Latest news with #R155
The Citizen
6 days ago
- Business
- The Citizen
Reserve Bank and Ibex reach final settlement of R6.3 billion on Steinhoff fraud
Steinhoff imploded in December 2017 when the auditors refused to sign off on the financial statements due to irregularities. The South African Reserve Bank (Sarb) has reached a final settlement with Ibex of R6.3 billion after an extensive and complex investigation into the affairs of Steinhoff International Holdings and people or entities regarding possible contraventions of exchange control regulations. Ibex was formerly known as Steinhoff International Holdings. After its investigation, Sarb took administrative action against certain entities within and associated with the Steinhoff Group, because they did not comply with the exchange control regulations. The discovery of the now well-known accounting irregularities in the Steinhoff Group in December 2017 led to a sharp and immediate decline in the Steinhoff share price on both the Frankfurt and Johannesburg stock exchanges, eroding approximately 90% of the company's market capitalisation. ALSO READ: What we know so far about the secret PwC report on Steinhoff According to the Sarb the Steinhoff Group's external debt exceeded 10 billion euros (approximately R155 billion) at the time. The crisis threatened the Steinhoff Group's continued existence and risked consequences, including forced asset sales or 'fire sales', significant losses to South African and foreign financial institutions and investors and extensive job losses. There was also a risk that it could significantly affect South Africa's reputation as one of the most robust and well-regulated financial markets in the world, Sarb points out. Steps to restructure Steinhoff debt Complex multi-jurisdictional debt restructuring and settlement processes were implemented between 2018 and 2023 to prevent an uncontrolled liquidation and mitigate the financial distress facing the Steinhoff Group. These processes resulted in the Steinhoff Group fully repaying more than R28 billion owed to South African banks in 2018, as well as compensation to other South African investors amounting to approximately R18.5 billion as part of the global settlement, that involved a total settlement value of approximately R29.6 billion at the time and was approved and sanctioned by international and local courts. ALSO READ: Almost R67 million from Steinhoff accused forfeited to the state The Sarb says the Public Investment Corporation (PIC) was one of the main beneficiaries of the global settlement due to its investment in the Steinhoff Group. South African creditors and banks were able to exit and recover all or most of their money, as foreign creditors agreed to a restructuring of their debt and a deferral of their rights. According to the Sarb, these foreign financial creditors granted forbearance of their claims against members of the Steinhoff Group, ultimately to 30 June 2026, to enable the settlement of various other creditors, who were mainly South African, first. Disputes between Ibex and Sarb Various disputes arose between the Ibex Group and the Sarb in early 2023 regarding the Sarb's administrative actions against Ibex Group due to various alleged contraventions of the exchange control regulations revealed by the investigation. The Sarb says these disputes resulted in multiple legal proceedings between the parties, including the intervention of at least one of the Ibex Group's financial creditors. One of these disputes involved the forfeiture of an amount of about R6.3 billion for the benefit of the state, while others concerned the Sarb's blocking and prohibition orders over the Ibex Group's funds and assets that arose as part of the investigation. In line with legal advice and after careful consideration by the Sarb, all the disputes between the Ibex Group and the Sarb were ultimately resolved in a comprehensive settlement. ALSO READ: NPA secures first conviction and sentence in Steinhoff fraud case The Sarb says In concluding the settlement agreement and fully and finally resolving the disputes between them, the Sarb and the Ibex Group considered the public interest, the Sarb's mandate to enforce the exchange control regulations and the importance of enhancing investor confidence in South Africa. They also wanted to promote regulatory certainty by allowing the Ibex Group to settle its contractual obligations to its foreign financial creditors. 'In fulfilling these aims, the Ibex Group forfeited R6.3 billion plus interest of its funds to the state in full and final settlement of the Sarb's enforcement action against the Ibex Group regarding the alleged contraventions,' the Sarb says. Ibex granted permission to wind down and repay creditors In return, the Ibex Group withdrew its legal challenge to the forfeiture. In addition, the Sarb granted the Ibex Group permission to implement and take all steps necessary for the Ibex Group to implement its Dutch court-approved structured winding down process and repay its creditors and operational expenses. By agreement between the Sarb and Ibex Group, the High Court set aside the prohibition orders restricting the Ibex Group's ability to deal with some of its shares in Pepkor Holdings Limited and the Sarb agreed not to take any further administrative or enforcement action against the Ibex Group regarding the alleged contraventions. In addition, the Ibex Group and the Sarb, with the support of the majority of the Ibex Group's current creditors, withdrew all the litigation they instituted, while the Ibex Group and the financial creditors abandoned the judgments obtained in the course of the litigation. 'The Sarb as well as the Ibex Group consider the settlement reasonable, proportionate and justifiable considering the complex and competing interests. 'Considering the long history of the Steinhoff/Ibex matter, the wider ramification of the continued dispute between the Sarb and the Ibex Group for investor appetite for future investments in South Africa and the interests in finality, the Sarb and the Ibex Group consider this final settlement to be in the best interests of South Africa,' the Sarb says.
The South African
02-06-2025
- Business
- The South African
SASSA Children's grants for June 2025 payout this WEEK
Here's all you need to know about SASSA Children's grants for June 2025, paying out this week on Thursday 5 June 2025. Every month, billions in social welfare is set aside from taxpayer funds to support financially distressed parents in South Africa. And even though there was some uncertainty over Finance Minister's 2025 budget, the good news is April's above-inflation grant increases have not been reversed. As such, SASSA Children's grants for June 2025 are the most expensive for the government to payout. For example, R560 for Child Support may not sound like a lot, but it's paid each month to roughly 14-million beneficiaries. There are also Foster Care and Child Dependency grants under the Childcare banner. But more about those later… If you are unfamiliar with how the SASSA Children's grants for June 2025 are divided up, here's what you need to know. The South African Social Security Agency administers all child-related social grants. However, you may only claim one grant at a time. And only one parent (if married) may claim a grant per child. There is no limit on how many children you may apply on behalf of though. SASSA Childcare pays R560 per month. per month. SASSA Care Dependency pays R2 310 per month to those with disability under 18. per month to those with disability under 18. SASSA Foster Care for R1 250 to a court-appointed foster parent. SASSA is imploring parents to register with Home Affairs and get their children support from day one. Image: SASSA Better still, the Department of Social Development (DSD) has been imploring young mothers with newborns to make their SASSA applications as soon as possible. It says parents are waiting too long before getting their children onto critical social welfare. As such, we calculated that if a mother puts a newborn onto SASSA Children's grants for June 2025, that child will earn the household roughly R155 500 in government funds. Of course, we can only guess at the annual grant increases. But this conservatively factors in estimated annual grant increases like the 5.7% enjoyed back in April 2025. However, to qualify for any childcare grant, you do have to pass the following means test (there is no asset portion, like Older Person grants): Earn less than R8 800 per month if married ( R105 600 annually). per month if married ( annually). Earn less than R4 400 per month if single (R52 800 annually). Of course, your child must be under the age of 18. And another SASSA rule is you cannot receive more than one grant at same time (like Disability or Older Persons, for example). Applications can take up to three months to be processed however, you will be back-paid to the date of your initial application. If you are denied a Children's grant, you have 90 days to appeal through the DSD. First of all, before you worry about SASSA Children's grants for June 2025, you must register your child with the Department of Home Affairs (DHA) eHome portal. Many parents are not getting their newborn's unabridged birth certificate and identification document early enough, says government. Until they have these, they are not eligible to be loaded onto the SASSA Childcare system. After you have been through DHA eHome, you can make an appointment on the SASSA online portal, before having an in-person meeting with SASSA. Be sure to bring the following documents with you to the appointment: Valid identity documents of you and your spouse (if married). Official birth certificate and ID of the child you're applying for support for. Proof of marital status (via a marriage, birth or death certificate of your spouse). Proof of income (both you and your spouse). An approved three-month bank statement (no more than three-months old). Proof of address (a utility statement with your name on it that's not more the three-months old). SASSA Foster Child grants only go to court-approved foster parents. Likewise, Childcare Dependency grants only go to children who have received the necessary disability approvals from a government doctor. Make note of the rest of 2025's Childcare payment dates. Image: SASSA For application or payment queries you can contact SASSA directly here: SASSA Toll-Free Call: 0800 60 10 11 SASSA Head Office: 012 400 2322 Email SASSA: grantenquiries@ Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
The South African
13-05-2025
- General
- The South African
LATEST outlook for June 2025 SASSA Childcare grants
The South African Social Security Agency (SASSA) is responsible for June 2025 SASSA Childcare grants. Set for payment in a few weeks from now, each month, billions in taxpayer money is set aside to help financially distressed parents. Here's how it works … Currently, June 2025 SASSA Childcare grants are the most expensive for government. As in, the R560 paid each month to roughly 14-million beneficiaries, is the most expensive form of social welfare. If you are unfamiliar with how the June 2025 SASSA Childcare grants are divided up, here's what you need to know … May 2025 SASSA grants were paid out just last week following a lengthy five-week gap. Image: File The South African Social Security Agency administers three child-related social grants. Note that you may only claim one grant at a time. And only one parent (if married) may claim a grant per child. They are: SASSA Childcare for R560 per month. per month. SASSA Care Dependency for R2 310 per month (Disability for under 18s). per month (Disability for under 18s). SASSA Foster Care for R1 250 to a court-appointed foster parent. Furthermore, we calculated that if a mother puts her newborn onto June 2025 SASSA Childcare grants from the month of their birth, that child will earn the household as much as R155 500 in government funds till they are 18. This number conservatively factors in estimated annual grant increases like the 5.7% enjoyed back in April. Better still, the Department of Social Development (DSD) has been imploring young mothers with newborns to make the application as soon as possible. June 2025 SASSA Childcare grants are payable next month on Thursday 5 June 2025. Don't forget that to qualify for Childcare you have to pass the following means test: Earn less than R8 800 per month if married ( R105 600 annually). per month if married ( annually). Earn less than R4 400 per month if single (R52 800 annually). Of course, you child must be under the age of 18, and you cannot receive more than one SASSA grant at same time, as mentioned. Also, applications can take up to three months to be processed. However, you will be back-paid to the date of your initial application. Diarise the remaining 2025 Childcare grants so you're not left short of money at the end of the month. Image: SASSA Crucial to gaining access to June 2025 SASSA Childcare grants is registering a child with Department of Home Affairs (DHA) eHome. Many parents are not getting their newborn's unabridged birth certificate and identification document early enough warns government. Therefore, they are not eligible as soon as they can be for SASSA Childcare grants. After you have been through DHA eHome, make an appointment with SASSA online. And bring the following documents with you: Valid identity documents of both the applicant (child) and spouse (if married). Proof of marital status (via a marriage, birth or death certificate of your spouse). Official birth certificate and ID of the child you're applying for support for. Proof of income (of both you and your spouse). An approved three-month bank statement (no more than three-months old). Proof of address (a utility statement with your name on it that's not more the three-months old). Note that someone else can apply on your behalf if you're unable to visit a SASSA branch office personally. You will need a doctor's note explaining why and have all of the above signed and certified by a commissioner of oaths. For application or payment queries you can contact SASSA directly here: SASSA Toll-Free Call: 0800 60 10 11 SASSA Head Office: 012 400 2322 Email SASSA: grantenquiries@ Or email: president@ Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
