Dubai: Loan Scams for Africa

R4680 NEWS YOU’RE NOT SUPPOSED TO KNOW (inc VAT) noseweISSUEe 246 APRILk 2020 Owners of 44 stores in court battles with Spar HQ Dubai: George DA: Fêted lensman loan scams War on Waste focuses on Cape’s for Africa who’s to blame? dirty waters 2 ISSUE 246 • APRIL 2020 Your favourite magazine is now available on your iPad and PC 80 R46) (inc VAT NEWS YOU’RE NOT SUPPOSED TO KNOW 2020 MARCHk noseweISSUE 245e KATZ WANTS R1m COURT BATTLE BEGINS 4 Letters FEATURES 5 Editorial 6 Spar Wars Owners of 44 Spar shops go head to head 23 Not Rocket with parent company AVAILABLE Science ON YOUR 9 Dubai’s upfront-fee loan 24 Books TABLET scammers exposed 25 Letter from Multi-million-dollar loans for Africa just a mirage? Umjindi 13 George mayor’s War on Waste raked in Download your 26 Last Round illicit profits for pals DA initiates probe which reveals host of digital edition today 27 Smalls transgressions in Eastern Cape municipality BOTH SINGLE ISSUES AND – that NPA has ignored SUBSCRIPTIONS AVAILABLE! 16 Ponzi king’s main partner in crime cheekily accused Investec of fraud PLUS never miss a copy – Tannenbaum sidekicks tried unsuccessfully to with back issues available to block bank’s R34m in mortgage claims by alleging download and store devious dealing 19 Profile: The flying activist DOWNLOAD YOUR DIGITAL Fêted aerial and underwater photographer Jean EDITION AT Tresfon trains his focus on City of Cape Town’s www.noseweek.co.za reckless contamination of its coastal waters or % 021 686 0570 3 Letters Letters to the editor should be sent by email to [email protected] Pravin’s qualifications law-abiding, and wonderful businessmen. Viv responds: Had a good conversation And that they are now forced by the on-line with various statisticians, all YOUR RESPONSE TO NIGEL POTT’S LETTER IN Australian authorities/justice system members of Mensa, after they had (nose244) refers: while Pravin Gordhan to allow despicable South Africans read the column in Noseweek. It is might not have had the qualification to like Tannenbaum (nose245), who have a statistically interesting topic that be appointed SARS Commissioner, it is fleeced hundreds of people leaving them validates my column. In addition, the common knowledge that he (with capable destitute, to live there, untouchable by word “beautiful” presents a problem: management) turned SARS into a world- South Africa’s law enforcement agencies. what exactly does it describe? – Viv. class organisation. Perhaps they simply yearn for the You cannot say the same of Tom old days? Perhaps it’s time for the man If I’m not, scientifically speaking, the Moyane. He purged SARS of about 60 top in the street in Australia to demand most handsome, beautiful, intelligent people and closed down highly effective explanations from their “justice system”. man/woman that’s just another units. This led to a huge under-collection Gavin Varejes example of an inconvenient truth. And a of revenue. It is also why we are now Gallo Manor reminder that what matters is: I’m the paying 15% VAT. man/woman my snookums loves! – Ed. Neil Evans When fair comment is foul By email Berea highrise that should You have a point, but the major SO YOUR COLUMNIST VIV THINKS WHEN A MAN not have risen reason for the decline in tax revenue is tells his wife she’s beautiful he is in all undoubtedly the general decline in the probability lying? What a load of sexist IT IS NO SURPRISE THAT ETHEKWINI’S LAWYER economy. – Ed. rubbish perpetuating the ongoing abuse is accused of hiding from the appeal court and violence towards women, starting evidence of the municipality’s complicity Why does Australia with ideas of ownership and beauty. to avoid liability (nose245): Really surprised to see this sort of drivel That’s how the eThekwini Municipality shelter our crooks? in Noseweek. And no, it’s not satirical or rolls. Just more evidence of their less- funny. than-legal operations in Durban. IT CONTINUES TO AMAZE ME THAT AUSTRALIA, Mandy Katz Nav Chan which was once basically a prison, is Oranjezicht now populated by upstanding, Durban Stent 4 C Editor Martin Welz [email protected] Hands of pensions! Special Correspondent Jack Lundin Designer HORTLY BEFORE GOING TO PRESS, NOSEWEEK is the devastating effect the COVID-19 virus Simon Wilson received a letter from Adamus Stem- is having on the JSE. Just look at what met, spokesman for the Association for happened to Sasol shares. The sustainability Sub-editor Fiona Harrison Monitoring and Advocacy of Govern- of the fund is now really in jeopardy. ment Pensions (AMAGP), wanting to “The government’s guarantee for the invest- Contributors publiclyS express his organisation’s thanks to ments in Eskom amounts to only 67%, and in Susan Puren, Jennifer Crocker, the opposition MPs – those of the DA in par- any event can be regarded as non-existent. We Bheki Mashile, Susan Segar, ticular – who had declared themselves willing are, therefore, inclined to ignore any promises Justin Brown, Sibusiso Biyela, to go to the highest court in the land to stop regarding guarantees for the R254bn. The Viv Vermaaak the government from accessing its employees’ carrot of being able to have representation Cartoonists pensions for another Eskom bailout. on Eskom’s board or the new company to be Stacey Stent The ANC’s labour ally, Cosatu, in February formed should not impress anybody. Accounts proposed a “special purpose vehicle” that “Remember what happened when the PIC Nicci van Doesburgh would use monies from the Government appointed two directors on the board of the [email protected] Employees Pension Fund (GEPF) through the VBS bank? According to the Motau committee Subscriptions they were ringleaders in the corruption that PIC [they obviously hadn’t yet read the Mpati Maud August Commission’s report] and other state-owned took place. [email protected] developmental institutions, to take over R250 “You are no doubt aware that almost billion of Eskom’s R450bn debt obligations.” nothing is left of the contingency reserves Advertising Please note: Cosatu did not volunteer to of the pension fund. We have pointed out 021 686 0570 invest their own pension fund’s money into before that the income from investments can [email protected] Eskom’s perpetually rising debt. no longer cover the administrative costs and All material in this issue is copyright, and belongs In a media briefing to reporters, DA MPs present pension payments. Already 41% of to Chaucer Publications (Pty) Ltd, unless otherwise Natasha Mazzone, Kevin Mileham and Ghaleb monthly contributions by serving members is indicated. No part of the material may be quoted, Cachalia (all active members of Parliament’s used for this purpose. The eventual effect is photocopied, reproduced or be stored by any Standing Committee on Finance [Scof]), said obvious. electronic system without prior written permission. Disclaimer: While every reasonable effort is taken to the DA, would only accept a plan to invest “Despite the truly dangerous situation the ensure the accuracy and soundness of the contents of government pensions in Eskom if the govern- GEPF is in, the ANC and Cosatu seem hell- this publication, neither the authors nor the publisher ment implemented far-reaching reforms bent on their crazy plan to save Eskom. will bear any responsibility for the consequences of at Eskom, including tackling governance “Thank you once again for your support. We any actions based on information contained. Printed and Published by Chaucer Publications (Pty) Ltd. challenges, financial leakages and an opera- rely heavily on members of the opposition to tional crisis that has resulted in repeated safeguard our pension fund.” load shedding. Government employees and pensioners are “In the interim we as the DA will make not the only ones who need to worry about the sure government doesn’t touch a cent of management of their pension fund. Pension their employees’ pension money, until we are funds have generally been long regarded by convinced that it is a safe and secure invest- the financial sector as “victim capital”. The ment,” said Mazzone. bigger the fund, the bigger the prospects to Stemmet’s response: “Thank you very much hide their misdeeds. for your support in this matter. We really As Noseweek readers would have gath- need it as we have the dangerous situation ered from our recent reports on the matter, SUBSCRIPTION RATES where the ANC is in control at all levels Amplats pensioners, too, have reason to pertaining to the pension fund: the Board worry about their employer’s secretive plans Print of Trustees, where the government (ANC) to transfer their multi-billion-rand pension SA only R420 appoints half the members, and unions, six. fund to Old Mutual’s massive “umbrella Neighbouring states (airmail) R620 Only two members are elected, with only one fund” over which they will have absolutely no Europe, Americas and Australasia R760 representing the 400,000-plus pensioners. control. More about that in our forthcoming Internet edition At the PIC, the whole board is appointed by issue. 1 year R305 the government, so effectively the ANC is in In the meantime maybe they will find some Combined control of the management of the pension perverse consolation in the recent words of Print+Internet (SA only) R520 fund as well as the investments made by respected financial commentator Magnus To subscribe their corporation. Heystek: “The other day I still read about By phone (021) 686 0570 “We at AMAGP have warned before that some company promising a ‘carefree retire- despite the rosy picture the GEPF presented ment’.

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