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15 December 2018 Corruption & Governance Watch


PIC commission targets private company investments

The commission of inquiry into the Public Investment Corporation (PIC) has set its sights on nine recent investments involving politically-connected individuals that the government asset manager made in private companies. At the same time, notes Legalbrief, it is also arrowing ... Read More

South Africa

Spy tapes mole linked to Pentagon project

While Andre Pienaar, founder of C5 Capital and exposed as the mysterious ‘Luciano’ in the leaked ‘Zuma spy tapes’ saga, is involved in a bid for the Jedi Pentagon Project – a cyber-cloud that will store highly sensitive data including ... Read More

R1.13bn in irregular death claims identified

Death claims worth R1.13bn were found to be irregular and, therefore, not paid out in 2017, according to The Association for Savings and Investment SA (Asisa). It found that about 31% of all fraudulent and dishonest claims were detected ... Read More

MTN/Nigeria forex case postponed

A Nigerian judge yesterday adjourned a hearing over the forex dispute between MTN and the central bank until 22 January. As previously reported in Legalbrief Today, the dispute is over the transfer of $8.1bn of funds, which Nigeria’s central ... Read More

Policy Watch

Legislation: Financial Institutions Conduct Bill out for comment

The draft Conduct of Financial Institutions Bill seeks to establish ‘a consolidated, comprehensive and consistent regulatory framework’ that: protects and promotes the ‘fair treatment’ of financial customers; supports ‘fair and efficient financial markets’; and promotes innovation, competition, financial inclusion and financial services ... Read More


How Ramaphosa side-lined the ANC

When confronted with the common political dilemma of having to consider pleas from the politically connected, President Cyril Ramaphosa has washed his hands by appointing the most likely independent prosecutor in recent history. After all, notes analyst Ralph Mathekga in ... Read More

Pension benefits error demands urgent intervention

The unpaid benefits crisis in SA worsened with the Financial Service Board’s (FSB) ‘cancellations project’, which entailed the mass deregistration of more than 5 000 pension funds between 2007 and 2013. It remains to be seen how the Financial Sector ... Read More

Pauw targets Mazzotti and Lebelo again

Self-confessed cigarette smuggler and EFF benefactor Adriano Mazzotti has admitted to also donating ‘hundreds of thousands of rand’ to the ANC. Adriano Mazzotti, a director of controversial cigarette company Carnilinx, said he made the donations to the ANC either personally ... Read More

Rest of Africa

Museveni addresses graft probe

A video clip of Ugandan President Yoweri Museveni berating a local reporter during a press conference about his government's fight against corruption has sparked controversy. ‘You parasites. You go misrepresenting our work. You don't have that right. You ... Read More

Former Mugabe deputy in centre of ownership battle

A Botswana company involved in a fierce ownership tussle for retail chain store Choppies has claimed former Zimbabwe Deputy President Phelekezela Mphoko was both bribed and used as a front to defeat the country's Mugabe-era indigenisation law that barred ... Read More


Apple accused of violating Egypt's competition law

Egypt has warned it will take legal action against Apple if the US tech giant fails to remove alleged 'restrictions' on local distributors within 60 days. A decree threatening action has been published in the official gazette after accusations from ... Read More

Google addresses fresh privacy flaw

A privacy flaw that inadvertently exposed the names, e-mail addresses, ages and other personal information of 52.5m Google+ users last month convinced the company to close the service in April instead of August. Google revealed the new closure date ... Read More

Flashy Indian mogul faces extradition from UK

Vijay Mallya, the multimillionaire former owner of the Force India Formula One team and self-proclaimed ‘King of the Good Times’, can be extradited to India to face allegations of fraud. According to a report in The Guardian, Mallya, chair of ... Read More


Steinhoff results delayed

* Steinhoff International has announced a further delay in releasing its 2017 financial year results. 'Unfortunately, despite significant efforts being exerted by all parties, it is now clear that the timeline for completing the group consolidated financial reporting and audit process ... Read More

Municipality seeks to recoup salary

* A Gauteng municipality has been advised to consider reclaiming money paid to a CFO and former municipal manager who allegedly misrepresented his qualifications. A report by Gobodo Forensic Investigative Accounting recommends that Gauteng’s Lesedi local municipality consider recovering the more ... Read More

Suspects in court in graft case

* Four senior officials and a director of a private company appeared briefly in the Phuthaditjhaba Magistrate's Court for allegedly defrauding the bankrupt Maluti-a-Phofung municipality in the Free State. The five suspects allegedly conspired and colluded during October 2016 and ... Read More