The SA Reserve Bank has laid a corruption complaint against a former divisional head at its Financial Surveillance department, Raymond Paola, who was between 2012 and 2017 tasked with overseeing Steinhoff’s large cross-border transactions. His co-accused is said to be former CEO Markus Jooste and company risk manager Chris Grové. Startling details contained in a...
The South African Reserve Bank (SARB) has concluded its year-long investigation into the controversial Phala Phala money laundering scandal – finding that President Cyril Ramaphosa was not “legally entitled” to the $580,000 (R11m) his game farm received from Sudanese businessman Hazim Mustafa. The investigation, which was initiated following allegations by former spy boss, Arthur Fraser...
Namibian companies have criticised state-owned Namibia Water Corporation (NamWater) for requiring bidders for water infrastructure projects to have N$160 million in cash. Now, the Construction Industry Federation (CIF) and the Namibia Local Business Association (Naloba) are asking the water company to cancel the N$2 billion tenders advertised last month. Several Namibian contractors have criticised the...