Latest news with #R60-billion
eNCA
21 hours ago
- Business
- eNCA
Gauteng ramps up security and fixes infrastructure for G20 summit
JOHANNESBURG - Gauteng tourism is soaring, with domestic and international visitors bringing in more than R60-billion in the past year. But geopolitical tensions and rising crime threaten to derail the boom. As the G20 summit nears, the province is ramping up security and improving infrastructure to keep the visitors coming.
Daily Maverick
31-07-2025
- Business
- Daily Maverick
National Gambling Board boss quits after forensic audit
The National Gambling Board's chief strategic adviser Caroline Kongwa has resigned. She earned R3.4-million last year. Caroline Kongwa, the chief strategic adviser of the National Gambling Board (NGB) for the past six years, resigned earlier this month after being informed of the findings of an independent audit. The NGB regulates the almost R60-billion gambling industry in South Africa. Audit firm TSU Investigation Services found that performance bonuses paid to Kongwa during her tenure 'were not approved in line with the NGB performance management policy and [are] thus deemed irregular expenditure'. TSU also found that expenditure relating to 'international travel' by Kongwa 'can be deemed irregular expenditure'. Trade, Industry and Competition Minister Parks Tau responded to several written parliamentary questions by DA MP Toby Chance. As to whether 'disciplinary and criminal complaints' were being considered as a result of TSU's investigation, Tau said: 'Following receipt of the investigation report, the minister has appointed legal representation to advise him on the way forward. The minister is currently engaging with legal counsel on the course of action.' Kongwa was appointed joint administrator with Tumelo Baleni after the NGB's CEO resigned in April 2014. This came after the NGB was placed under administration and its board suspended by former minister Rob Davies following a forensic audit into maladministration and wasteful expenditure. All the board members resigned. The NGB has been without a board for 11 years. Baleni resigned in 2015. In response to another question from Chance, Tau said: 'The process of selecting members to serve on the National Gambling Board is under way and has not yet been concluded.' Tau's spokesperson, Kaamil Alli, did not reply to questions from GroundUp after an earlier undertaking to respond by last Friday. Kongwa's initial appointment as a joint administrator was extended several times. Despite some internal opposition, she was appointed chief strategic adviser in 2019, a position that did not previously exist. Kongwa was paid a total of R3.4-million in 2024 (including bonuses and perks). This was R800,000 more than she was paid in 2023. For context, in 2024, South Africa's deputy president was paid R3.16-million and ministers R2.68-million, excluding perks. Besides her 2024 salary of R2.5-million, other payments she received included a 13th cheque of R212,825 and a performance bonus of R510,781. In 2023, she was paid R2.6-million, including a R196,945 13th cheque and performance bonuses totalling R212,283. Kongwa's response Kongwa responded to GroundUp: 'I can confirm I tendered my resignation. The reasons for my resignation are personal and private and not for public consumption or publication in your story. 'The rest of the issues you raise are official matters and I employ you to directly engage and seek reply from both the DTIC [Department of Trade, Industry and Competition] and the NGB to verify if what your source has told you is the truth.' 'The DTIC and NGB should and are more than capable and accountable to answer for their own statements and deal with official Government business which they make public or report to Parliament. 'I unfortunately am not able to assist you any further. I hereby reserve my rights to sue if any misrepresentations are made in your publication.' Whistle-blowers A whistle-blower, who asked to remain anonymous because they feared punishment for speaking to the media, told GroundUp last year: 'I have submissions dating back to 2018 where some senior officials in the DTIC were raising reservations to some of the decisions by the then Minister [Davies], one of which was the creation of the position of a chief strategic adviser for a specific person, the current Accounting Authority [Kongwa].' Another whistle-blower, who also requested anonymity for fear of retribution, shared a letter sent to the DTIC in 2023 about the fact that Kongwa had been at the helm of the organisation ever since the dissolution of the board in 2014. The letter states: '[I]t appears that there is no interest or agility from the side of the DTIC to appoint a Board of Directors for the entity'. This had led to 'a serious gap in governance and has created a sense of authority and power by the person who has been the accounting authority [Kongwa]'. DM
The Star
27-06-2025
- Business
- The Star
Claims that 'ANC politicians are behind' Zwelinzima Vavi's Standard Bank woes
Sources close to South African Federation of Trade Unions (Saftu) General Secretary Zwelinzima Vavi have alleged that ANC politicians are targeting him through Standard Bank. The allegations stem from the bank's failed attempt to foreclose on Vavi's Sandton home, despite him consistently paying off arrears on his home loan. According to insiders, Vavi's vocal criticism of the ANC, particularly regarding corruption and policy direction, has made him a target. "Vavi has been too critical of the ANC in recent years and was outspoken about President Cyril Ramaphosa's Phala Phala scandal... He has also been critical of the corruption that has been taking place within the ANC in recent years, making him a target," a source revealed. The High Court in Johannesburg, last week, ruled in favour of Vavi, dismissing Standard Bank's bid to foreclose on his home. Judge Stuart Wilson slammed the bank for its "disproportionate" attempt, stating that Vavi had shown "an apparently perfect adherence" to paying his monthly installments. The judge also criticised the bank for demanding over R160,000 in legal costs, almost double the outstanding arrears. Vavi's history with the ANC and Cosatu has been marked by controversy and criticism. He was previously fired from Cosatu due to escalating tensions and disagreements with the federation's leadership. His criticism of the ANC's corruption and policy direction further strained his relationship with the party. ANC spokesperson Mahlengi Bhengu did not respond to questions sent to her. Cosatu's spokesperson Matthew Parks said the Federation was aware of the matter but were not buying into claims that there was a political controversy around the issue. "We don't buy the story that he (Vavi) was targeted political party owns a bank or can influenece a bank. "We obviously sympathise with the judge was scathing towards Standard Bank in his ruling. We always say that there should be a better way to resolve these issues, other than going to court," Parks said. The Vavi case is not an isolated incident. Standard Bank has faced criticism for handling mortgage arrears and foreclosure proceedings. A R60-billion class-action lawsuit against major South African banks, including Standard Bank, highlights systemic issues with how banks handle mortgage arrears. Advocate Douglas Shaw, leading the lawsuit, alleges that banks frequently proceed with sales even when foreclosure is not a last resort, and often impose excessive legal costs. "We often see banks act in a manner we consider irresponsible. You cannot trust them to do what most people would see as 'the right thing',' Shaw said. In another case the bank was again accused of using underhanded tactics to short change its clients, claiming that a couple had defaulted in their bond repayments after they were allegedly overcharged by the bank. Shamilla Pather and her husband Roman, of Pinetown, said at the time that they were overcharged by the bank which, they say, has also prolonged court processes intended to resolve the matter. They accused the bank of expecting her and her husband to pay R600,000 or more over a 10-year period in lieu of one month of arrears of R8,800. In another case in 2023, a couple Patrick and Polin Anthony from Gauteng, defaulted on their mortgage payments for their home in Forest Hill, Gauteng. However, Standard Bank debited an amount of R124,047,34 from Anthony's family bank account allegedly after increasing the interest rate from prime -1% to prime +1% from August 1, 2009. This allegedly resulted in an overpayment of R135,301,30, according to financial investigator Emerald van Zyl, who said the overpayment was revealed by an independent actuary as he accused the bank of having allegedly increased the prime rate through internal policy. Standard Bank did not respond to the claims that political interference had led to banking action against Vavi, but responded to other questions. The bank's spokesperson Ron Derby said the bank wished to clarify that on 12 June 2025, Vavi's matter was postponed, and no final court order was granted dismissing the bank's application. 'Regarding this matter, the home loan account has been in arrears since 2015. Over the years, the bank has extended multiple opportunities to the homeowner to get the account up to date. Legal proceedings were only initiated in 2022, after all other avenues to resolve the matter amicably had been exhausted…Legal action is never our first course of action — it is a measure of last resort. 'With regards to the matter of Mark Rowan and Shamilla Pather, Standard Bank has engaged directly with the clients to discuss an amicable resolution. Any resolution arrived at is subject to confidentiality agreements and therefore the details cannot be made publicly available. "We are committed to supporting our clients through financial challenges and strongly encourage clients to engage with us at the earliest signs of financial distress. Early engagement enables us to work collaboratively to find solutions that are sustainable and mutually beneficial,' Derby said. [email protected]
