Latest news with #R398
The South African
06-05-2025
- Business
- The South African
PSL boss 'Ace' Ncobo faces fraud and money laundering charges
PSL General Manager and former FIFA referee Aldrin Andile Baldwin 'Ace' Ncobo and his wife, Salomie Twaise Ncobo, appeared in the Bellville Magistrates Court on Monday, on fraud and money laundering charges tied to over R15 million in misappropriated funds. The couple faces three counts of fraud and one of money laundering related to donations made by the Petroleum Oil and Gas Corporation of South Africa SOC Limited (PetroSA) for school infrastructure projects in the Eastern Cape. According to the State, the accused orchestrated a scheme to secure PetroSA funding under false pretenses, diverting funds for personal gain and entities linked to them. PetroSA, through its Corporate Social Investment (CSI) programme, had committed millions to aid disadvantaged schools, focusing on educational facilities, health, community enhancement, and environmental initiatives. In 2008, Gangatha Junior Secondary School applied for funding to upgrade its facilities. PetroSA agreed to a R13 million donation to construct classrooms, labs, and other infrastructure. An unregistered trust – King's Gangatha Building Trust – was created to facilitate the project, with Ncobo allegedly assuming control despite having no official appointment by the school. Construction began in November 2008 and ended in September 2009. However, a later investigation by PetroSA's Risk and Compliance Department found that the quality of work was subpar and valued at only R5.9 million, far below the R13 million disbursed. Remedial work was estimated to cost an additional R398 363. A similar pattern emerged in a separate project involving Nqadu Pre-Grade R School. PetroSA approved a R485 450 grant, with Salomie Ncobo as the contact. Ncobo claimed to be funding the work personally, but the school received no furniture or equipment. Submitted documentation, including board member details and signatures, was found to be falsified. Funds from both projects were allegedly funneled into various accounts connected to Ncobo, including Gangatha Projects, Eseswe Projects, and the Aldrin Andile Baldwin Ncobo Charity Institute – all of which are unregistered entities. Only Ncobo Development ILE Projects was found to be properly registered, with Ncobo holding full ownership. The couple was arrested and granted bail, with Aldrin Ncobo posting R50 000 and Salomie Ncobo R30 000. The case has been postponed to 29 May 2025 for further investigation. PetroSA continues to assess the financial damage, which includes an additional R20 093 required to remedy defects at Nqadu Pre-Grade R School. In a statement shared on Facebook, 'Ace' Ncobo proclaimed his and his wife's innocence, asserting that they believed the prosecution is malicious in nature. 1. Although we believe that this is a malicious prosecution, we welcome the decision of the NPA to carry out its constitutional duties without favour. 2. We appreciate the overwhelming messages of support and wish to assure our family, friends, and the supportive public that their support is not misplaced. We have never been involved in any criminal conduct in all the projects our company did. 3. All projects we were appointed to do were completed in record time and to the highest standards. 4. The particular project which is made part of this matter is a school that we built almost two decades ago. It still stands proudly as an asset of that community. 5. We have full confidence in the justice system of our country, and we know that the court will judge for itself that this matter should never have been brought before it in the first place. 6. We humbly request to be given space to deal with this matter without any further public or media engagements beyond this statement. 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.
Zawya
26-04-2025
- Business
- Zawya
South Africa: Minerals and Petroleum Resources Committee Encouraged by the Central Energy Fund (CEF) Group's Healthy Balance Sheet to Fund Operations until 2030
Having been briefed on the 2025-2030 strategic and annual performance plans as well as the 2025/26 budget of the Central Energy Fund (CEF) Group and subsidiaries, the Portfolio Committee on Minerals and Petroleum Resources is encouraged by the healthy balance sheet of the CEF Group. The CEF Group's balance sheet will fund the company's operation until 2030, and the group is projecting a net profit of R398 million by 2030. The committee views this information as positive, considering that CEF together with its subsidiaries, except for the Petroleum Agency South Africa (PASA), are Schedule 2 state-owned entities required to generate revenue to fund their operations, without allocation from the state. The CEF Group's subsidiaries are PASA, the African Exploration Mining and Finance Corporation (AEMFC), iGas, PetroSA and the Strategic Fuel Fund (SFF). Meanwhile, the CEF Group is in an advanced stage to merge PetroSA, iGas and SFF to establish a single state petroleum company called South African National Petroleum Company (SANPC). SANPC is established as part of government's initiative to repurpose and rationalise state-owned enterprises to support the country's growth and development. The committee, however, raised a concern with the missed target for SANPC to go live by 1 April 2025, as it was promised in February this year. CEF Group announced a new date of 1 May 2025. Although noting the challenge of transferring the current employees and some assets from PetroSA, iGas and SFF to SANPC, the committee is comforted by relentless efforts to find an amicable solution with the organised labour as well as the authorities in Ghana to approve the transfer of assets belonging to PetroSA Ghana Limited back to PetroSA in South Africa. The committee further welcomed the commitment by the Board of CEF Group to fill existing vacancies at the executive level to strengthen governance and improve delivery. Distributed by APO Group on behalf of Republic of South Africa: The Parliament.
The Citizen
26-04-2025
- Business
- The Citizen
Gauteng government reveals R2 billion spent on office rentals in five years
Gauteng departments operate from privately owned building while 41 government-owned offices in Johannesburg and Pretoria stand empty. Failure to maintain their assets is costing the provincial government millions in unnecessary expenditure. Due to the buildings owned by the provincial government not being fit for purpose, R34 million per month is spent on providing officials with a space to work. While provincial leaders say it is a temporary measure, expenditure over the last five years shows a massive waste of funds while over 40 government-owned buildings stand empty. R2.2 billion over five years Gauteng MEC for Infrastructure Development Jacob Mamabolo revealed the figures is a written response to a question posed in the Gauteng provincial legislature. He explained that there are at least 41 government offices in the province are standing empty because they do not meet occupation health and safety standards. Paid for through the national Department of Infrastructure Development (DID), R2.2 billion was spent in the last five financial years on offices for Gauteng departments. In the 2019/20 financial year, the department spent R393 million on offices and a further R398 million in the 2020/21 financial year. This annual expenditure rose to R490 million in 2021/22 but decreased to R468 million and R458 million for the next two financial years, respectively. The office of Premier Panyaza Lesufi located in Marshall Street costs R4 million a month, while three offices in Loveday, Fox and Sauer Streets used by the Department of Education cost a combined R10.6 million per month. Offices shared by the Departments of Agriculture and Economic Development in Eloff Street cost a combined R7 million. A table of the departments using rented office space. Picture: Gauteng Provincial Government Properties vandalised Mamabolo explained that a lack of maintenance was the cause of the deterioration of the 41 properties. 'Insufficient funding for maintenance and refurbishment of government-owned buildings has led to a prolonged period of non-compliance with Occupational Health and Safety (OHS) Standards,' stated the MEC. 'DID explored alternative solutions including leasing from third parties to ensure the provision of required office accommodation, thereby fulfilling its mandate,' he explained. The opposition in the province have since tabled a motion in the legislature to compel the administration to fix their buildings. 'Had these buildings been maintained properly, there would be no need to spend millions on rentals that can be used to deliver services,' Rasilingwane said. 'In addition, the Gauteng provincial government is paying millions of rands for security at these buildings, yet they are still being vandalised,' she added. Revitalisation projects Of the 41 vacant government offices, 12 are located in the Johannesburg CBD, while the other 29 are situated in Pretoria. Mamabolo explained refurbishment of the buildings was on the cards as they formed part of a plan to retore the Johannesburg CBD. 'The leasing of office accommodation from private landlords is a temporary solution pending the long-term revitalisation of government-owned buildings through the Gauteng Precinct Development Project,' stated the MEC. As for the properties in Pretoria, Mamabolo said they were earmarked for development by private investors in line with a national project to repurpose government buildings. 'These buildings form part of the assets where DID is concluding an exchange agreement with the Department of Public Works and Infrastructure,' the MEC said. NOW READ: Gauteng budget: Here's where your money is going
