Crowd1 illegal; new Wits VC; hospitality insurance battle; mining companies

By Jackie Cameron

  • The Financial Sector Conduct Authority (FSCA) has warned that the suspected pyramid scheme Crowd1 is not authorised to do business. Crowd1 is using Springbok rugby players to lure gullible people to keep its money machine rolling. The FSCA says it is neither an authorised Financial Service Provider (FSP), nor is it a representative of an authorised FSP. There is also no record of this entity having applied for a license with the FSCA. For more on that, visit BizNews.com.
  • Mining companies may take until August to get all their employees back at work, reports Bloomberg. While some miners have scaled up operations, capacity levels are still only slightly above 50% on average. Producers are currently mining with about 272,000 workers, slightly more than half of their normal staffing levels, the council said. Red tape has slowed the process, with government approval required for every worker, along with permission for bus routes and police escorts for transport back to the mines.
  • The University of the Witwatersrand has appointed Professor Zeblon Vilakazi as its fifteenth Vice-Chancellor and Principal. He takes the reins from Professor Adam Habib, who leaves Wits at the end of the year to lead the School of Oriental and African Studies in London. Professor Vilakazi is the current Vice-Principal and Deputy Vice-Chancellor for Research and Postgraduate Studies at Wits. Under his leadership, Wits’ research output has more than doubled, with the University increasingly producing more research with impact. He is widely published (325 papers) and highly cited with an h-index of 70.
  • South African insurance companies are playing nasty legal games to avoid paying many hospitality businesses that took out business interruption insurance. Hotels and other hospitality providers were among the first to feel the effects as the pandemic erupted in Asia and spread quickly across the world. The Federated Hospitality Association of Southern Africa has called on the government to force insurers to pay up their dues. For more, listen to BizNews founder Alec Hogg’s interview with Ryan Woolley, an insurance expert, on BizNews.com.
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