Top 5 on Fin24: Coming soon to your ATM: Commemorative Randelas, how VBS allegedly dealt with ‘R1.5bn fraud’ and SA business remains unreformed

13 July 2018 6:48 PM

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Top 5 on Fin24: Coming soon to your ATM: Commemorative Randelas, how VBS allegedly dealt with ‘R1.5bn fraud’ and SA business remains unreformed

Cape Town - A roundup of Friday's top economic and finance reads on Fin24.

South Africans withdrawing money from ATMs may be in for a pleasant surprise - a souvenir of former President Nelson Mandela, who was born 100 years ago this month.

The South African Reserve Bank has started stocking ATMs with commemorative bank notes in remembrance of the late Madiba, South Africa's first democratically elected president. Each note will reflect a different period in his life, from his birthplace to his influence on the nation as a statesman.

Elaborate plans, including creating fake clients, were discussed hours after VBS Mutual Bank was placed under curatorship following the internal looting of R1.5bn funds, it has been alleged in court papers.

Also read: Top Africa stories: Beauty queen sentenced to death, Mnangagwa's medication at rally

When this did not work out because of fears of being found out, an oversized suitcase stuffed with R5m cash - alleged bribe money intended for an executive at the Public Investment Corporation (PIC) - formed part of the apparent plan to urgently get hold of masses of money.

Broad-Based Black Economic Empowerment has been unsuccessful in transforming the top echelons of SA’s business landscape, according to a new SA Human Rights Commission report.

In its latest Equality Report published on Thursday, the commission said that 51% percent of directorships at JSE-listed companies were held by White men.

Steinhoff [JSE:SNH] stock broke through the R3 a share level for the first time in three months on Friday, as investors reacted to its latest restructuring update.

On Friday at 13:27, Steinhoff stock was changing hands at R3.15 a share, up 9.4% on the day. It reached an intra-day high of R3.48 apiece.

US President Donald Trump has said a free trade deal with Britain might be impossible if it went ahead with Prime Minister Theresa May's proposals for post-Brexit ties with the European Union.

Also read: South Korean ex-leader sentenced to 8 more years in prison

Source: fin24.com

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