NPA seizes millions in Bosasa asset raid and Transnet’s R2.3 billion legal headache

[Nat Quinn]

Here’s what is happening and affecting South Africa today:

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• NPA seizes millions in Bosasa asset raid: Five years post-arrest for corruption, Bosasa executives and their families are facing a temporary restraint on over R53 million worth of assets, including homes, cars, cash, and investments, by the National Prosecuting Authority (NPA). The largest asset targeted includes two apartments in Italy owned by ex-Bosasa COO and whistleblower Angelo Agrizzi, valued at R17 million. Those in the company are confronting multiple corruption charges linked to R1.8 billion worth of contracts with the Department of Correctional Services at the height of state capture. [News24]

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• Transnet being sued for over R2.3 billion: Transnet is embroiled in lawsuits exceeding R2.3 billion, primarily due to a significant incident involving the MV Smart at Richards Bay over a decade ago, among a total of 49 cases of alleged negligence and misconduct. Despite these legal challenges, which significantly surpass those confronted by Eskom and SAA in both number and financial magnitude, Transnet maintains that the cases against it are defensible. [EWN]

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• NSFAS probing payments to ghost students: The National Student Financial Aid System (NSFAS) is probing potentially fraudulent payments to thousands lacking proof of enrollment at TVET Colleges. Amidst corruption claims and after failing to sever ties with certain fintech firms, NSFAS has been put under administration once again. An attempt to directly pay student allowances revealed that 6% of contacted beneficiaries did not respond, suggesting they may not be genuine students. [BusinessDay]

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• Service providers unpaid for RDP housing construction: Several service providers have reported non-payment for their work on the initial phase of RDP house construction in Middelburg, Mpumalanga. Between 2019 and 2023, nine subcontractors under Tiger Business Enterprise, the project’s main contractor for the Rondebosch housing project, claimed they weren’t compensated for preparing around 6721 sites by installing essential infrastructure and providing security. [The Citizen]

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• Markets: The rand held steady on Tuesday as global risk sentiment improved after tanking on Monday amid fears of a possible recession in the United States. On Wednesday (7 August), the rand was trading at R18.43 to the dollar, R23.58 to the pound, and R20.16 to the euro. Oil is trading at $76.74 a barrel. [Reuters]

source:NPA seizes millions in Bosasa asset raid and Transnet’s R2.3 billion legal headache – BusinessTech

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