Latest news with #R4m
TimesLIVE
17-07-2025
- Business
- TimesLIVE
Sisters lose challenge to their mom over late sibling's estate
The Johannesburg high court has dismissed an application by two unemployed sisters disputing a decision to allocate 100% of their late sister's death benefits to their elderly mother. Siblings Thandazile Mbonambi and Thobekile Ngubane approached the court to seek a review and set aside the eJoburg Retirement Fund's decision to allocate death benefits of Hlengiwe Mbonambi to their mother Ntombi Mbonambi. The deceased had nominated her mother as the sole beneficiary for the death benefit from the fund amounting to just more than R4m. Thandazile and Thobekile claimed they deserved an equal share as they were also depending on the deceased for financial support — an issue they could not produce enough evidence for except a bank statement showing R300 the deceased once sent to one of them. Their brother did not claim dependency but supported the distribution of the death benefits to their mother. When a member of a retirement fund dies before reaching retirement age, the lump sum benefit which becomes payable must be paid to the member's dependants and/or nominees. The Pension Funds Act regulates the payment of these death benefits. The primary objective is to ensure those people who were dependent on the deceased member are not left destitute after his/her death, irrespective of whether the deceased was legally required to maintain them. In this matter, the court heard the appointed fund administrator, Momentum, attended to the investigation on behalf of the fund into possible dependants of the deceased and obtained affidavits from them.
IOL News
17-07-2025
- Business
- IOL News
Ematsheni redevelopment in Pietermaritzburg city centre: R18 million project to boost informal economy
An artist's impression of the Ematsheni Public Market redevelopment in the Pietermaritzburg CBD. Image: Supplied The crime-infested site Ematsheni in Pietermaritzburg's CBD is set to be redeveloped with the intention of revitalising the area for informal economic activity, at an estimated total cost of R18 million. About R4m has been made available for the first phase of the project, which could start as early as September. The contractor for the project is expected to be appointed by next month. Officials from the Msunduzi Municipality, who are leading the project, provided details on it when they appeared before the Economic Development Committee in the provincial legislature this week. This meeting followed an oversight visit by committee members to the area. The first phase of the development is funded by the Department of Economic Development, Tourism and Environmental Affairs. The Ematsheni Beerhall structures were demolished around 2017 after the property was overrun by criminal activity. The vacant land at the site has continued to be a subject of concern due to ongoing criminal activities. Phindile Zondi, manager of Economic Planning & Infrastructure under Development Services (LED) in the municipality, briefed the committee on the work underway and the expectations for the project. She said technical work on the project, in terms of consulting, costing and planning, is nearing completion. An artist's impression of the Ematsheni Public Market redevelopment in the Pietermaritzburg CBD. Image: Supplied 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 'The municipality has sought funding to rebuild the area and ensure that the people who were operating there legally have a new area where they can operate,' she said, adding that as a result the municipality applied to the provincial government to rebuild the site and received about R3m in funding. The approval came with the condition that the municipality also had to contribute R1m of its own funds. The scope of the project includes various elements, including a taxi rank, after they had been approached by the South African National Taxi Council. The project will have three phases. Phase one involves the construction of 90 training stalls, storage facilities, ablution facilities, and other trading facilities. The subsequent phases will include the building of a taxi rank and other assets. 'Once completed, the area will feature a ground floor and a first floor, with the first floor designated as a taxi rank and the ground floor used for commercial space,' Zondi explained. 'We are looking for an anchor tenant. We believe that having a stronger anchor tenant will help manage and secure the facility, making it safer for those using it." Zondi mentioned that much more is required to complete the overall project, which is estimated to cost around R18m. She added that they had been able to source additional funding from the National Treasury for the other phases of the project. Speaking on when the construction work will get underway, she said they will be appointing a contractor soon from the municipal panel of building contractors. This should be concluded by August for phase one, with work commencing on-site by September. Phase one is expected to take nine months and should be completed by 2026. Economic Development Committee member Super Zuma expressed scepticism about the project, stating, "From what I am seeing, the scope of what had been promised has drastically reduced from what was presented before, and I am sceptical. What guarantees do we have that what you are promising now will be delivered?" Chairperson of the committee, Mafika Mndebele, stated that the Portfolio Committee on Economic Development and Tourism convened the engagement with representatives from Msunduzi to assess progress on key community-based economic projects. 'We are encouraged by the reports presented and the commitments made by all stakeholders. The committee is satisfied that these projects are on track and continuing as planned. 'They are already demonstrating tangible benefits for the local economy, particularly in creating opportunities for SMMEs, advancing township and rural enterprise development, and supporting inclusive local economic growth. 'These are not just infrastructure projects — they are instruments of economic justice and empowerment. They bring services closer to the people, stimulate job creation, and activate local supply chains that help small businesses to thrive. 'We will continue to exercise robust oversight to ensure that the impact of these projects reaches all intended beneficiaries and that any delays or implementation challenges are swiftly resolved.' THE MERCURY
TimesLIVE
14-07-2025
- Business
- TimesLIVE
Fraudster forfeits R13.4m in Cape guest house loan scam
A Dutch businessman who duped a bank into giving him a R6.8m loan using a four-star guest house as security has forfeited R13.4m to the state. The Bellville Specialised Commercial Crimes Court sentenced Martin Lennard Korver to 36 months under correctional supervision. Korver, 59, who lives in Plettenberg Bay and has permanent residency in South Africa, faced charges ranging from theft to fraud and money laundering. He admitted to duping Investec Bank Mauritius into giving him a loan using a four-star guest house in Somerset West as security. He instructed a law firm to register a mortgage bond over the guest house in 'favour of Investec Bank Mauritius to secure the said loan'. Korver was the director of a company, Cobow, that owns Albourne Guest House, until he resigned in 2016. His co-directors, Gustav Schaefer and Jan Eberhard Schliemann, were not aware of Korver's intentions and that the account was linked to his personal account. Korver was arrested in 2018 on 'two counts of fraud, alternatively, theft, totalling R6.8m, five counts each of forgery, uttering and theft amounting to R5.5m and one count of money laundering'. Eric Ntabazalila, spokesperson for the National Prosecuting Authority (NPA), said Korver opened the bank accounts in November 2013. 'The bank accounts were linked to his personal bank account without the knowledge and/or consent of the complainants, as this was done before their involvement,' said Ntabazalila. 'During May and June 2015, he opened a call deposit account and a loan account on behalf of Korevest Investments Group (Pty) Ltd with the Investec Bank of Mauritius. He claims the complainants were aware of the call deposit account. He entered into a loan agreement on behalf of Korevest Investments Group (Pty) Ltd with the Investec Bank of Mauritius and secured €442,602, which equates to R6.8m, between the two companies and the bank. He used an immovable property [guest house in Somerset West] as collateral to secure the loan from Investec Bank of Mauritius.' Korver entered a plea and sentencing agreement with the state. He was convicted of a charge of fraud in the amount of R6.8m and theft in the amount of R4m. He was sentenced to 10 years' direct imprisonment for each count, both wholly suspended for five years on condition he is not convicted of fraud, theft or any offence of which dishonesty is an element, committed during the period of suspension. The court ordered he forfeit R13.4m to the state after an Asset Forfeiture Unit investigation into his assets. One of the complainants had to lend Korevest Investments Group (Pty) Ltd R1.5m to ensure that the business stayed afloat. Prosecutor advocate Denzyl Combrink 'The 59-year-old was also sentenced to 36 months of correctional supervision, which includes house arrest for 24 hours per day,' said Ntabazalila. 'He will be allowed to leave home between 7am and 7pm on weekdays for work. The court sentenced him to community service for 16 hours per month for the duration of his sentence. It ordered him to attend rehabilitation programmes as determined at reassessment by the social worker at the community correction office, to substantiate the goals of correctional supervision. The commissioner of the department of correctional services in George will determine the reasonable content and length, times and places of such programmes. The department will recover the costs of the programmes from the accused.' Ntabazalila said Korver may attend spiritual services, such as at a church or mosque, or have free time on Saturdays from 12pm to 4pm and Sundays from 8am to 12pm. He is not allowed to leave the magisterial district where he lives or works without permission from his correctional supervision officer. He is also banned from using alcohol or drugs, unless prescribed by a doctor. He must get written permission before changing his home or work address and not commit any further offences. 'Part of his sentence is that he will ensure that the 47% shareholding held by Korevest Leisure Group BV in Korevest Investments Group (Pty) Ltd is transferred to the Finserf Foundation, upon presentation to him of the necessary documents by the complainants,' said Ntabazalila. 'He also accedes to the confiscation order in the amount of R1.2m, which will be paid as a lump sum within five court days of this agreement being made an order of the court. The money will be transferred from [Korver's] attorney's trust bank account to the complainant's nominated bank account.' Prosecutor advocate Denzyl Combrink said Korver was in a position of trust, which he abused to his financial benefit. 'He committed the offences to gain an unfair and unjustified financial advantage. Korevest Investments Group (Pty) Ltd incurred excessive expenses relating to loans and legal fees due to its illegal actions,' said Combrink. 'These include R1.5m the company had to pay to Investec Bank of Mauritius to settle the loan the accused took out and failed to repay. The company also paid R3m in legal expenses, due to the various civil litigation between the parties. One of the complainants had to lend Korevest Investments Group (Pty) Ltd R1.5m to ensure that the business stayed afloat. Korevest Investments Group (Pty) Ltd incurred a deficit relating to its tax liabilities with the South African Revenue Services.'
TimesLIVE
27-06-2025
- TimesLIVE
Congolese man in court regarding R10m drugs bust
A Congolese man charged with possession of more than R10m worth of drugs appeared in the Durban magistrate's court on Friday. Ombeni Mulumesde, 37, is charged with possession of 10kg of cocaine worth more than R4m, heroin to the value of R6.6m and morphine and pethidine. He is also charged with possession of an illegal firearm and ammunition. National Prosecuting Authority senior prosecutor Gayle Greyling opposed bail. 'There are other issues which need to be verified before we can proceed with bail. Other charges are likely to be added,' said Greyling. Though the defence maintains Mulumesde is in South Africa legally with papers dating back to 2023, the state intends to investigate his immigration status. Defence lawyer Sizwe Cele told the court his client alleged he was assaulted while in police custody and he wanted a doctor's report. He also wanted a Swahili interpreter for the next hearing. KwaZulu-Natal SAPS drugs and firearms unit members acted on information about a man who was allegedly selling drugs and found the stash of drugs. Several sources close to the investigation told TimesLIVE the suspect was allegedly distributing large quantities of drugs and using a residential storage facility to conceal them. The suspect has two addresses linked to him. Magistrate Quim De Freitas ordered that Mulumesde be detained at the Durban central police cells. The matter was adjourned to July 4.
TimesLIVE
27-06-2025
- Politics
- TimesLIVE
More than R5m in taxpayers' money spent to fund suspended police salaries — Mchunu
SAPS has spent more than R5m to fund the salaries of 11 suspended police officers over the past three years. This was revealed by police minister Senzo Mchunu in a written reply to a recent parliamentary question by Build One SA (Bosa). By May 16, two lieutenant-generals suspended since 2022 have been paid more than R4m without working. Other officers suspended with full pay include sergeants and constables, with their payments ranging from R35,000 to R56,000 each. Bosa spokesperson Roger Solomons criticised the payments, citing a shortage of police resources to respond to crime. 'This is an affront to every South African living in fear, waiting hours for the police to respond, only to be told there are no vehicles, no officers and no capacity. Meanwhile, senior officers who should be leading the fight against crime are being paid millions to sit at home. 'While communities are under siege, SAPS continues to waste resources on suspended officials instead of bolstering front-line policing.' Mchunu previously said the country has a shortage of detectives, with 2,344 vacant posts. Solomons said this shows SAPS's failure in leadership and accountability. 'A culture that tolerates delayed disciplinary processes, shields incompetence and rewards misconduct cannot deliver safety to the people of South Africa. 'Bosa calls for urgent disciplinary case finalisation for suspended officers and transparency reports every quarter on SAPS suspensions and costs.'
