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VBS Mutual Bank
VBS Mutual Bank was a South African mutual bank. In 2018 it was declared insolvent and bankrupt and placed under curatorship, with South African citizens and taxpayers defrauded out of roughly R2 billion. It was formed as Venda Building Society in 1982, and became a mutual bank in 1992. By 2016 the bank reportedly had around 30,000 depositors with all deposits in the bank totalling R800 million. In 2017 the bank planned to list on the Johannesburg Stock Exchange; however, this never materialized. Most of its branches and clients are located in Limpopo province. History Prior to 2014 the bank was relatively small and primarily involved in retail banking with many of its depositors consisting of burial societies and stokvels. The bank in turn issued mortgages and short-term loans to its clients allowing them to use their property or banking deposits as collateral. The South African Public Investment Corporation inherited its shares in VBS bank when it succeeded the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Company
A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange ( listed company), which facilitates the trade of shares, or not ( unlisted public company). In some jurisdictions, public companies over a certain size must be listed on an exchange. In most cases, public companies are ''private'' enterprises in the ''private'' sector, and "public" emphasizes their reporting and trading on the public markets. Public companies are formed within the legal systems of particular states, and therefore have associations and formal designations which are distinct and separate in the polity in which they reside. In the United States, for example, a public company is usually a type of corporation (though a corporation need not be a public company), in the United Kingdom it is usually a public limited company (plc), ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nkandla Homestead
The private residence of former South African President Jacob Zuma is situated about south of the rural town of Nkandla in KwaZulu-Natal and is commonly referred to as the Nkandla homestead. During Zuma's presidency, the homestead was the subject of a major public controversy, sometimes referred to as Nkandlagate, concerning what were ostensibly security upgrades to Zuma's compound, at a cost of over R246 million. The use of public funds to make these improvements (including a controversial firepool) received significant media coverage and political opposition. A report of the Public Protector found that Zuma unduly benefited from these improvements and the Constitutional Court subsequently found that Zuma's non-compliance with the report constituted a violation of the country's Constitution. Zuma ultimately apologised for using public money to improve his private residence and in April 2016 he was asked to resign by prominent public figures, including anti-apartheid activ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
KPMG
KPMG International Limited (or simply KPMG) is a multinational professional services network, and one of the Big Four accounting organizations. Headquartered in Amstelveen, Netherlands, although incorporated in London, England, KPMG is a network of firms in 145 countries, with over 265,000 employees and has three lines of services: financial audit, tax, and advisory. Its tax and advisory services are further divided into various service groups. Over the past decade various parts of the firm's global network of affiliates have been involved in regulatory actions as well as lawsuits. The name "KPMG" stands for "Klynveld Peat Marwick Goerdeler". The initialism was chosen when KMG (Klynveld Main Goerdeler) merged with Peat Marwick in 1987. History Early years and mergers In 1818, John Moxham opened a company in Bristol. James Grace and James Grace Jr. bought John Moxham & Co. and renamed it James Grace & Son in 1857. In 1861, Henry Grace joined James Jr. and t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Julius Malema
Julius Sello Malema (born 3 March 1981) is a South African politician and activist who is a Member of Parliament and the leader of the Economic Freedom Fighters (EFF), a left-wing party which he founded in 2013. He was formerly the President of the African National Congress (ANC) Youth League from 2008 until his expulsion from the party in 2012. Malema became a member of the ANC at the age of nine and was elected president of the ANC Youth League at a controversial party conference in April 2008. He rose to prominence as an outspoken supporter of Jacob Zuma, then the ANC president and later the President of South Africa. However, Malema's relationship with Zuma grew strained after Malema was sanctioned by the ANC for various disciplinary infractions in May 2010; he campaigned for Zuma to be removed from office ahead of the ANC's 53rd National Conference. Months before that conference, in April 2012, Malema was expelled from the ANC for bringing the party into disrepute. Whi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Florence Radzilani
Fulufhelo Florence Radzilani (; born 21 April 1971) is a South African politician who is currently serving as Member of the Executive Council (MEC) for Transport and Community Safety in Limpopo province. She was formerly the executive mayor of Vhembe District Municipality from 2011 to 2012 and from 2016 to 2018. She resigned as mayor in December 2018 after being implicated in the corruption scandal at VBS Mutual Bank. She is a member of the African National Congress (ANC) and has been a member of the Provincial Executive Committees of the African National Congress, ANC Provincial Executive Committee in Limpopo since 2011. In June 2018, she was elected Deputy Provincial Chairperson of the African National Congress, Provincial Chairperson of the ANC in Limpopo. Although the VBS scandal led her to "Step-aside rule, step aside" from this position between December 2018 and September 2020, she was re-elected to a second four-year term in the party office in June 2022. Shortly after h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
African National Congress
The African National Congress (ANC) is a social-democratic political party in South Africa. A liberation movement known for its opposition to apartheid, it has governed the country since 1994, when the first post-apartheid election installed Nelson Mandela as President of South Africa. Cyril Ramaphosa, the incumbent national President, has served as President of the ANC since 18 December 2017. Founded on 8 January 1912 in Bloemfontein as the South African Native National Congress (SANNC), the organisation was formed to agitate, by moderate methods, for the rights of black South Africans. When the National Party government came to power in 1948, the ANC's central purpose became to oppose the new government's policy of institutionalised apartheid. To this end, its methods and means of organisation shifted; its adoption of the techniques of mass politics, and the swelling of its membership, culminated in the Defiance Campaign of civil disobedience in 1952–53. The ANC ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Daily Maverick
''Daily Maverick'' is a South African daily online publication and weekly print newspaper, with offices in Cape Town and Johannesburg. Its readership is spread across South Africa and the world, with approximately 8 million readers per month. It was founded in 2009 by Branko Brkic, who is also the Editor-in-Chief of the publication, and Styli Charalambous, the Chief Executive Officer. The slogan of ''Daily Maverick'' is Defend Truth. Its website describes it as “a unique blend of news, information, analysis and opinion delivered from our newsrooms in Cape Town and Johannesburg, South Africa”. ''Daily Maverick'' is privately owned. The publication is funded predominately via philanthropy, commercial revenue, and reader support, the latter derived from Maverick Insider, the membership programme. Jillian Green and Janet Heard are the two managing editors. ''Daily Maverick'' is split across different sections: Business Maverick, Maverick Citizen, Maverick Life, Maverick Spo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Floyd Shivambu
Nyiko Floyd Shivambu (born 1 January 1983) is a South African politician serving as a member of parliament for the Economic Freedom Fighters. He was born in Malamulele, Limpopo. He is the Deputy President and lieutenant commander-in-chief of the Economic Freedom Fighters, its Parliamentary Chief Whip in the South African Parliament, who serves in the Trade and Industry Portfolio Committee and the Standing Committee on Finance. Shivambu is also a Member of the Pan African Parliament, serving in the Rural Economy, Agriculture, Natural Resources and Environment Committee. Early life Shivambu was born in the rural village of Mahonisi, Malamulele town in the Limpopo province South Africa. He was one of seven children. He grew up in a house without running water nor electricity. His parents earned a living as informal traders selling hand made duvets and pillowcases in nearby towns. Shivambu graduated from the Mphambo High School in Malamulele in 2001, and went on to study at the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Freedom Fighters
The Economic Freedom Fighters (EFF) is a South African left-wing to far-left pan-Africanist and Marxist–Leninist political party. It was founded by expelled former African National Congress Youth League (ANCYL) President Julius Malema, and his allies, in 2013. Malema is President of the EFF, heading the Central Command Team which serves as the central structure of the party. It is currently the third-largest party in both houses of the South African Parliament. History Foundation At a 26 July 2013 press briefing in Soweto, Malema announced that the new party had over 1000 members, double the 500 required for registration with the Independent Electoral Commission (IEC). The EFF is now registered with the IEC, after an objection to its registration by the Freedom Front Plus (FF+) was dismissed in September 2013. Splinters and infighting In 2015, the EFF suspended MP Lucky Twala and expelled three MPs, Mpho Ramakatsa, Andile Mngxitama and Khanyisile Litchfield-T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Negative Equity
Negative equity is a deficit of owner's equity, occurring when the value of an asset used to secure a loan is less than the outstanding balance on the loan. In the United States, assets (particularly real estate, whose loans are mortgages) with negative equity are often referred to as being "underwater", and loans and borrowers with negative equity are said to be "upside down". People and companies alike may have negative equity, as reflected on their balance sheets. History The term negative equity was widely used in the United Kingdom during the economic recession between 1991 and 1996, and in Hong Kong between 1998 and 2003. These recessions led to increased unemployment and a decline in property prices, which in turn led to an increase in repossessions by banks and building societies of properties worth less than the outstanding debt. Since 2007, those most exposed to negative equity are borrowers who obtained loans of a high percentage of the property value (such as 90% or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Receivership
In law, receivership is a situation in which an institution or enterprise is held by a receiver—a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights"—especially in cases where a company cannot meet its financial obligations and is said to be insolvent.Philip, Ken, and Kerin Kaminski''Secured Lender'', January/February 2007, Vol. 63 Issue 1, pages 30-34,36. The receivership remedy is an equitable remedy that emerged in the English chancery courts, where receivers were appointed to protect real property. Receiverships are also a remedy of last resort in litigation involving the conduct of executive agencies that fail to comply with constitutional or statutory obligations to populations that rely on those agencies for their basic human rights. Receiverships can be broadly divided into two types: *Those related to insolvency or enforcement of a security interest. *Those where either **One is Incapable o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
North Gauteng High Court
The Gauteng Division of the High Court of South Africa is a superior court of law which has general jurisdiction over the South African province of Gauteng and the eastern part of North West province. The main seat of the division is at Pretoria, while a local seat at Johannesburg has concurrent jurisdiction over the southern parts of Gauteng. Dunstan Mlambo has been the Judge President of the division since 1 November 2012. History A High Court was established for the South African Republic (the Transvaal Republic) in 1877, while the Witwatersrand gold fields were visited by a circuit court subordinate to the High Court. Both courts ceased to exist as a result of the British victory in the Second Anglo-Boer War. In 1902, two superior courts were established for the new Transvaal Colony: the Supreme Court of the Transvaal in Pretoria, and subordinate to it the High Court of Witwatersrand in Johannesburg. On the creation of the Union of South Africa these courts became the Transvaa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
