Latest news with #R250
The Citizen
2 hours ago
- The Citizen
Chinese nationals fined R400k for abalone worth almost R2m
Police discovered 8 136 units of abalone on the premises where the Chinese nationals were illegally processing them. What was supposed to be a drug bust in Douglas, Northern Cape, turned into the interception of an abalone processing operation that landed three Chinese nationals in hot water. Yanhul Yang, 34; Zhang Shuicai, 24; and Jinxiang Chen, 60, have been fined a collective R400 000 after the South African Police Services' provincial Organised Crime Investigation unit found abalone worth nearly R2 million at an Olierivier Farm premises on 26 April. In South Africa, it is illegal to harvest abalone without a permit. The men appeared in the Kimberley Regional Court on Thursday for contravening the Living Marine Resources Act and money laundering. They managed to escape prison time after they were found guilty and each sentenced to 36 months wholly suspended per count. More than 8 000 units of abalone discovered On the day they were arrested, police were acting on information they received about a possible drug manufacturing laboratory. ALSO READ: Five arrested in Jeffrey's Bay for possession of abalone worth R250 000 Lieutenant Colonel Tebogo Thebe, spokesperson for the Directorate for Priority Crime Investigation (Hawks), said police arrived to find two Malawian nationals on the premises. They requested permission to search the place and made the unexpected discovery of 8 136 units of abalone valued at R1 970 829.75. Police also found gas burners, gas bottles, and fans, which indicated that they were processing—or drying—the abalone. Chinese nationals arrested 'They were informed by the Malawians that their bosses, Chinese nationals, would arrive later,' Thebe said. Two Chinese males later arrived and were arrested. ALSO READ: Tanzanian and Burundian nationals arrested in R54.3m drug bust in South Africa Upon further questioning, they told the police of their boss' whereabouts in Douglas. The police then informed the Hawks' Serious Organised Crime Investigation in Kimberley, and members travelled to Douglas to conduct further investigation. 'The abalone, vehicles, and all equipment were seized and booked at Douglas Police Station,' Thebe said. Accused enter plea agreement On Thursday, all three of the accused entered into a plea and sentence agreement with the state. Their sentences were wholly suspended for five years, on condition that they do not commit similar offences within that period. The court ordered that they pay the fine into the Criminal Assets Recovery account before 1 August. NOW READ: Sushi or tinned fish? Here is what South Africans prefer
The Citizen
2 days ago
- Business
- The Citizen
Lotto Draw: Your Chance to Win R44 Million
Millions of rands waiting to change someone's life on Wednesday night. The Lotto and Lotto Plus draws on Wednesday, 23 July, have a total estimated jackpot of a life-changing R44 million. The draw is set to take place at 8.57pm. Detailed jackpots for tonight's draw: Lotto: R11 million Lotto Plus1: R29 million Lotto Plus2: R4 million How to play Lotto You can play the Lotto, Lotto Plus 1 and Lotto Plus 2 games by choosing a Quick Pick option, where the lottery processing system randomly chooses six lucky numbers for you. Alternatively, a bet can be placed by a person choosing six numbers from 1 to 52 on any board. There is no limit to the number of boards a person wants to play, and the system also allows a multi-draw option. This option allows you to play the same numbers over multiple draws. ALSO READ: Lotto and Lotto Plus results: Saturday, 19 July 2025 How much does it cost to play Lotto? Lotto entries cost R5 per board, including value-added tax (Vat). Lotto Plus costs an additional R2.50 per board. Players can also use their respective banking apps to place their bets. Terms and conditions apply. Ticket sales close at 8.30pm daily. What happens after winning? All winners receive an SMS from their bank containing a reference number and further instructions on the documents to bring when visiting the lottery operator, Ithuba. If a player wins less than R250 000, the money will be deposited directly into their account if they used a banking app to play. Players who win more than R250 000 will be referred to Ithuba for a payout. Winners of more than R50 000 receive free financial and trauma counselling. All winnings are tax-free. ALSO SEE: Daily Lotto results: Tuesday, 22 July 2025 The national lottery also gives you a chance to win money every day from the Daily Lotto. The draw takes place every evening just after 9.30pm. Tickets for the Daily Lotto can be bought every day until 8.30pm. How to play Daily Lotto in SA? If you are buying a ticket in-store: Pick up a bet slip in any lottery store. Choose five numbers between 1 and 36 or select Quick Pick. Entries cost R3 each. You can play a max of R150, but you are allowed to play multiple boards. Select how many consecutive draws you wish to enter, up to a maximum of 10. Leave blank for a single draw. Take your bet slip to the teller to pay for your ticket. Write your details on the back of your ticket in case you need to claim a prize. If you do not sign your ticket, and you lose it, anyone can use it to claim the prize. If you are playing online: Set up a lottery account here and make a deposit to pay for tickets. Choose five numbers from 1 to 36 or select 'Quick Pick' to generate a random set. Repeat this on as many boards as you want to play. Decide whether to enter a single draw or multiple draws. Confirm and pay for your entry. All players must be 18 years and older.
IOL News
3 days ago
- Business
- IOL News
PIC grilled over R1. 7bn Daybreak support
Daybreak Farms has become emblematic of some of the challenges facing the PIC's unlisted investments portfolio during a period of heightened public scrutiny. Image: NSPCA THE Public Investment Corporation (PIC) faced intense scrutiny in Parliament last week over its handling of high-risk unlisted investments, including a hefty bailout of the embattled poultry giant Daybreak Farms. South Africa's largest asset manager of public funds was on the backfoot, defending its decision to inject more than R1.7 billion into Daybreak Farms, a vertically integrated poultry business on the brink of liquidation. Daybreak has become emblematic of some of the challenges facing the PIC's unlisted investments portfolio during a period of heightened public scrutiny. At the heart of the inquiry was Deputy Minister of Finance Dr David Masondo, who also chairs the PIC board. Accompanied by senior PIC officials and the new chief executive, Patrick Dlamini, Masondo sought to clarify the PIC's position amid growing public concern and media attention. Masondo explained that the PIC had committed R1.7bn to Daybreak, with R250 million injected earlier this year and an additional R150m for operational expenses in February 2025, designed specifically to stave off liquidation. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ He emphasised that 'the PIC board does not intend to keep injecting funds indefinitely; the business must turn itself around to survive the crisis'. The message was firm: while the PIC remains a key investor, the responsibility to deliver a viable recovery rests with Daybreak's management and board. Acknowledging governance failings, Masondo outlined the troubles: 'A board was appointed in 2021 but resigned the same year in May. A new board came in November 2022. Allegations surfaced regarding irregularities in the recruitment of Daybreak's chief executive. Investigations found violations of PIC and Daybreak policies as well as general recruitment procedures.' He confirmed these findings had led to resignations: 'Most of the board members involved in the irregular recruitment process resigned. The board was subsequently strengthened with experienced members.' Daybreak Farms is under business rescue, with a practitioner appointed and a rescue plan expected by August 22. Masondo stressed that liquidation must be avoided: 'The board believed strongly that liquidation should be avoided due to the company's importance to the economy, food security, and job preservation.' He explained PIC's limited direct operational role: 'We do not run the businesses but appoint directors to boards when necessary to support turnaround efforts,' with appointments made under strict policy and approved by the PIC's Directors Affairs Committee, chaired by Masondo himself. Masondo framed the Daybreak issue within the PIC's wider mandate. The asset manager invests on behalf of the Government Employees Pension Fund (GEPF), Unemployment Insurance Fund (UIF), Compensation Fund (CF), and others, with a stated goal to protect and grow workers' retirement and social benefit funds. He highlighted the PIC's growth since 2021: 'Assets under management grew from R2.3 trillion in 2021 to R3trln in March 2025, a 30% increase. Over the past 10 years, growth has been at 68%.' Regarding unlisted investments, which include direct equity ownership in companies such as Daybreak, growth was modest at best: 'The value rose marginally from R125bn in 2021 to R127bn in 2025, just a 1.4% increase.' This was attributed to UIF and CF suspending mandates over earlier concerns. Masondo also reiterated the PIC's commitment to balancing financial return with social and environmental considerations. He said: 'Since the beginning of its unlisted investment programme, PIC has created over 190 000 jobs.' The PIC reported that it had shared with Scopa a list of the 20 best-performing companies and 20 that had failed, confirming that 'most of the failed investments, including Daybreak, were made before the current leadership'. The one exception cited was Enable Capital, another troubled investment attracting media scrutiny. Meanwhile, Scopa members did not let the PIC off lightly on pensioner concerns. One member queried the contradiction between the PIC's reported average annual return of 15.9% and the only 2.3% pension increase awarded this year, which was noticeably below inflation. The discrepancy raised questions about the flow-through of investment returns to pensioners. Other areas debated included: Proposals for incentives to boost infrastructure investment The imperative to balance financial and social returns The PIC's reported impact on job creation, empowerment, and governance Calls for greater transparency and accountability within PIC's operations. Masondo assured Committee members that all recommendations from the Mpati Commission investigation had been fully implemented by March 31 this year. This included wide-ranging governance reforms and the creation of an ethics office aimed at promoting ethical conduct and reducing risks. Addressing recent media reports, he revealed: 'A senior PIC employee was alleged to have solicited a bribe. This matter was reported via our whistleblowing platform. The individual has since been placed on precautionary suspension pending investigation.' He confirmed that 'appropriate action will be taken based on the outcome'. Get the real story on the go: Follow the Sunday Independent on WhatsApp.
The Citizen
3 days ago
- Business
- The Citizen
Tax season: Here is why you need to prioritise filing for returns
If taxpayers do not claim what they are entitled to, they are leaving money behind. When most people think of tax season, they often get a headache because they believe filing returns is a complicated process, and they decide not to file. Well, this is one of those things as an adult you should not pass on, because it will come back to bite you in the future. Taxpayers who decide to turn a blind eye to the tax season will be penalised, and whether they like it or not, the taxman will always have the last laugh, because they will need to pay for those penalties in the end. Ferné Nagy, executive financial advisor at ASI Financial Services, advises taxpayers to view tax season as an opportunity to take control of their financial story. Who should file for tax returns Tax season 2025 is scheduled to run until 20 October for non-provisional taxpayers and until 19 January 2026 for provisional taxpayers. If you are under the age of 65 and earned more than R95 750, you earned commission, freelanced, or side hustle income, sold assets with capital gains of more than R40 000, earned foreign income or held offshore assets worth more than R250 000, or received rental income or investment returns, then you are obligated to file for your tax return. All of these must have taken place between 1 March 2024 and 28 February 2025. Nagy says tax returns enable individuals to recover costs they have already incurred while earning their income. He warns that if taxpayers do not claim what they are entitled to, they are leaving money behind. ALSO READ: Sars makes changes to eFiling for easy use Tax return in the age of AI He adds that the South African Revenue Service (Sars) has made advances in automation through AI-powered auto-assessments. However, he warns taxpayers that auto-assessments are fast but not foolproof. 'Artificial Intelligence (AI) only sees what it's been fed. It cannot interpret your full financial picture like side hustle earnings, unreimbursed business expenses, or retirement top-ups. 'And when the data's incomplete, your return is too. Technology is a powerful enabler, but without human insight, it can cost you.' The catch in turning a blind eye Nagy adds that relying blindly on auto-assessments or ignoring your tax obligations can lead to costly mistakes, such as missed refunds or penalties. 'That is why being registered on eFiling and actively checking your return is so important. It gives you full control to make sure your return is accurate, complete, and truly reflects your financial reality.' Easy process The Citizen ran a test on how quickly it would take to file a return. Because eFiling's Wizard already had most of my information, I just had to answer yes or no to the questions, confirm my details, and enter the amounts I received during the tax season. All in all, it took less than 20 minutes. Within five minutes, my statement of account, detailing how much I will receive from the taxman, was available. However, the call centre is another nightmare. I had made a mistake first, and I needed clarity. I was on hold for 45 minutes, and I was still number 674 on the line when I gave up. If you need to call the call centre, the best thing to do is to request a callback. I'm not sure how long this would take. ALSO READ: Common pitfalls to avoid this tax season Fraud during tax season He adds that as filing becomes more digital, the stakes grow higher. 'Your tax return holds everything from your ID number to your income and banking details.' However, with cybercrime on the rise, thieves are not taking a break. 'According to Interpol, cybercrime costs the economy more than R2.2 billion annually due to the risks of data breaches, identity theft and financial fraud. 'This is where Sars eFiling becomes more than just a filing tool; it becomes your first line of defence.' The platform gives you full control to: Review your assessment Submit corrections Upload documents Track refunds Dispute errors Communicate directly with Sars Digital does not equal safety Nagy says people assume digital equals safe, which is not always the case. 'Security starts with how you use the tools. Cyber awareness is no longer optional; it's part of being financially literate.' Use strong, unique passwords for eFiling. Never click on Sars links in unsolicited emails. Always log in directly. Work with trusted financial professionals who prioritise data protection. 'Even if you were auto-assessed, you are still legally responsible for confirming that it is accurate. Accepting a flawed assessment could result in overpaying, underpaying, or triggering penalties down the line.' NOW READ: Estimated assessments: Sars's new 'cash-cow-grabbing' norm?
The Citizen
3 days ago
- Business
- The Citizen
PowerBall and PowerBall Plus Estimated Jackpot Explained
The R2 million winner is running out of time to claim their prize. The National Lottery aims to create new millionaires through the PowerBall and PowerBall Plus draws on Tuesday, 22 July, at approximately 9pm. The total value of the estimated jackpots sits at R98 million. PowerBall and PowerBall Plus estimated jackpots: PowerBall: R84 million PowerBall Plus: R14 million The previous PowerBall draw did not produce any new millionaires. Ithuba is still on the look-out for the winner of the unclaimed R2,284,810. This amount was won on 12 November 2024, and the ticket was purchased in Mayfield, Johannesburg. The ticket expires on 12 November 2025. ALSO READ: PowerBall and PowerBall Plus results: Friday, 18 July 2025 How to play PowerBall? To play Powerball, a player chooses five numbers between 1 and 50 followed by a PowerBall number between 1 and 20. The system also provides a quick pick selection method where it randomly chooses all the numbers on your behalf. PowerBall tickets are available on selected banking apps; terms and conditions apply. Tickets are available for purchase until 8.30pm on draw days (Tuesday and Friday). Tickets can also be bought on Monday, Wednesday, Thursday, Saturday and Sunday from 6am to 11.30pm. The national lottery also gives you a chance to win money every day from the daily lotto. The draw takes place every evening just after 9.30pm. Tickets for the Daily Lotto can be bought every day until 8.30pm. How to play Daily Lotto in SA? If you are buying a ticket in-store: Pick up a bet slip in any lottery store. Choose five numbers between 1 and 36 or ask for a Quick Pick. Entries cost R3 each. You can play a max of R150, but you are allowed to play multiple boards. Select how many consecutive draws you wish to enter, up to a maximum of 10. Leave blank for a single draw. Take your bet slip to the teller to pay for your ticket. Write your details on the back of your ticket in case you need to claim a prize. If you do not sign your ticket, and you lose it, anyone can use it to claim the prize. READ MORE: Daily Lotto results: Monday, 21 July 2025 If you are playing online: Set up a lottery account here and make a deposit to pay for tickets. Choose five numbers from 1 to 36 or select 'Quick Pick' to generate a random set. Repeat this on as many boards as you want to play. Decide whether to enter a single draw or multiple draws. Confirm and pay for your entry. What happens after winning? Winners receive an SMS from their respective banks with a reference number and further instructions on the documents they should bring when visiting Ithuba. When a player wins less than R250 000, they get their money directly deposited into their bank account if they had used a banking app to play. For the winners who win more than R250 000, they get referred to the lottery operator, Ithuba, for a payout. Free financial and trauma counselling is provided to players who win amounts above R50 000. Winnings are tax-free. Players must be at least 18 years old to participate.
