Latest news with #R290
TimesLIVE
02-07-2025
- Business
- TimesLIVE
F1 talks up Silverstone's ‘forever' future before Starmer meeting
Silverstone circuit could stay on the Formula One calendar forever with no real rival to host the British Grand Prix, the sport's CEO Stefano Domenicali said on Tuesday ahead of this weekend's race. The Italian told reporters he could not imagine a championship without Britain, home to seven of the 10 teams, but there was also no chance of the country having more than one race. "I do believe Silverstone has the right characteristics to stay forever in the calendar," said Domenicali, who will visit Downing Street in London on Wednesday with drivers and team bosses to meet Prime Minister Keir Starmer. "There's no other place where you can develop such a huge event in the UK. I don't see any other places." Silverstone hosted the first world championship race in 1950 and has a contract until 2034. Last year it hosted the biggest crowd of any event on the calendar with 480,000 spectators. Miami and Austria's Red Bull Ring have the longest deals, running to 2041, and Domenicali saw no reason why Silverstone could not join them, though the circuit management had yet to seek an extension. The meeting at Downing Street is billed as an informal celebration of the 75th anniversary of the first F1 championship race at Silverstone, but is also a chance to raise issues the sport wants addressed. Domenicali said he would highlight how much the "F1 ecosystem" contributes to Britain as the beating heart of a global sport, and the risk of losing that primacy due to restrictions on staff and movement. Formula One figures calculate the sport brings £12bn (R290,826,680,000) annually to the UK economy with 6,000 people directly employed and a further 41,000 working in a supply chain of 4,500 companies. The Italian said visa issues post-Brexit had affected the deployment of staff from race to race around Europe, while costly and time-consuming paperwork had complicated logistics and made it harder to draw up the race calendar. "It is impossible to think in the short term that the teams will move out from the UK because of the limitation, but the teams will maybe organise themselves in a different way," he warned. "What we are asking is not to change the decision your country has taken, because it's not our mandate and our role, but to facilitate things that are having a burden on the economical side.
IOL News
29-06-2025
- Business
- IOL News
Court ruling on EFT payments: Car buyer's responsibility in cybercrime cases
In a case involving cybercrime, the Supreme Court of Appeal ruled that it is the duty of a buyer to ensure that the money is paid into the seller's correct bank account. Image: EPA Cybercrime has emerged as a focal point in a recent legal dispute before the Supreme Court of Appeal, which ruled that payment through electronic funds transfer (EFT) is only deemed complete once the funds are received by the correct account holder. This judgment followed legal proceedings between two car sale companies – with the one who bought two bakkies from the other only to discover after delivery of the vehicles that cybercriminals had intercepted the electronic payment made for the vehicles. None of the parties were prepared to take the financial loss, and the seller initially turned to the regional court in Louis Trichardt to get its R290,000 back – the price at which it sold the two bakkies. The lower court earlier ruled that Hyundai Louis Trichardt had to pay Northcliff Nissan the R290, 000 for the vehicles. The magistrate reasoned that the two car dealerships had a contract in place and, cybercrime or not, Northcliff Nissan was due payment for the two bakkies. Aggrieved with this judgment, Hyundai successfully turned to the Limpopo High Court, sitting in Thohoyandou, to appeal the lower court's verdict. But Northcliff Nissan took the matter on appeal to the SCA. The risk of erroneous payment due to the cybercrime was that of the payer in this instance, the SCA found. 'A debtor bears the risk of misdirected EFT payments and must ensure that the payment is made to the correct bank account,' it said. 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 Next Stay Close ✕ The court added that the onus of proof in contract disputes over payment lies with the payer (debtor). 'Cybercrime risks do not automatically shift liability to the payee, and the courts will not impose an overarching legal duty on creditors to protect debtors from cyber fraud,' the court said. The court was told that in October 2018, Hyundai purchased two Nissan bakkies from Northcliff Nissan for the sum of R145,000,00 each. Northcliff Nissan emailed the invoices for both vehicles to the buyer. The invoices provided details of the nominated bank account for payment of the purchase price for the bakkies. On the same day, Hyundai paid for one bakkie and emailed proof of payment to Northcliff Nissan, after which the bakkie was then delivered. A few days later, Hyundai made another payment and took delivery of the second bakkie. At that stage, no one realised that cybercriminals were at work. Approximately a week later, Northcliff Nissan told Hyundai that payment of the purchase price for the bakkies had not been reflected in its bank account. It then became clear to the parties that the emails had been intercepted and the bank account details on the invoices were altered by a cyber fraudster. The parties realised that they were victims of business email compromise (BEC), a cybercrime that has become popular in this technological age of electronic communication and payment. Cape Argus
IOL News
22-06-2025
- Business
- IOL News
EFT payments and cybercrime: Court says car buyer is liable to ensure money is paid into the correct account
In a case involving cybercrime, the Supreme Court of Appeal ruled that it is the duty of a buyer to ensure that the money is paid into the seller's correct bank account. Image: File Cybercrime was once again the topic of a legal wrangle - this time before the Supreme Court of Appeal, which found that payment via electronic transfer (EFT) is only complete when the funds are received by the correct account holder. This judgment followed legal proceedings between two car sale companies – with the one who bought two bakkies from the other only to discover after delivery of the vehicles that cybercriminals had intercepted the electronic payment made for the vehicles. None of the parties were prepared to take the financial loss, and the seller initially turned to the regional court in Louis Trichardt to get its R290,000 back – the price at which it sold the two bakkies. The lower court earlier ruled that Hyundai Louis Trichardt had to pay Northcliff Nissan the R290, 000 for the vehicles. The magistrate reasoned that the two car dealerships had a contract in place and, cybercrime or not, Northcliff Nissan was due payment for the two bakkies. Aggrieved with this judgment, Hyundai successfully turned to the Limpopo High Court, sitting in Thohoyandou, to appeal the lower court's verdict. But Northcliff Nissan took the matter on appeal to the SCA. The risk of erroneous payment due to the cybercrime was that of the payer in this instance, the SCA found. 'A debtor bears the risk of misdirected EFT payments and must ensure that the payment is made to the correct bank account,' it said. 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 Next Stay Close ✕ Ad Loading The court added that the onus of proof in contract disputes over payment lies with the payer (debtor). 'Cybercrime risks do not automatically shift liability to the payee, and the courts will not impose an overarching legal duty on creditors to protect debtors from cyber fraud,' the court said. The court was told that in October 2018, Hyundai purchased two Nissan bakkies from Northcliff Nissan for the sum of R145,000,00 each. Northcliff Nissan emailed the invoices for both vehicles to the buyer. The invoices provided details of the nominated bank account for payment of the purchase price for the bakkies. On the same day, Hyundai paid for one bakkie and emailed proof of payment to Northcliff Nissan, after which the bakkie was then delivered. A few days later, Hyundai made another payment and took delivery of the second bakkie. At that stage, no one realised that cybercriminals were at work. Approximately a week later, Northcliff Nissan told Hyundai that payment of the purchase price for the bakkies had not been reflected in its bank account. It then became clear to the parties that the emails had been intercepted and the bank account details on the invoices were altered by a cyber fraudster. The parties realised that they were victims of business email compromise (BEC), a cybercrime that has become popular in this technological age of electronic communication and payment.
The South African
19-06-2025
- The South African
Sleepy Karoo town rocked by major drug bust
A police operation in the Central Karoo has led to a major drug seizure and arrest, following the discovery of a large consignment of khat on a long-distance passenger bus. Members of the SAPS Flying Squad conducted a vehicle checkpoint (VCP) near Prince Albert Road, where they stopped and searched the bus. According to Sergeant Christopher Spie, spokesperson for Southern Cape police, the search revealed 13 boxes containing 2 940 bundles of khat, with an estimated street value of R290 000. Further investigation linked the illegal cargo to a 47-year-old male passenger, who was arrested on the scene. He remains in custody and is expected to appear in court on drug dealing charges. The Western Cape police management has commended the Flying Squad's swift and effective response, reaffirming their commitment to curbing drug trafficking in the region. Khat is a stimulant derived from a flowering plant native to East Africa and the Arabian Peninsula. Its active ingredient, cathinone, produces effects similar to amphetamines – such as euphoria and heightened alertness – but is associated with serious health risks including heart problems and mental health issues. Although banned in South Africa, khat is still illegally trafficked into parts of the Western Cape. Khat. Image: SAPS Prince Albert is a small town in the Western Cape. It is located on the southern edge of the Great Karoo, at the foot of the Swartberg mountains. In recent years the moniker the ' Franschhoek of the Karoo ' has been used to describe the town's appeal to the art community and wealthier South Africans, many of whom have become residents of the town. 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.
