Latest news with #Rautenbach
Daily Maverick
11-06-2025
- Business
- Daily Maverick
Paying more, getting nothing — the Nelson Mandela Bay ward whose capital budget was slashed to zero
'I have been a ward councillor for 25 years and this has never happened to me,' said DA caucus chief whip Gustav Rautenbach. The capital budget for Lorraine and its surrounding suburbs — which makes up Ward 8 — has been slashed from R1.2-million to zero in the draft budget scheduled for discussion and a vote on Thursday. It is one of four DA-led wards in the metro that have been allocated no capital budget — and there is no mechanism for residents to appeal against the decision. The DA caucus chief whip, Gustav Rautenbach, said on Tuesday that there were rumours that the ward might still receive about R500,000 — but this had not been confirmed. Ratepayers are facing increases of 5% for property rates, 5.50% for water, 5.50% for sanitation and 6% for refuse collection, as well as a 12.8% increase in electricity prices if it is approved by the National Energy Regulator of SA. Last year, Ward 8 used its capital allocation to tar and repair part of Circular Drive, a major arterial road. But for the next year, Rautenbach said, there would be no capital allocation. 'It is very problematic,' he said, 'because this means that the Integrated Development Plan and the budget are not talking to each other. 'I think it is important to note that this doesn't mean that no potholes will be filled or no sewage spills will be fixed,' he said. 'That would come from the operational budget.' However, it does mean that no big new projects will be scheduled for the ward in 2025. 'We contribute millions to the municipal treasury,' said Rautenbach. 'Parts of this ward are old and must be replaced. How is that fair?' Lorraine has 122 townhouse complexes with around 3,000 houses, in addition to freestanding homes. 'I would say there are about 21,000 residents who live here,' said Rautenbach. Two of the main roads in the area, Dijon Road and Luneville Road, require major work. 'We don't even have an office,' said Rautenbach. 'We don't have a community hall, and we have no recreational facilities.' He said they had received only R100,000 for a humanitarian fund, like all other wards in the metro. Short-sighted 'This is very short-sighted from the municipality,' he said. 'Because it should be clear that the only direction in which Gqeberha can grow is in this westerly direction. 'I am very upset. Residents are making their contributions, and they are getting nothing.' Three other wards are facing the same outcome. However, Ward 41, represented by Luyanda Lawu, the mayoral committee member for safety and security, is set to receive about R48-million in the upcoming budget and R42-million and R37-million, respectively, for the next two financial years. The ward has several informal settlements that need major infrastructure projects. Last week, the budget was once again 'noted' in the council as Nelson Mandela Bay Executive Mayor Babalwa Lobishe said negotiations around ward allocations were ongoing. According to the budget document, the metro faces 'significant challenges' with the new budget, including: A declining collection rate; The poor financial performance of the electricity service, which now operates at a huge deficit; Escalating electricity and water losses that are at unacceptably high levels; Allocation of the required operating budget provision for newly created infrastructure and facilities, with a consequential impact on the level of property rates and tariff increases; Allocation of the required budget provision for the rehabilitation and maintenance of infrastructure; Underfunded mandates, such as the Library Services, negatively affect the municipality's budget; and Financial commitments emanating from previous council decisions, such as the insourcing of security guards, which become an ongoing cost on the municipality's payroll. DM
The Citizen
20-05-2025
- Business
- The Citizen
Is someone sabotaging Absa? Senior managers face disciplinary action for leaking information
A few senior staff members face disciplinary action for leaking confidential company information. If the walls at Absa could speak, there would be a better understanding of what is happening at the bank's top management. Since the walls cannot speak, an independent report had to do the talking. It revealed that some senior managers are involved in leaking Absa's information, prompting the bank to take disciplinary action against the individuals. In recent years, Absa has been known for its leadership instability, marked by frequent changes in chief executive officers (CEOs) since 2019. This year alone, the bank has announced it will be getting a new CEO and a new chairman of the board. There have been reports that suggest former CEO Arrie Rautenbach's early retirement and the leaked information are related. However, Absa told The Citizen this is not true. Rautenbach left for the reasons stated in the Stock Exchange News Services(SENS) announcement dated 19 August 2024. ALSO READ: Absa and Standard Bank raised their minimum salaries for 2025 – here's the new pay Leaked information Absa confirmed to The Citizen on Monday that it has commissioned an independent investigation, which included the leaking of confidential company information in its scope. To ensure its impartiality, the investigation was conducted by ENS Forensics, an independent third-party forensic firm. 'The investigation has concluded that there is prima facie evidence of serious misconduct, which will be presented in a formal disciplinary enquiry in accordance with proper protocols and procedures, including being chaired by an independent senior counsel.' Information leaked outside official channels Absa added that none of Absa's established whistleblower channels were used, and at no point did the employees involved identify themselves as whistleblowers or indicate they were making protected disclosures as defined by the Protected Disclosures Act or Absa's policy, 'despite having the opportunity to do so'. 'We value the critical importance of whistleblowers in maintaining organisational integrity and have robust protections in place for any individual who comes forward with legitimate concerns. 'Our employees have access to multiple secure channels through which they can report issues confidentially or completely anonymously, including an independently managed external facility operated by one of the big four audit firms to ensure impartiality and trust.' Absa did not disclose how the information was leaked. ALSO READ: Former customer charges Absa with perjury and defamation What information was leaked? The bank stated that a few senior staff members are involved in the disciplinary action. 'Absa is following its internal disciplinary process. It would not be fair or appropriate to speculate about the outcome of the enquiry and any subsequent actions.' The bank further stated it is bound by its commitment to strict confidentiality and will not provide additional commentary on the specifics of this case. TimesLIVE reported earlier in May that Rautenbach's departure from the bank may not be what Absa initially stated. It is suggested that a leak of important information may have led to the former CEO's early retirement. Leadership instability Absa has undergone significant changes since the departure of its long-serving CEO, Maria Ramos, in 2019. Since then, the bank has had six interim and permanent CEOs, which raises the question, 'What is going on at Absa?' The latest to be appointed as CEO is Kenny Fihla, the former deputy CEO of Standard Bank. He will commence his duties on 17 June 2025. Will he last longer than other CEOs since Ramos' departure? The latest prominent figure to go on early retirement is Sello Moloko, the bank's chairman. Absa said Moloko is stepping down to focus on his family, personal business interests, and community commitments. NOW READ: Do you still need cash? Banks closing ATMs, except Capitec
