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Daily Maverick
22-07-2025
- Politics
- Daily Maverick
Cracks in the skills system — allegations of corruption, waste, cover-ups in SA's Setas (Part 1)
South Africa's Sector Education and Training Authorities have once again landed in the headlines, this time over former higher education minister Nobuhle Nkabane's bungled appointment panel. Allegations ranging from political interference and misleading Parliament, to questionable board appointments have set off a storm of public outrage, legal reviews and parliamentary scrutiny. A look beyond the immediate uproar over former higher education minister Nobuhle Nkabane's bungled appointment panel reveals that South Africa's Sector Education and Training Authorities (Setas) are anything but recent. Long before Nkabane's tenure, these institutions were plagued by governance failures and corruption. Read more: Educated for leadership and engulfed by scandal, Minister Nkabane faces her sternest test. Damning case studies – on the Local Government Seta (LGSeta), the Health and Welfare Seta (HWSeta), and the Service Seta – reveal just how extensively public funds have been misused. LGSeta under fire for tender scandal and millions in wasteful spending The LGSeta has found itself entangled in controversy following a whistle-blower tip-off received by its current CEO, Ineeleng Molete. The whistle-blower, via former board chairperson Phumlani Mntambo, raised serious allegations of corruption, triggering a forensic investigation in 2022. The findings were staggering. Investigators uncovered systemic governance failures, including procurement irregularities linked to a R2.3-billion tender process riddled with noncompliance. The report also cited the irregular appointment of training providers, unauthorised discretionary grant allocations, financial bias and overpayments. Appearing before Parliament's Portfolio Committee on Higher Education in May 2025, Molete confirmed that a criminal case had been opened with the Hawks but said LGSeta was unable to name those implicated while legal proceedings were ongoing. Daily Maverick followed up with LGSeta to understand whether the case was still active. Molete said it is pending further investigation by the Hawks, adding that 'no arrests of individuals have been made by SAPS'. Reports of financial mismanagement didn't end there. In the 2023/24 financial year, LGSeta recorded R39.7-million in fruitless and wasteful expenditure, including R172,000 on trip-related incidentals. Molete defended the spending, explaining that R39,519,356.83 related to discretionary grant contracts that expired on 31 March 2024. 'While funds were disbursed, no money was lost or unnecessarily paid. The initial concern was deemed invalid and has been removed in the current financial year,' he said. He added that R122,800.00 was for learners who had passed away during their programmes. 'Consequently, despite funds having been committed for their development, LGSeta could not fully achieve the intended value for money,' Molete said. Another R104,651.00 had gone to a professor invited on an LGSeta trip as a subject matter expert, while R39,272.13 had been used during an official travel trip. Health and Welfare Sector Education and Training Authority The HWSeta recorded R1.72-million in wasteful expenditure in 2023, including unpaid stipends, accommodation for absent learners, post-resignation salaries and interest on overdue invoices. Irregular spending hit R2.8-million due to inflated purchase orders and payments to unregistered stakeholders, though an internal probe confirmed only R160,000 was formally irregular. HWSeta has opened legal action against organisations that withheld learner stipends, including Afrika Connect (R900,000), Ludziwo Foundation (R469,000), Remmogo VE (R166,000) and Lithala Financial Education (R989,000). Two additional lawsuits loom. Lerong Consulting (Pty) Ltd is suing HWSeta for R823,267 over an alleged contract breach, with legal costs of R800,000, while True Harvest College seeks damages for reputational and financial losses, anticipating R550,000 in legal fees. HWSeta spokesperson Rulleska Singh told Daily Maverick about the disciplinary measures taken against those who signed off on payments to entities not registered with CIPC and the current status of the legal proceedings. 'Where wrongdoing was established, disciplinary proceedings were concluded, resulting in dismissals of responsible personnel… The Lerong Consulting matter remains ongoing, with a trial date yet to be set. The True Harvest College case has a trial date scheduled for 2026,' said Singh. She added: 'When stipend misuse was identified through the organisation's tip-off hotline, immediate action was taken, including referrals to legal representatives and opening cases with the South African Police Service. Of the 302 learners affected by these incidents, 232 have been compensated thus far. Recovery processes continue for all outstanding amounts.' DM
Business Insider
15-07-2025
- Business
- Business Insider
Tata Elxsi Limited (TATAELXSI): New Sell Recommendation for This Technology Giant
Bernstein analyst Rahul Malhotra maintained a Sell rating on Tata Elxsi Limited on July 11. The company's shares closed today at INR6,179.00. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. Malhotra covers the Technology sector, focusing on stocks such as Tata Elxsi Limited, Infosys Limited, and KPIT Technologies Limited. According to TipRanks, Malhotra has an average return of 3.4% and a 53.06% success rate on recommended stocks. Currently, the analyst consensus on Tata Elxsi Limited is a Strong Sell with an average price target of INR4,435.00, which is a -28.22% downside from current levels. In a report released on July 11, J.P. Morgan also maintained a Sell rating on the stock with a INR3,800.00 price target. The company has a one-year high of INR9,082.90 and a one-year low of INR4,601.05. Currently, Tata Elxsi Limited has an average volume of 22.53K.
Business Insider
05-07-2025
- Business
- Business Insider
Hindustan Unilever Limited (HINDUNILVR) Receives a Buy from UBS
UBS analyst Amit Sachdeva maintained a Buy rating on Hindustan Unilever Limited today and set a price target of INR2,800.00. The company's shares closed yesterday at INR2,339.30. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. According to TipRanks, Sachdeva is a 2-star analyst with an average return of 2.2% and a 40.00% success rate. Sachdeva covers the Consumer Goods sector, focusing on stocks such as Hindustan Unilever Limited, Asian Paints Ltd., and Britannia Industries Ltd. Currently, the analyst consensus on Hindustan Unilever Limited is a Hold with an average price target of INR2,455.17, a 4.95% upside from current levels. In a report released on June 29, Nomura also maintained a Buy rating on the stock with a INR2,600.00 price target. Based on Hindustan Unilever Limited's latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of INR155.9 billion and a net profit of INR29.84 billion. In comparison, last year the company earned a revenue of INR152.94 billion and had a net profit of INR25.09 billion
Business Insider
05-07-2025
- Business
- Business Insider
Jefferies Reaffirms Their Hold Rating on Dowa Holdings Co (DWMNF)
In a report released yesterday, Thanh Ha Pham from Jefferies maintained a Hold rating on Dowa Holdings Co, with a price target of Yen4,800.00. The company's shares closed last Thursday at $33.78. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. According to TipRanks, Ha Pham is a 3-star analyst with an average return of 5.4% and a 60.00% success rate. Ha Pham covers the Basic Materials sector, focusing on stocks such as JX Advanced Metals Corporation, Daido Steel Co, and Dowa Holdings Co. Dowa Holdings Co has an analyst consensus of Moderate Sell, with a price target consensus of $26.87. The company has a one-year high of $39.53 and a one-year low of $25.29. Currently, Dowa Holdings Co has an average volume of 197.
Business Insider
05-07-2025
- Business
- Business Insider
Jefferies Sticks to Its Hold Rating for SCREEN Holdings Co (DINRF)
Jefferies analyst Masahiro Nakanomyo maintained a Hold rating on SCREEN Holdings Co today and set a price target of Yen12,000.00. The company's shares closed last Friday at $75.66. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. According to TipRanks, Nakanomyo is a 3-star analyst with an average return of 2.3% and a 45.76% success rate. Nakanomyo covers the Technology sector, focusing on stocks such as Hamamatsu Photonics KK, Advantest, and Disco. Currently, the analyst consensus on SCREEN Holdings Co is a Moderate Buy with an average price target of $92.32, which is a 22.02% upside from current levels. In a report released on June 30, Goldman Sachs also maintained a Hold rating on the stock with a Yen12,800.00 price target. The company has a one-year high of $105.33 and a one-year low of $53.14. Currently, SCREEN Holdings Co has an average volume of 1,406.
