UIF pays out R3bn; Net1 company in bankruptcy fight; Pepkor ‘fleeces poor’ – court; Land Bank hits StanChart
The Unemployment Insurance Fund has paid out just over R3.3bn to people whose work and income have been affected by the Covid-19 pandemic.
The Unemployment Insurance Fund has paid out just over R3.3bn to people whose work and income have been affected by the Covid-19 pandemic.
The Land Bank, a South African state entity, is in trouble, warning in late April that it might default on payment.
With less than 90 deaths from the deadly Covid-19 virus as of the weekend, South Africa will start to lift the lockdown at the end of this week – and shift to curfews.
President Cyril Ramaphosa and his team have found R500bn to boost the economy as it takes strain under Covid-19 containment measures.
The Land Bank looks perilously close to collapse, warning that it is likely to default on R50bn.
Futuregrowth took an unprecedented decision on August 31 to halt negotiations on more than R1.8 billion of debt finance to certain state-owned entities.
The Land Bank was one of six state-owned companies that Futuregrowth said last month it would stop funding due to concerns about how they are being run.
Moody’s Investors Service has placed five South African state-owned companies on review for a downgrade due to concerns about governance and the political environment.
The Warrenton Association of Cooperatives say government doesn’t have a policy that can develop community owned businesses and industries in low skilled communities.
The economic and social chaos SA faces, business and engineering have the remedies, says Greville Wood, owner of GWD Manufacturing Engineering Consultants.