Latest news with #R1.4bn
TimesLIVE
27-05-2025
- Automotive
- TimesLIVE
Zeda records lower revenue as corporate customers delay investment
Car rental group Zeda, which operates the Avis and Budget businesses, reported lower revenue for the half year to March as the challenging trading environment forced corporate customers to delay investment decisions, including fleet replacement and holding onto vehicles for longer. Small to medium enterprises (SMEs) also came under similar strain, particularly in the mining and transport sectors. Revenue was down 1.6% to R5.2bn. The leasing business segment delivered a solid performance, with revenue increasing by 5.6% to R1.4bn, underpinned by increased penetration within the corporate, heavy commercial fleet and the rest of Africa businesses. The leasing business maintained its growth trajectory, despite the overall delayed fleet investments, Zeda said. It said the upward trajectory of additional revenue was affected by corporate customers delaying replacement cycles and some constraints from SMEs with contracts in the mining and transport sectors in South Africa. Heavy commercial remains a steady growth pillar for Zeda, with a healthy order book. The car rental segment's revenue decreased by 4% to R3.8bn due to a drop in used car volumes. However, excluding the car sales business, rental revenue remained flat. 'We were able to defend the revenue levels despite a decline in the replacement and inbound business. Rental days increased by 2.5%, primarily driven by a 49% rise in the short-term subscription business, following an improvement in technology that made transactions easier for customers,' said Zeda. Zeda has on average more than 20,000 vehicles in its fleet in Southern Africa. Its customer segment base is diversified and consists of the private sector, public sector, insurance business (replacement), inbound market, domestic leisure market and short-term subscription. This business provides a range of self-drive and driven products and services, including car and van rental, chauffeur services and luxury vehicle services. 'In a period where traditional car rental and vehicle sales faced mounting pressure, our leasing, subscription and greater Africa strategies delivered, helping grow earnings, improve margins and continue investing for the long term. 'We achieved this through a stringent implementation of the operating model of financing right, buying right, using right and disposing right,' said Zeda CEO Ramasela Ganda. Zeda anticipates improved performance in the second half of its 2025 financial year, driven by stronger car sales, contract renewals and subscription momentum. Ganda said the bedrock of Zeda's growth pillars consists of the subscription business, the corporate leasing book, greater Africa, and the used car business. 'These pillars provide us with access to vehicles, markets and a disposal channel, which are core to our fundamentals, which remain strong despite the challenging trading environment.'
The Citizen
26-05-2025
- Business
- The Citizen
NPA lacking in lottery probe
Four ex-bosses 'key players' in looting, Scopa hears. Out of 19 separate matters involving lottery corruption that have been referred to the National Prosecuting Authority (NPA), only one is currently before a court, with no progress in getting the rest before the courts, parliament heard. Some of the charges, which include fraud, corruption and money laundering, date back to early 2022. This is according to two reports presented to MPs serving on parliament's standing committee on public accounts (Scopa). Those involved in the lottery probe Senior Special Investigating Unit (SIU) officials presented a pared-down progress report with highlights of their investigation to the committee. MPs were also given a more comprehensive 128- page version, which went into detail about what they had uncovered and named people involved. Among those named and referred to the NPA for prosecution are several former National Lotteries Commission (NLC) executives and board members, who oversaw the NLC at a time when it was overwhelmed by corruption. The list of names, headed 'key players in the lottery corruption', is broken into two: 'internal players' and 'external players', consisting of people the SIU has described as 'kingpins', and family and business associates. ALSO READ: SIU is not done with NLC yet, as more corruption allegations emerge Key players The SIU identified four executives and board members as key players in the looting. Former NLC COO Phillemon Letwaba: Last week, Letwaba was included in a Special Tribunal judgment that froze R25 million in assets acquired using plundered lottery funds. Former NLC board chair Alfred Nevhutanda: He used lottery funds to buy a Rolls-Royce and a luxury mansion, among other things. Former NLC board member William Huma: The Special Tribunal recently interdicted Huma from receiving R10 million from the sale of his Waterkloof mansion, which was paid for with lottery money. Former NLC Commissioner Thabang Mampane: Her weekend home on a golf estate was paid for with lottery money. R2 billion in fraud and corruption Members of Scopa listened in silence as the SIU explained in detail how they were currently investigating R2 billion in fraud and corruption. But they were told this amount could increase substantially as the SIU was continually receiving new information about further lottery corruption. 'This amount keeps increasing because we are currently receiving new tip-offs about corruption, as well as uncovering more and more during our investigations,' SIU chief operating officer Leonard Lekgetho told MPs. Gijimani Jim Skosana, an ANC MP, after hearing the extent of the looting, said: 'They were very relaxed, just like they were scooping ice-cream.' So far, the Special Tribunal and the Asset Forfeiture Unit have successfully frozen properties, vehicles and pensions worth almost R122 million. ALSO READ: Lotto heist: SIU almost done with second phase of R1.4bn NLC corruption probe Investigation The SIU has completed two phases of its investigation, with phase one involving R280 million and R247 million in phase two. It has also delivered its first report to President Cyril Ramaphosa. Phase three, which is expected to be completed by 31 December, so far involves R905 million. With new tip-offs coming in, the SIU says this will exceed the R2 billion 'value of contracts under investigation with potential civil litigation' it previously estimated. It has also referred Huma (an advocate), Lesley Ramulifho (an attorney who has been implicated in lottery corruption) and suspended NLC legal head Gugulethu Yako to the Legal Practice Council (LPC). Ramulifho is already in the midst of a disciplinary hearing at the LPC, following a GroundUp complaint against him. The SIU has also referred seven people and 14 companies to the Companies and Intellectual Property Commission (CIPC), asking for them to be placed on a delinquency list and be barred from registering companies in the future. NOW READ: Accounting firms compiled fraudulent financial statements for NPOs – SIU on NLC corruption
The Citizen
01-05-2025
- The Citizen
Legal Practice Council administrator accused of corruption loses Labour Court bid
Judge says disciplinary hearing against Zandile Madonsela, accused of colluding with attorneys, can go ahead An employee of the Legal Practice Council (LPC), accused of being involved in an 'elaborate and corrupt scheme' with attorneys, has failed in her bid to stop disciplinary proceedings against her. Johannesburg Labour Court Judge Edwin Tlhotlhalemaje, in a recent ruling, said it was clear that Zandile Madonsela was doing everything possible to frustrate the disciplinary process. She is accused of working with attorneys to falsify their audits and provide them with Fidelity Fund certificates and Certificates of Good Standing. Judge Tlhotlhalemaje said courts could only intervene in incomplete disciplinary proceedings in the most exceptional cases and dismissed her urgent application, ordering Madonsela to pay the LPC's costs. ALSO READ: Lawyers who steal: R1.4bn trust fund theft ignored Madonsela had been employed by the LPC in its Gauteng offices as an administrator in the Risk and Assessment Department since 2019. After receiving an anonymous tip-off, the LPC began an internal investigation which resulted in disciplinary proceedings against Madonsela and others who were accused of colluding with attorneys and taking money in exchange for falsifying audits and issuing the certificates. Madonsela was charged with fraud and falsifying documents used in the 'corrupt scheme' with attorneys. Before pleading to the charges, Madonsela launched urgent court proceedings seeking to have the disciplinary proceedings declared unlawful and a breach of her employment contract. She also argued that the LPC was in breach of a settlement agreement in terms of which it had been agreed that the disciplinary process against her would be terminated in exchange for her providing information to assist with the ongoing investigation. ALSO READ: 'They should be embarrassed': Mpofu slams charges as disciplinary hearing postponed Referring to the history of the matter, Judge Tlhotlhalemaje said the disciplinary hearing had been stalled several times with Madonsela's legal representatives demanding to see further documents, and then a claim that she was sick. Her legal representatives then told the LPC that she had evidence that implicated other employees involved in the scheme. The LPC said if she provided credible information, not already within the LPC's possession or knowledge, the disciplinary hearing would still proceed against her but should she be found guilty, the LPC would ask for a lesser sanction than dismissal. Judge Tlhotlhalemaje said it was not disputed that even though Madonsela had been suspended, she had been granted access to her office and her computer and emails to print the information she had promised. However, according to the LPC, this information was of no value to its investigation and Madonsela was informed that the hearing would proceed in early April 2025. In response, Madonsela's legal representatives then cast aspersions on the impartiality of the chairperson and said the hearing should be permanently stayed. When the LPC refused this request, she launched the urgent application in the labour court. Judge Tlhotlhalemaje agreed with the LPC that the urgency was self-created and she had only approached the court 'when the penny dropped' that the disciplinary hearing was going to proceed. He said in light of this, he could strike the matter off the roll. However, he felt compelled to 'dispose of it finally', to prevent it being re-enrolled on the ordinary roll, unnecessarily. He said an 'extremely high threshold' had been set for a court's intervention in ongoing disciplinary hearings. Read the judgment here. 'The rationale behind this stringent approach is that the court should respect employers' prerogative to institute disciplinary proceedings and should be wary of unwarranted intrusion. 'It has been repeatedly stated that this court should not be regarded as the first port of call and the court must equally guard against the abuse of its own processes by employees whose primary objectives are not noble but merely intended to frustrate internal disciplinary processes in order to escape from having to answer to allegations of serious misconduct,' Judge Tlhotlhalemaje said. He said the grounds raised by Madonsela were not exceptional and were 'utter red herrings'. ALSO READ: More than 100 legal practitioners struck off the roll He said the suggestion that the LPC was in breach of a settlement agreement was 'ludicrous'. The LPC director had refused to sanction the agreement because the information Madonsela had provided was of no value. 'The idea that there was an intention to terminate the disciplinary hearing is a figment of (Madonsela's) imagination. The proceedings were merely suspended.' Judge Tlhotlhalemaje said Madonsela did not have a right not to be subjected to an internal disciplinary hearing, especially given the gravity of the allegations against her and the implications, to the extent that the charges are proven, for the integrity and reputation of the LPC and the legal profession. Regarding the issue of costs, the judge said while Madonsela claimed to be 'a simple administrator', she had been legally assisted from the start by a team including a senior counsel, which pointed to the fact that she could afford to pay costs. 'The fact remains that this application, which was brought on an extremely urgent basis, was ill-considered and misconceived, causing the LPC costs and inconvenience,' he said, dismissing the urgent application with costs. This article was republished from GroundUp under a Creative Commons license. Read the original article here. NOW READ: Police can't say why they let an alleged rapist off the hook
The Citizen
22-04-2025
- Business
- The Citizen
Top 10 stories of the day: Lawyers stealing from trust funds
Here's your daily news update: An easy-to-read selection of our top stories. News today includes more than 500 cases in which lawyers are accused of stealing more than R1.4 billion of their clients' money from trust funds not being prosecuted. Meanwhile, the EFF has proposed an 'apartheid tax' for people who inherited wealth during that era, instead of a VAT increase. Furthermore, Netball South Africa appeared in front of the portfolio committee for the first time, just days after World Netball suspended Molokwane. Weather tomorrow: 23 April 2025 The weather service warns of severe thunderstorms resulting in heavy downpours and possible flooding in parts of the Free State, KwaZulu-Natal, Mpumalanga, Gauteng and North West. Very cold weather and possible snow are forecast over the central and western parts of KwaZulu-Natal. Full weather forecast here. Stay up to date with The Citizen – More News, Your Way. Lawyers who steal: R1.4bn trust fund theft ignored More than 500 cases in which lawyers are accused of stealing more than R1.4 billion of their clients' money from trust funds have not been prosecuted. This was revealed by statistics recently released by the Legal Practice Fidelity Fund. Picture: iStock The figures show that 561 trust fund theft cases, in which lawyers allegedly stole R1.4 billion from clients, remain unprosecuted. They also revealed that only 59 convictions were made in seven years and just 25 resulted in jail time. CONTINUE READING: Lawyers who steal: R1.4bn trust fund theft ignored EFF calls for 'apartheid tax' counter instead of VAT hike [VIDEO] As the battle over the value-added tax (VAT) hike plays out in the Western Cape High Court, the EFF has proposed an 'apartheid tax' for people who inherited wealth during that era. Speaking to the media outside the court, EFF treasurer general Omphile Maotwe said other avenues could be taxed. EFF Treasurer General, Commissar Omphile Maotwe, alongside Western Cape Convener Commissar Rebecca Mathibe and provincial leadership at the High Court. Pic: X/@EFFWesternCape_ 'There's apartheid inheritance. Introduce an apartheid tax on everybody who inherited wealth in this country during apartheid, when you know what happened to our people. 'That will give you much more money than the R28 billion that you are looking for. But what is the easy target? The poor,' Maotwe said. CONTINUE READING: EFF calls for 'apartheid tax' counter instead of VAT hike [VIDEO] An 'embarrassment' and a 'mess': Netball SA taken to task by parliament Netball South Africa (NSA) was raked through the coals on Tuesday by the Portfolio Committee on Sport, Arts and Culture, with members of parliament criticising the federation for not taking action against its president, Cecilia Molokwane, and for lengthy delays in releasing audited financial reports. The national netball body appeared in front of the portfolio committee for the first time, just days after World Netball suspended Molokwane. Cecilia Molokwane, the Netball SA president, was suspended last week by World Netball. Picture: Lubabalo Lesolle/Gallo Images 'While we acknowledge the growth and achievements of netball in our country, we also emphasise the importance of good governance, principles and values,' said the portfolio committee chairperson, Joseph McGluwa. CONTINUE READING: An 'embarrassment' and a 'mess': Netball SA taken to task by parliament Second suspect identified as gunman in Wynberg court shooting A second suspect has been identified in connection with the fatal shooting at Wynberg Magistrate's Court earlier this month. The police are still conducting a manhunt for a third suspect, who is also believed to be a gunman, still at large. A general view outside Wynberg Magistrate's Court on 16 January 2025. Picture: Gallo Images/Die Burger/Theo Jeptha Abubaker Adams, 24, was identified as the second suspect in the case. He appeared in the Wynberg Magistrate's Court on Tuesday. Adams faces murder charges for his alleged role in the 5 April shooting that claimed the life of Dingalomoya Chintso. CONTINUE READING: Second suspect identified as gunman in Wynberg court shooting 'ANC has chosen to push this VAT increase down the throats of South Africans' The DA says it is confident in its court challenge of the 2025 budget, claiming that the framework passed by parliament earlier this month shows its coalition partner, the ANC, does not care about the poor. The party and the EFF have both filed applications at the Western Cape High Court to interdict the budget. Minister Ecnoch Godongwana delivering Budget 2025. Picture: GCIS Speaking to The Citizen on Tuesday, DA spokesperson on finance Dr Mark Burke said its government of national unity (GNU) partner, the ANC, was forcing the budget on the country. 'The ANC has chosen to push this VAT increase down the throats of South Africans, and it has sought support outside of the partnership for this increase.' CONTINUE READING: 'ANC has chosen to push this VAT increase down the throats of South Africans' Here are five more stories of the day: Yesterday's News recap READ HERE: Top 10 stories of the day: Pope Francis dies | Easter road fatalities declining | Second suspect arrested for Wynberg court shooting
The Citizen
22-04-2025
- The Citizen
KZN police arrest four gang members linked to 20 murders
The suspects have so far been linked with over 20 cases of murder and several cases of attempted murder. Four suspected gang members have been apprehended in Cato Manor, KwaZulu-Natal, following their alleged involvement in multiple killings throughout the province, police officials confirmed on Monday. The suspects, aged between 21 and 33, were arrested on Saturday after authorities received intelligence about their whereabouts. They are believed to have been responsible for 'terrorising' the Amaoti community in Inanda for nearly a year. Weapons and stolen items recovered during the gang arrest According to police spokesperson Colonel Robert Netshiunda, the arrest followed strategic intelligence gathering that led authorities to a residence in Cato Manor. 'The suspects have so far been linked with more than 20 cases of murder and several cases of attempted murder, which they allegedly committed in the Amaoti area of Inanda from June 2024 to date,' said Netshiunda. Netshiunda confirmed that during the operation, law enforcement recovered two firearms and ammunition, along with various suspected stolen items, including laptops and mobile phones. ALSO READ: Second suspect identified as gunman in Wynberg court shooting Ongoing investigation into gang arrest According to Netshiunda, the police are continuing their investigation and searching for additional suspects who may be connected to the criminal activities. The four individuals currently in custody are scheduled to appear before the Ntuzuma Magistrate's Court on Thursday. Police reports state that the successful arrest of the suspects was carried out by a specialised team comprising officers from multiple divisions, including Crime Intelligence, Cato Manor Crime Prevention, Inanda Detectives, and Durban Metro Police. Netshiunda noted that Provincial Commissioner of KwaZulu-Natal Lieutenant General Nhlanhla Mkhwanazi has commended the multidisciplinary team that 'cornered and arrested four of the most wanted suspected murderers who have been terrorising the community of Amaoti in Inanda since June 2024.' NOW READ: Lawyers who steal: R1.4bn trust fund theft ignored
