Latest news with #R850
The Citizen
03-07-2025
- The Citizen
Police recover R700 000 worth of stolen copper in Botha's Hill
A 43-YEAR-OLD man was arrested in Botha's Hill after copper with a value of R700 000 was found at the back of his property on Tuesday, July 1. Brigadier Jay Naicker, KZN police spokesperson, said detectives from the Organised Crime Unit tasked with investigating essential infrastructure offences, together with other role players, swooped on a residential premises in the Upper Highway following information of copper cables being stripped on the property. Also read: Two nabbed with stolen copper worth R850 000 in Malvern 'Police officers found workers stripping copper cables in a container at the back of the building. The owner of the premises failed to provide police with evidence of where the cables were purchased from and was arrested by detectives,' reported Naicker. The man was detained at the Hillcrest Police Station for being in possession of suspected stolen property and is expected to appear in court soon. Last week Wednesday, police arrested two men who were found in possession of copper valued at R850 000 in the Malvern area. It was discovered that the 288kg of the 861kg recovered copper belonged to eThekwini Metro Electricity. For more from the Highway Mail, follow us on Facebook , X and Instagram. You can also check out our videos on our YouTube channel or follow us on TikTok. Click to subscribe to our newsletter here At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
The Citizen
25-06-2025
- The Citizen
R850K stolen copper cables recovered in Malvern, two arrested
Police recover 861kg of suspected stolen copper belonging to eThekwini Municipality. The copper cable thieves were handcuffed on Tuesday. Picture: Saps Two suspects have been arrested for stealing copper cables worth an estimated R850 000. The copper cable thieves were arrested on Tuesday. Copper cable theft Police spokesperson Captain Carmen Rhynes said the South African Police Service (Saps) eThekwini District Infrastructure Task Team members conducted operations in Malvern when they encountered the suspects. 'A suspicious truck was stopped and searched. A large amount of suspected stolen copper cables belonging to eThekwini Metro Electricity was recovered. Both the driver and the crew, aged 49 and 50 years old, were arrested and charged with tampering with economic infrastructure and possession of suspected stolen property. ALSO READ: Six City Power contract workers arrested for copper theft Additional charges Rhynes said additional charges of receiving stolen property and possession of burnt copper cables were also added. '861kg of suspected stolen copper were recovered with a total value of R850 000, 288kg of which belonged to eThekwini Metro Electricity. 'The estimated value of the property belonging to eThekwini Metro Electricity was R306 000. Both suspects will be appearing in Pinetown Court on Wednesday morning,' Rhynes said. Joburg theft In February, the City Power Security Risk Management in Johannesburg arrested six people employed by a contractor for possession of suspected stolen copper cables. The suspects were handcuffed at the Observatory Substation in Johannesburg for possession of suspected stolen copper cables. Cable theft City Power spokesperson Isaac Mangena said the arrests followed a routine site inspection by Operations Management to verify the removal of all burnt cables damaged in the underground tunnel fire incident on Thursday evening, 6 February 2025. 'This forms part of our ongoing fight against cable theft and vandalism, plaguing the Inner City and other areas across Johannesburg. 'During the inspection, we discovered four individuals from a contracted company cutting and stripping various sizes of copper cable — some burnt and others intact. A search of the bus used to transport those workers revealed two individuals with copper cables hidden in their bags and shoes, while additional cables were found under the bus,' Mangena said. ALSO READ: City Power disconnects 120 homes for bypassing prepaid meters
The Citizen
03-06-2025
- Business
- The Citizen
Nsfas R2.5m head office delays prolong terminating lease
The current Nsfas leadership has distanced itself from the controversial agreement The National Student Financial Aid Scheme (Nsfas) continues to pay R2.5 million monthly for its headquarters, as legal delays prolong the termination of an alleged irregular lease agreement. The student funding agency recently disclosed that judicial scheduling constraints have pushed back the critical court application to set aside the contentious lease beyond the initially planned April 30 deadline, prolonging the financial burden on the cash-strapped organisation. Nsfas legal battle continues with SIU support The scheme is working with the Special Investigating Unit (SIU) to pursue a lease cancellation in court. 'Nsfas has engaged extensively and is cooperating fully with the Special Investigating Unit regarding the lease termination process,' the organisation said. The student aid scheme emphasised its alignment with the SIU's legal strategy, declaring that it 'would comply with any court decision on the matter' while working as a co-applicant in the unit's application to void the lease. ALSO READ: Nsfas recovers over R850 million following SIU probe Parking spots costing millions Beyond the substantial monthly rental payments, Nsfas acknowledged additional concerns surrounding parking facilities at the headquarters, which carry a five-year price tag of R18.6 million. The agency defended the current payments as unavoidable contractual commitments established when the lease was originally executed. 'Nsfas confirmed that it pays a monthly rental of R2.5 million, in accordance with the existing lease agreement with the landlord,' officials stated, noting that 'this amount reflects contractual obligations negotiated at the time of signing.' ALSO READ: Higher education minister withdraws appointment of Seta board chairpersons Nsfas board distances itself from previous decisions The current Nsfas leadership has distanced itself from the controversial agreement, emphasising that the lease arrangement preceded the board's appointment. Despite this, board members acknowledged their duty to address inherited problems. 'While this lease predates the appointment of the current Nsfas Board, the Board remains committed to its core mandate of implementing a comprehensive turnaround strategy founded on transparency, accountability, and fiscal responsibility.' Reform strategy underway The agency outlined extensive measures being implemented to prevent similar situations in the future. As part of this strategy, the scheme vowed to uphold a zero-tolerance policy towards wastage, fraud, and corruption. Nsfas added that 'any irregular contracts will be terminated in strict adherence to established due process.' ALSO READ: SIU launches probe into National Skills Fund Contingency planning for relocation Anticipating an eventual successful lease termination, Nsfas revealed it has begun developing backup plans to ensure seamless operations during any potential headquarters transition. The preparations form part of a broader organisational restructuring initiative. The scheme explained that contingency arrangements 'aim to minimise operational and staff disruptions' while the organisation collaborates 'with relevant stakeholders to finalise arrangements.' The relocation planning aligns with Nsfas' wider regionalisation objectives, designed to enhance both operational effectiveness and service delivery to students across the country. Broader legal action against irregular contracts The headquarters lease represents just one component of Nsfas' extensive legal campaign to address questionable agreements inherited from previous administrations. According to a May 7 presentation to parliament's higher education portfolio committee, the agency is pursuing multiple contract cancellations in court. The organisation confirmed it has begun implementing recommendations from both the Auditor-General and the SIU as core elements of its institutional transformation Programme. These reforms encompass technology system improvements, enhanced contract oversight, and strengthened internal governance mechanisms. ALSO READ: No party favourites: Minister defends appointment of Mantashe's son to Seta board Future vision despite current challenges Despite ongoing financial and legal complications, Nsfas leadership maintained its commitment to the organisation's fundamental mission of supporting disadvantaged students' educational aspirations. 'Nsfas envisions a future where every eligible student, regardless of background, has equitable access to transformative education,' officials stated in their recent parliamentary report. The agency asked for patience as it navigates the complex legal and administrative processes required to resolve inherited irregularities. 'Nsfas remains committed to transparency, good governance, and responsible management as we undertake these critical reforms. We thank the public and all stakeholders for their continued support and understanding,' the organisation declared. READ NEXT: Higher Education and Nsfas vow action amid Durban student protests
The South African
26-05-2025
- Business
- The South African
Financial relief may be coming for South African homeowners
There may be good news for South African homeowners this week. That's because some economists are expecting the South African Reserve Bank (SARB) to cut the repo rate when it meets on Thursday. The SARB cut rates thrice since July 2024. There is hope that this cycle will continue into 2025, and some experts say this could come as soon as this month. Reducing the repo rate would affect interest rates, and means South African homeowners will pay less on their bond instalments. With interest taking up a hefty part of bond payments, the savings could be significant. According to BusinessTech , the average property owner could end up saving several hundred rand in this rate-cutting cycle. Economists in favour of an interest rate cut, including those at the Bank of America, have a handful of arguments. Inflation is at 2.8%, well within the SARB's target, and the dollar exchange rate is under R18/$. Other central banks, including those in the United Kingdom, Europe and China, have cut rates since April. However, many economists in South Africa note that the SARB is traditionally cautious. With ongoing global uncertainty and volatility in the rand, the bank may delay cutting interest rates, and South African homeowners may have to wait for financial relief. The Monetary Policy Committee (MPC) of the SARB will make the decision. Whether they cut or maintain the interest rates, economists agree that the committee is unlikely to be united in their decision. So, even if rates don't come down this week, there may still be cuts in the coming months. The average price of a new home in South Africa is R1 661 519. In July 2024, the interest rate was 11.75%. It's currently at 11% after January's cut. BusinessTech calculates the following savings for South African homeowners between July 2024 and May 2025: A bond of R850 000 saved R438 in monthly repayments A bond of R1 661 519 (the average home price) saved R856 in monthly repayments saved R856 in monthly repayments A bond of R2 million saved R1030 in monthly repayments Further rate cuts will only enhance savings for homeowners. Let us know by leaving a comment below or send a WhatsApp to 060 011 0211. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X, and Bluesky for the latest news.
The Citizen
23-05-2025
- Politics
- The Citizen
Higher Education and Nsfas vow action amid Durban student protests
KwaZulu-Natal students demand urgent action from Nsfas and DHET as unpaid fees and delayed registrations disrupt academic progress. Amid student marches in Durban, KwaZulu-Natal (KZN), over delayed payments by the National Student Financial Aid Scheme (Nsfas), the Department of Higher Education and Training (DHET) and Nsfas say they are actively working together to resolve ongoing funding challenges. Since the beginning of the academic year, university students have faced numerous funding challenges, including application discrepancies, late registration confirmation and appeals, and budget constraints. Students from different higher education institutions in KZN marched on Friday over non-payments. Durban students march over Nsfas non-payment The students started gathering at King Dinuzulu Park in Durban to demand urgent intervention from the scheme and the department. 'Nsfas must pay all historical debt that is left unpaid by Nsfas. Close the closeout project cases for students to get their qualifications,' read a sign by the South African Students Congress-affiliated students. 'DHET must clear historical debt now' and 'Release the loan funding guidelines with immediate effect', read the signs from EFF Student Command (EFFSC)-affiliated students. ALSO READ: DUT denies claims of Nsfas registration portal closure Due to errors made during the application process, some university students who applied during the technical and vocational education and training (TVET) application cycle have had issues with their registration status. Late registration confirmation & appeals, and budget constraints The DHET and Nsfas said the registration statuses of some students were only confirmed after the official deadline, causing delays in their access to funding support. Due to a limited remaining budget, students whose appeals have been granted are also facing financial shortages. This is impacting their capacity to pay for registration and related costs. ALSO READ: Nsfas slams 'fake news' about registration portal closure In a joint statement on Friday, DHET and Nsfas said they are actively collaborating to address these challenges. 'Efforts include reviewing applications from students who applied during the TVET application cycle, providing funding for students whose registration was submitted late and exploring options to allocate additional resources to support students with approved appeals,' the institutions said. Institutions must assist students – DHET and Nsfas DHET and Nsfas also encourage higher education institutions to assist students in resolving outstanding issues promptly. 'We remain committed to ensuring that all eligible students have access to the funding necessary to continue their studies without undue disruption,' the DHET and Nsfas said. 'We appreciate the patience and understanding of students and stakeholders as we work diligently to resolve these issues swiftly.' ALSO READ: Nsfas recovers over R850 million following SIU probe
