Banks to face R60 billion class action suit

By Prinesha Naidoo This article was originally published on the Moneyweb website. South Africa’s largest banks stand to face a R60 billion claim related to their conduct in attaching and selling the homes of defaulting debtors at prices below market value. Advocate Douglas Shaw filed an application on Wednesday for direct access at the Constitutional …

Looking Beyond Pravin Gordhan

By Andile Mngxitama All indications are that the Minister of Finance, Mr Pravin Gordhan, shall be recalled within days. It’s no longer a matter of if, but a matter of when. This presents the nation and those who seek a move from the colonial structure of the economy into a more pro-black economic dispensation, with …

Conflict of interest: Pravin Gordhan declares his shares in major banks

By BO Staff Writer Today, parliament’s Ethics Committee released the Register of Interests for Members of Parliament (MPs). ENCA journalist, Lester Kiewit tweeted various pages of the thick book of truths. Kiewit tweeted four pages of declared interests of the Deputy President, Cyril Ramaphosa who has shares in multinational companies like McDonald’s, received a litany …

PICTURES: BLF march to the Reserve Bank

By BO Staff Writer On Friday, the Black First Land First (BLF) movement marched to the South African Reserve Bank (SARB) to demand that the institution act on the Public Protector’s preliminary report which found that ABSA illegally benefited from apartheid cash injections from the SARB. BLF joined the ANC Youth League (ANCYL) recently in …

Political parties react to banks collusion scandal: “white owned banks … are a criminal gang”

By BO Staff Writer Seventeen banks, which have been implicated in a corruption scandal involving fixing the prices of the rand, are a “criminal gang” which is “protected by the South African Reserve Bank (SARB) and Minister of Finance, Pravin Gordhan”, the Black First Land First (BLF) movement said in a statement this morning. The …

Competition Commission says 17 banks must be prosecuted for collusion

By BO Staff Writer Yesterday, the Competition Commission issued a statement which corroborated what many have been saying for a long time – the banks are corrupt! Seventeen banks – three South African, ABSA, Standard Bank and Investec – have been implicated and are up for prosecution, in a collusion case involving “price fixing and …

EXCLUSIVE: Did the South African Reserve Bank kill the CEO of Bank of Baroda?

By BO Staff Writer The chief executive officer (CEO) of Bank of Baroda’s South African unit, Sanjay Agarwal, died from a heart attack last week. The Bank of Baroda took over most of the banking functions of the partly Gupta-owned businesses under the Oakbay stable, after the white-owned South African banking cartel unlawfully shut down …