, that never happened. ALSO READ: How to evict tenants 'He paid rent for the first three months. Then nothing. After a protracted battle, I managed to extract another three months' payment. Since then, for more than seven months, not a cent. 'Meanwhile, rates and taxes have gone unpaid, my bond with Investec is under pressure and my overdraft facility has been threatened,' she says. The reader says she had to sell her car, take on extra consulting work, and drained her savings to keep the house from being repossessed. Despite the clear breach of contract, her efforts to get rid of the defaulting tenant were unsuccessful. She alleges that the Gauteng Rental Housing Tribunal has refused to enforce the lease's termination clause or allow eviction proceedings. 'Instead, they insist on inspecting the house to determine whether the tenant's 'comfort' has been adequately prioritised. 'The tenant has refused entry to me as the owner and landlord as well as the rental agents – and even the inspectors that were appointed by the tribunal. Nonetheless, the tribunal has imposed maintenance obligations on me, but I cannot access my own property to do the work. 'They told me that my notice of termination means nothing. They say we must wait for another inspector. Or another tribunal officer. Or another counterclaim. Each one delays the case for months,' she says. ALSO READ: More South Africans rent, but arrears and tenant risk rise False documents According to the homeowner, the tenant submitted false payslips with tax deductions that do not match standard Sars tax tables. His visa documents appear fraudulent – a claim the owner says has been (verbally) confirmed by Home Affairs officials. Despite this, officers at the Rosebank Police Station refused to open a case of fraud. When she tried to remove her furniture from the property, the police were called and stopped her. She says the tenant's personal bank account, held at RMB Private Bank, has seen more than R2 million in activity over just two months, based on the copy of the bank statements she insisted on when considering the lease. 'He lives on the premises with his girlfriend and at least two other men who are not SA citizens. He claims to run several businesses, but I could not find any confirmation that any of the businesses exist. None are registered with the Companies and Intellectual Property Commission (CIPC). 'He writes his own legal letters, which a real law firm then forwards on their official letterhead. He knows the system better than anyone,' the homeowner claims. 'He knows that all you need is a delay. Just say 'I submitted a counterclaim', and the tribunal will postpone again. No one checks anything.' She believes the bank statements the tenant offered are fake. 'But RMB has ignored my repeated emails asking for verification.' ALSO READ: Your rights when you rent a place to stay Institutions in silos What's striking in this case is how every institution involved seems either unwilling or unable to act. There appears to be no coordination between Home Affairs, Sars, CIPC, the banks or the tribunal. The homeowner has done a lot of research about the errant tenant. She says he has a student and a working visa, a contradiction in itself. 'He apparently operates businesses in clear violation of his immigration status. He is not Vat registered, has no visible employees, and does not file tax returns. His companies' addresses cannot be verified. 'And yet, the banks have not flagged his transactions under anti-money laundering or Fica (Financial Intelligence Centre Act) rules. Home Affairs will not intervene unless he is found on a public street or place of business. The tribunal demands that the landlord comply with obligations, even while being denied access to the property. 'I've contacted every institution I can think of,' she says. This is not just a personal nightmare. It points to a national governance failure that affects thousands of property owners, particularly middle-income landlords who cannot afford long legal battles. South African law appears to offer tenants near-absolute protection, while offering landlords almost no practical recourse when contracts are ignored or fraud is involved. This imbalance is often justified as protecting vulnerable tenants, but the unintended result is that unscrupulous operators, including illegal immigrants and con artists, can exploit the system with impunity. 'What is the point of the law if someone with fraudulent documents can move into a house, refuse to pay rent, violate immigration law and still be protected?' the aggrieved landlord asks. ALSO READ: Here's a list of what your landlord is responsible for in your rented flat Legal delays The economic cost is real. The property owner estimates that her direct loss already exceeds R500 000, excluding legal fees and unpaid municipal charges. Multiply that across similar cases nationwide, and the scale becomes obvious. 'This tenant lives rent free in a R4.5 million home with a permanent 'guard' who's not South African. Meanwhile, I've had to sell my car to pay rates.' The homeowner adds that the system fails to protect landlords and actively penalises them for trying to enforce legal agreements. She argues that her problem highlights significant gaps in the legal system: Rental Tribunal: There must be clearer legal boundaries regarding the tribunal's powers. Leases must matter; otherwise, why have contracts at all? There is no coordination between institutions. Visa status, tax compliance, business registration and tenant behaviour must be cross-checked in cases of alleged fraud. Bank oversight: Financial institutions must be held accountable for monitoring and flagging suspicious activity. 'It cannot fall on private citizens to investigate a bank's clients,' the homeowner says. She also asks that landlords get some support. 'Middle-income landlords need legal mechanisms and government-backed structures to address tenant abuse without being forced into expensive court battles.' The landlord says her crooked tenant 'is smart, charming, eloquent, and knows the law better than most lawyers. He is completely without accountability. The system seems to reward his behaviour'. However, she's not giving up, even if she knows she's unlikely to recover her losses. 'This isn't just my story. It's a SA story. It is playing out, house by house, lease by lease.' This article was republished from Moneyweb. Read the original here.
Daily Maverick
2 days ago
- Business
- Daily Maverick
SA practising damaging politics of the zero-sum game
While there are many prisms through which you can attempt to understand our politics, one may be to examine whether people see the entire process as a zero-sum game. There may now be mounting evidence that more politicians and voters believe every single issue must be reduced to winners and losers. Anyone with much experience of life will be aware that, as a general rule, when life improves for one person, it often improves for another. This happens in an economy all the time. It is well known that one restaurant in one city block might be popular enough to bring in a certain number of customers. But a group of competing restaurants in the same place are much more likely to bring in a much bigger number. In other words, you are more likely to be successful through sharing space with other restaurants. Growing an economy might well rest on this. One cannot just make a product and sell it on your own. You need to be part of a chain that enables your market and ensures you have both suppliers to help you make your product, and customers to buy it. People who are thinking over the longer term will often make decisions that will cost them in the short run, because they expect to gain in the longer run. Last week, Moneyweb reported that some suppliers to Pick n Pay were actually giving it goods at lower than usual prices. While this costs them in the short run, they don't want a situation where Checkers becomes so dominant they only have one person to sell to. This means that they are helping someone to regain market share. In the case of South Africa, with its incredibly diverse constituencies, and defined by its inequality, the idea of people helping one another might well be more important than in many other places. Winners and losers The nature of our economy requires everyone to be working in the same direction. Instead, what we have is people simply fighting really hard not to be the losers, and others not the winners. Currently, 50 proposals to change the Labour Relations Act are going through Nedlac. While labour analyst Andrew Levy says it's not clear if they really change the balance between workers and managers, several groups and unions have already held a protest against the proposals. They believe that their members might soon lose out, and managers might win. This kind of situation happens all the time in our society. In our politics, the coalition sometimes appears to be reduced to fights between the ANC and the DA that are literally about ensuring one wins and the other loses. Because this is all happening in public, and they are representing constituencies, it can give the impression that those constituencies are really fighting to ensure they are not seen to lose. This transactional approach, and the damage it can cause, is wonderfully, and horrifically, illustrated by the Trump administration's approach to trade. One of the most important dynamics of the past 30 years has been the rise of China as a manufacturer of trade goods. It has made these goods at a cheaper price than many other places, and sold them. This has exported deflation around the world – the price of a cheap bicycle has declined dramatically in real terms since the 1980s. This is largely because companies in different countries have traded with each other. And both parties have become very rich doing so. Trump appears to believe that if one country is getting rich, the other must be losing out. The overwhelming evidence is that this is not the case. Instead, both parties win through these transactions. In some ways, such is the impact of the US, that this example might well be having an impact on our politics. At the same time, another important aspect of how life really works is being lost. In many cases, there is no clear 'winner' and clear 'loser'. Often it is entirely grey, with very little difference in shade. The NHI stand-off In our politics now, it seems that everything must become a life and death situation, that there will be armageddon if someone does not get what they want. Given our inequality, this can sometimes appear as if it is a life-and-death struggle between classes. The NHI might be a useful example: those who support it say the rich are trying to condemn the poor to death, those who oppose it say the rich will lose everything they have. Instead, this is something that should really be negotiated between representatives of constituencies. And there should be a solution that everyone can live with. There are many reasons why we are in this situation. Our racialised inequality must be an important reason. Those who are poor have everything to gain and nothing to lose, while those who are rich have everything to lose and nothing to gain. But this may also be the result of deliberate political strategy. Just as politicians have created abortion as a political issue in the US, by forcing people to take a position, so our leaders often do the same. Both the ANC and the DA benefit from continuing the fight around the NHI. They both get to demonstrate to their constituencies that they are fighting for them. And because the struggle for voters is now so difficult and so intense, the stakes rise each time, and so it is more likely that politicians will behave in this way. All of this feeds an artificial intensity in our politics.
The Citizen
21-07-2025
- Business
- The Citizen
Wondering why the G20 matters? Moneyweb launches podcast to break it down
'This podcast is about helping South Africans make sense of how those decisions affect our economy and our future.' Ever wondered why you, as an ordinary South African, should care about the G20? Moneyweb is launching its G20-focused podcast called 'Mandates and Megaphones' to unpack major themes shaping the summit. The G20 summit is an annual meeting of heads of state and government from the world's largest economies, along with the European Union and the African Union, to discuss and coordinate on pressing global issues. The podcast, set to air every Monday from 21 July, hosted by Jeremy Maggs, will explore G20 themes such as debt, diplomacy, and climate justice, as well as global trade tensions, digital transformation, infrastructure gaps, and Africa's voice at the table. ALSO READ: G20 finance officials say downside risks dominate global economic outlook – IMF Moneyweb on G20 Ryk van Niekerk, editor of Moneyweb, said new episodes will come out every Monday, tracking the political, economic, and diplomatic developments leading up to the Summit. South Africa is the only African country to be a permanent member of the G20, making it the first African country to host the summit. The actual event is scheduled to take place between 22 and 23 November in Johannesburg, Gauteng. Mandates and Megaphones will host high-profile guests and unpack behind-the-scenes insights to explain what the summit means for South Africa. G20 is more than a gathering 'The G20 is more than just a diplomatic gathering; it's a battleground of mandates, influence, and priorities,' said Maggs. 'This podcast is about helping South Africans make sense of how those decisions affect our economy and our future.' Episodes will be released until the summit concludes at the end of November 2025 and can be streamed on various platforms, including the Moneyweb app. ALSO READ: Trump to be given extra security in SA: 'Some animals are more equal than others' More than a media product 'With South Africa stepping onto the world stage as G20 host, this podcast is more than just a media product – it's a space for meaningful dialogue,' said Van Niekerk. 'The series will explore both public and private sector perspectives on Africa's evolving economic role.' The G20 comprises 19 individual countries and two regional bodies, the European Union and the African Union, totalling 21 members. The 19 countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, and the United States. Why the G20 matters The G20, founded in 1999, initially focused largely on broad macroeconomic issues, but it has since expanded its agenda to include, among other things, trade, climate change, sustainable development, health, agriculture, energy, the environment, and anti-corruption. 'The role of the G20 in creating the foundation for global economic stability, a vital catalyst for economic development and implementing consequential global commitments such as the Pact for the Future and the 2030 Agenda for Sustainable Development (Agenda 2030) cannot be overstated,' reads the Forum's website. NOW READ: Here is how SMEs can take advantage of the G20 and B20 summits
The Citizen
21-07-2025
- Business
- The Citizen
SAA is bleeding money
SAA suffered a net loss of R354m, after R210m profit the previous year. The recovery of the airline as a global aviation brand is on track, says its CEO. Picture: Moneyweb Transport Minister Barbara Creecy's words that South African Airways (SAA) was finally in a position to contribute economic value weren't even cold when audited financial results for the financial year indicated the opposite. While the company generated revenue of R7.0 billion – a 23% year-on-year increase – the group also reported a net loss of R354 million, compared to a profit of R210 million in the prior year, SAA spokesperson Vimla Maistry said. SAA's financial standing This follows the annual general meeting on 17 July, which received the audited financial results for the year ended 31 March 2024 (FY2023-24). 'Besides the R415 million foreign-currency translation loss due to the rand's volatility, these results reflect the impact of exogenous factors on the airline,' Maistry said. 'This includes the effects of the Ukraine conflict, which pushed jet fuel costs from R1.3 billion to R1.9 billion; a global shortage of aircraft, which drove leasing costs up by over 30% in 2023; and delays in the delivery of budgeted aircraft, all of which negatively impacted revenue and Ebitda (earnings before interest, taxes, depreciation and amortisation). 'The latter declined from a positive R436 million in the prior year, to a negative R90 million.' Maistry said SAA's cash and cash equivalents position remained strong at R1.4 billion at the end of FY2023-24. The airline has zero borrowings and R6.4 billion in equity. 'Despite global aircraft availability constraints, during 2023- 24, SAA operated on average, with a fleet of 10 aircraft serving 15 destinations. The number of flights flown increased by 42%, with a significant increase in flights into Africa and routes from Johannesburg and Cape Town to Sao Paulo starting in the second half of the financial year,' she said. ALSO READ: Man who stole airport equipment that prevents mid-air collisions sentenced to 10 years Uncertainty in SAA's resuscitation SAA Group CEO John Lamola said the results detail a past phase of uncertainty in the airline's resuscitation. 'Since then, we have entered a period of structured and strategic reconstruction of the business, focusing on institutionalising robust governance and management systems, while implementing plans on fleet modernisation and route network expansion,' he said. Lamola said the financial statements mark the last of the outstanding audits from the business rescue period, with all prior-year adjustments resolved. 'SAA recognised a R431 million gain by derecognising business rescue creditor obligations and recording this amount as sundry income,' he said. 'However, the auditors concluded this amount should have been recognised as a prior-period adjustment to retained earnings, rather than in sundry income in the current year. 'As a result, the group's net result has been restated from a profit of R71 million to the reported loss of R354 million.' ALSO READ: SAA hit by 'significant' cyberattack disrupting internal operations 'They got money for mahala' Lamola said to reinforce its financial reporting, SAA's board has launched an Audit Health Plan that standardises key controls, expands internal audit capacity and strengthens collaboration with external auditors. 'After six consecutive audits in three years, SAA is firmly back on track to meet all statutory reporting deadlines and to devote its efforts towards improved audit outcomes,' he said. Economist Dawie Roodt said it was 'a big mess' that could no longer be whitewashed. 'I don't know what the accounting error is, but I suspect it has to do with impairment. Usually, if there are assets that you think you can't realise, then you write off the assets.' Roodt said SAA got an equity injection to try to rescue it. 'They got money for mahala. They tried to whitewash it,' he said. Political expert Piet Croucamp said bookkeeping got the better of the chief financial officer at SAA. 'It just proves what we have been saying for years. SA should not have a national carrier. They neither have the political will, nor the skills to manage the entity. 'They keep on trying and the public is paying for it,' he said. READ NEXT: SAA slips back into loss as fuel and plane leasing costs spiral
The Citizen
20-07-2025
- Business
- The Citizen
Moneyweb launches G20-focused podcast hosted by Jeremy Maggs
As South Africa prepares to host the G20 Summit for the first time on African soil, Moneyweb announced the launch of its new podcast: Mandates and Megaphones, hosted by veteran broadcaster Jeremy Maggs. Launching on Monday, 21 July 2025, this weekly series will track the political, economic, and diplomatic developments leading up to the November summit in Johannesburg – a milestone moment for Africa and the global economy. Each Monday, a new episode will unpack the major themes shaping the G20 agenda – from debt, diplomacy and climate justice to global trade tensions, digital transformation, infrastructure gaps, and Africa's voice at the table. With sharp editorial analysis, high-profile guests, and behind-the-scenes insights, Mandates and Megaphones promises to be essential listening for business leaders, policymakers, and anyone seeking to understand how the G20 influences global economic direction – and what it means for South Africa. The man behind the mic Jeremy Maggs is one of South Africa's most respected media professionals, with over four decades of experience across television, radio, and print. He currently hosts Moneyweb@Midday and Hot Business on Hot 102.7. Maggs has held senior editorial roles at eNCA and Radio 702's Eyewitness News. He is also the author of the bestseller Win!, co-author of A Century Ignited, and founder of a respected media training consultancy. Pan Macmillan published his memoir, My Final Answer, in 2021. His radio show, The Power Update on Power 98.7, was awarded Best Current Affairs Programme at the 2017 Liberty Radio Awards. He was inducted into the SA Radio Hall of Fame the same year. 'The G20 is more than just a diplomatic gathering – it's a battleground of mandates, influence, and priorities,' says Maggs. 'This podcast is about helping South Africans make sense of how those decisions affect our economy and our future.' A platform for strategic dialogue Ryk van Niekerk, editor of Moneyweb, adds: 'Mandates and Megaphones will be the premier South African podcast covering the G20 – incisive, authoritative, and essential listening for policymakers, industry leaders and global observers.' With South Africa stepping onto the world stage as G20 host, this podcast is more than just a media product – it's a space for meaningful dialogue. With Jeremy Maggs at the helm, Mandates and Megaphones will resonate in boardrooms, media briefings, and diplomatic circles alike. The podcast is brought to you by Standard Bank Group, the lead sponsor of the B20, the official business dialogue forum of the G20. The series will explore both public and private sector perspectives on Africa's evolving economic role. Release schedule The first episode will air on Monday, 21 July. New episodes will be released every Monday until the summit concludes in late November. Follow Mandates and Megaphones wherever you get your podcasts, or download the Moneyweb app to stay informed – anytime, anywhere. Breaking news at your fingertips… Follow Caxton Network News on Facebook and join our WhatsApp channel. Nuus wat saakmaak. Volg Caxton Netwerk-nuus op Facebook en sluit aan by ons WhatsApp-kanaal. Read original story on At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
