Category: Africa

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Africa, rating agencies and the cost of debt

Source: The Conversation – Africa – By Caroline Southey, Founding Editor, Africa, The Conversation

How much we pay for the debt that we incur determines a great deal in our lives. This is true of countries too. In the world of sovereign debt – money raised or borrowed by governments – the cost of debt is dependent on, among other factors, how rating agencies “grade” a country.

It’s a sensitive issue. Three agencies dominate the rating business. A criticism often meted out is that they judge African countries more harshly than others, which pushes up borrowing rates. These tensions lie behind the acrimonious fall-out between one of the big three – Fitch – and the African Export-Import Bank (Afreximbank).

On 28 January 2026 Fitch announced it had downgraded the bank’s credit rating to junk status, and that it was ending its relationship with the bank.

Fitch’s decision was preceded by Afreximbank announcing that it was severing all ties with the rating agency. A few days later the African Union weighed in, issuing a statement from its watchdog, the African Peer Review Mechanism, backing the bank’s decision, and warning Fitch not to issue any credit assessments of the bank. The rating agency clearly chose to ignore the warning.

Below you can find articles from our archives that examine various dimensions of Africa’s debt challenges.

Africa’s development banks are being undermined: the continent will pay the price

African countries need strong development banks: how they can push back against narratives to weaken them

Africa’s new credit rating agency could change the rules of the game. Here’s how

Eurobonds issued by African countries are popular with investors: why this isn’t good news

African countries are bad at issuing bonds, so debt costs more than it should: what needs to change

African finance ministers shouldn’t be making bond deals: how to hand over the job to experts

Senegal’s rating downgrade: credit agencies are punishing countries that don’t check their numbers

South Africa’s debt has skyrocketed – new rules are needed to manage it

– Africa, rating agencies and the cost of debt
– https://theconversation.com/africa-rating-agencies-and-the-cost-of-debt-274676

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Future Hospitality Summit (FHS) Africa 2026 to Spotlight Investment, Innovation and Destination Growth Across Sub-Saharan Africa

Source: APO


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The Future Hospitality Summit Africa (FHS Africa) (www.FutureHospitality.com/Africa) will return to Nairobi on 31 March – 1 April 2026, bringing together some of the most influential leaders shaping hospitality, tourism and investment across the continent. The event will take place at the Radisson Blu Hotel, Nairobi Upper Hill.

As Africa’s hospitality sector continues to attract growing international attention and capital, FHS Africa provides a platform for high-level discussion on investment, development, destination strategy and operational performance. The Summit is designed for senior decision-makers, with a strong emphasis on partnerships, policy alignment and commercial outcomes.

Discussions around destination leadership and tourism growth will draw on insights from Juliana Kagwa, Chief Executive Officer of the Uganda Tourism Board, while Ashish Sharma, Chief Executive Officer of Serena Hotels Africa, and Rosco Wendover, Chief Executive Officer of Angama Group, will bring perspectives from operating and scaling hospitality brands across African markets.

The agenda will also focus on investment and development, informed by leaders such as Ewan Cameron, Director, Africa, Westmont Hospitality Group; Rahul Chaudhary, Managing Director and CEO of CG Corp Global; Olivier Granet, Managing Partner and Co-Chief Executive Officer of Kasada Capital Management amongst other key investors, who will share insight into capital deployment, deal structures and investor priorities across the continent.

Broader themes around strategy, sustainability and long-term destination planning will be addressed through the expertise of Dr. Aradhana Khowala, Chief Executive Officer and Founder of Aptamind Partners, while Mita Vohra, Board Director and Head of Sales, Marketing, Revenue and Distribution at Sarova Hotels, will contribute a commercial lens on revenue, distribution and brand performance.

Entrepreneurship and African brand growth will feature prominently, with Jameel Verjee, Founder and Chief Executive Officer of CityBlue Hotels, sharing experience on building and scaling hospitality brands regionally. The programme will also include a global perspective on travel demand and destination perception from Peter Greenberg, Travel Editor at CBS News.

Commenting on FHS Africa’s programme, Roy Bannister, Head of Strategic Partnerships, Africa at The Bench, said: “The calibre of speakers and the level of sponsors participating is a testament to the quality of discussions at FHS Africa. Attendees operating in this sector cannot afford to miss this event – it’s where pipeline reports, economic analysis, data, and the most relevant industry discussions on finance, development, technology and sustainability come together. The insights and connections gained here are essential for anyone leading or investing in African hospitality.”

FHS Africa has established itself as a key meeting point for leaders shaping the future of hospitality on the continent, with previous editions generating significant business activity and long-term partnerships. The 2026 Summit is expected to build on this momentum, reinforcing Africa’s position as a priority market for hospitality investment and innovation. http://www.FutureHospitality.com/Africa

Distributed by APO Group on behalf of Future Hospitality Summit Africa (FHS Africa).

About Future Hospitality Summit Africa: 
Future Hospitality Summit Africa (FHS Africa) is Africa’s leading hospitality investment and leadership forum, bringing together senior executives, investors, developers and policymakers to drive sustainable growth and collaboration across the hospitality ecosystem. The 2026 Summit will take place 31 March – 1 April at the Radisson Blu Hotel, Nairobi Upper Hill, Kenya.

Sponsors include:
Host Partner: Westmont Hospitality Group
Strategic Partners: Accor, BWH Hotels, ClubMed, IHG Hotels & Resorts, Radisson Hotel Group
Headline Sponsors: ACT; CityBlue, CHIC, Hansgrohe, Kofisi, Quo, Rotana, The First Hospitality Group, Tui Hotels & Resorts; Uganda Tourism Board
Sponsors: Aleph Hospitality, Gary Greene Design, Knight Frank, STR
Education Partner: Millat Group
Networking Partner: AIRE, Trianum Hospitality
Official Carrier: Kenya Airways

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Reserve Bank keeps repo rate at 6.75%

Source: Government of South Africa

Reserve Bank keeps repo rate at 6.75%

The South African Reserve Bank’s Monetary Policy Committee has kept the repo rate unchanged at 6.75%.

This was announced by Reserve Bank Governor, Lesetja Kganyago on Thursday.

The prime lending rate will also stay steady at 10.25%.

“Two members [of the MPC] favoured a cut of 25 basis points, while four preferred a hold.

“The Quarterly Projection Model continues to forecast gradual rate cuts as inflation subsides. The model interprets the policy stance as moderately restrictive currently, with rates reaching neutral levels during 2027.

“As before, this rate path remains a broad policy guide. Our decisions will continue to be taken on a meeting-by-meeting basis, with careful attention to the outlook, data outcomes, and the balance of risks to the forecast,” he said.

Kganyago added that South Africa’s economic growth “looks steadier”, noting that there has been expansion for four quarters – with available data suggesting that “it grew further in the most recent quarter”.

“This would mark the longest unbroken growth phase since 2018. The main growth driver has been household consumption, up by more than 3% last year, compared to an estimated 1.3% for the overall economy.

“Unfortunately, investment has been weak, contracting during the first half of 2025. However, the third-quarter data showed a rebound. We hope this investment recovery will be sustained, allowing the economy to achieve structurally higher growth.

“Our forecasts continue to show growth moving somewhat higher, approaching 2% over the medium term. We see some upside risks to these projections,” he said.

Inflation came in higher towards the end of 2025 at 3.6% in December but is expected to slow.

“Indeed, our near-term inflation forecast has fallen, with the rand stronger and a lower oil price assumption.

“We are, however, keeping an eye on food inflation, especially meat prices, which are being affected by a serious outbreak of foot and mouth disease. We are also concerned about electricity prices, given that NERSA’s price correction may rise from R54 billion to R76 billion.

“More positively, inflation expectations have fallen, with the latest survey showing longer-term expectations at record lows. We look forward to expectations declining further, as South Africans experience ongoing lower inflation and learn more about the new target,” Kganyago noted.

He described the past year as a “watershed year for the South African economy”.

“Despite a volatile global backdrop, there was significant progress on domestic reforms, including a new inflation target. These efforts have been rewarded with lower borrowing costs, a rapid decline in inflation expectations, and steadier growth.

“It is crucial to sustain this progress. For monetary policy, our main contribution is to deliver on the new target, which means stabilising inflation at 3% over the next few years.

“Further gains in economic performance would come from reaching a prudent public debt level, lowering administered price inflation, and continuing structural reforms that raise potential growth,” Kganyago concluded. – SAnews.gov.za

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President Ramaphosa to receive the FIFA World Cup™️ Original Trophy

Source: President of South Africa –

President Cyril Ramaphosa will on Friday, 30 January 2026 receive the FIFA World Cup™️ Original Trophy during the FIFA World Cup™️ Trophy Tour at the Union Buildings, Pretoria.

The FIFA World Cup™️ Trophy Tour by Coca-Cola is bringing the most coveted prize in football to South Africa.

South Africa’s football story is rooted in defining moments, from first qualifying in 1998, to hosting the 2010 FIFA World Cup™️.

After 16 years, South Africa has now qualified again for the FIFA World Cup™️, marking a powerful return to the global football stage.

The Trophy’s arrival represents hope, pride, memory, and momentum. It marks the symbolic beginning of South Africa’s return to the FIFA World Cup™️, a moment in which the future of South African football is placed, both physically and emotionally, into the hands of its people.

The FIFA World Cup™️ Trophy Tour by Coca-Cola in South Africa is more than a tour; it is a homecoming.
The President will receive the Trophy as follows:

Date: Friday, 30 January 2026
Time: 13h30
Venue: Union Buildings, Pretoria

Members of the media wishing to cover the Welcome Ceremony are requested to submit their details to Makungu@presidency.gov.za and copy Patience@presidency.gov.za before 15h00 today, 29 January 2026.

Media enquiries: Vincent Magwenya, Spokesperson to the President – media@presidency.gov.za

Issued by: The Presidency
Pretoria

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Gauteng hands over 130 operating licences to transport operators

Source: Government of South Africa

Gauteng hands over 130 operating licences to transport operators

The Gauteng Department of Roads and Transport handed over 130 operating licences to compliant public transport operators on Thursday during a ceremony held at the Koedoespoort Regional Offices in Tshwane.

The handover is part of the provincial government’s ongoing programme to clear the operating licences backlog and stabilise the public transport sector.

Since last year September, the department has issued more than 800 operating licences, demonstrating government’s commitment to strengthening regulation and improving service delivery to both operators and commuters.

The Gauteng MEC for Roads and Transport, Kedibone Diale-Tlabela, said the licence handover represents another important step towards restoring order and improving compliance within the sector.

“The licence handover reflects our determination to build a licensing system that is transparent, efficient and fair. Our focus is on bringing services closer to operators and ensuring that they are delivered within clear and reliable time frames,” the MEC said.

She further emphasised that operators are expected to comply fully with regulatory requirements, including ensuring that vehicles are roadworthy, operating safely, and refraining from transferring or renting out operating licences.

“We expect operators to respect the rules of the road, provide safe and reliable services, and contribute to a public transport system that the people of Gauteng can trust. This partnership is central to building a stable, modern and accessible transport network,” she said.

The department has committed to continuing to implement targeted interventions to eliminate the remaining backlog and strengthen the regulatory framework, ensuring a safe, reliable and efficient public transport environment for all Gauteng residents. –SAnews.gov.za

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Tribute for Ekurhuleni MMC Andile Mngwevu

Source: Government of South Africa

Tribute for Ekurhuleni MMC Andile Mngwevu

Gauteng MEC for Roads and Transport Kedibone Diale-Tlabela has paid tribute to Ekurhuleni’s Member of the Mayoral Committee for Roads and Transport (MMC) Andile Mngwevu for being a dedicated public servant, whose work in transport planning made a real difference in the lives of residents.

Mngwevu lost his life last week after his vehicle was swept away by floodwaters in Mozambique.

“Those who knew him speak of his humility, compassion and unwavering commitment to serving others.  His integrity and kindness earned him deep respect across the communities he served. 

“His attention to detail, principled leadership and genuine care for people set an example for all of us in local government. To his family – who have lost a beloved son, husband and father – please accept my heartfelt condolences,” Diale-Tlabela said on Thursday.

The MEC also conveyed her condolences to Mngwevu’s colleagues in the Ekurhuleni Municipality and all who knew him.

“We share in your grief. The Gauteng Department of Roads and Transport stands with you during this painful time. His contribution to public service, from his days as a student activist in KwaThema to his leadership in municipal government, will be remembered.

“Though his passing leaves an irreplaceable void, his legacy of service, leadership and humanity will forever remain in the hearts of those he touched,” she said. – SAnews.gov.za

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Invest Africa and S-RM renew strategic intelligence partnership to support trade and investment across Africa

Source: APO – Report:

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Invest Africa (http://www.InvestAfrica.com) and global corporate intelligence and cyber security consultancy S-RM (http://apo-opa.co/4qHDgVH) have renewed their partnership for the third year in 2026. The partnership reinforces a shared commitment to advancing trade and investment across the African continent.

Building on a strong year of collaboration in 2025, the partnership will deliver valuable insights and high-quality engagement across Invest Africa’s three flagship events:

  • The Invest Africa Mining Series in Cape Town (February), under the theme ‘Unlocking Potential – Investing in Sustainable Value Chains, Growth, and Innovation’
  • The Africa Debate in London (June), under the theme ‘Redefining Partnerships: Navigating a world in transition’
  • The Africa Debate – UAE in Dubai (October)

Together, these events promote robust cross-sector dialogue and collaboration to advance trade and investment across the continent. Throughout the year, S-RM will also support Invest Africa’s members and wider network on a range of integrity and ESG due diligence remits.

Building on this momentum, Invest Africa and S-RM will continue to empower businesses and investors in 2026 by delivering actionable intelligence, tailored to an evolving geopolitical and regulatory landscape. They will also curate strategic events, thought leadership and insights to inform organisations seeking to invest in Africa.  

Deepening strategic intelligence and market insight

With two decades of experience in Africa, S-RM helps Invest Africa’s network navigate opportunities and risks across the continent with industry-leading intelligence, resilience and response solutions.

Commenting on the renewal, Chantelé Carrington, CEO, Invest Africa, said: “We’re delighted to renew this partnership, which has proven to be an asset to our network, providing critical insights and solutions in a rapidly evolving business landscape, supporting informed investment decisions across Africa. In 2025, S-RM helped elevate our flagship events – from the Mining Series to the Africa Debates in London and now the UAE.  We look forward to continuing to work together to unlock opportunity and promote sustainable growth across Africa.”

Matt Venturas, Head of sub-Saharan Africa, Corporate Intelligence, S-RM, said: “We are delighted to enter another year as Invest Africa’s intelligence partner, having collaborated closely over the past two years. 2025 saw us broadening networks and unlocking opportunities throughout Africa, the UK, and the UAE – and we expect to build on these successes in 2026 through this key partnership. I’m looking forward to connecting with many of the Invest Africa members at the Mining Series in Cape Town next month, and throughout the year.” 

– on behalf of Invest Africa.

For further information, please contact:
George Meadows
Invest Africa
George.meadows@investafrica.com

Adam Kellett 
Rostrum  
s-rm@rostrum.agency

About Invest Africa:
Invest Africa is a leading business and investment platform, using over seventy years’ experience in Africa to provide our network with unique information and exposure to business opportunities.

Our global footprint includes over 400 member companies, encompassing multinationals, private equity firms, institutional investors, development finance institutions, professional service organisations, government bodies, and entrepreneurs.

With presence in the UK, UAE, US, South Africa, Kenya and Nigeria, we connect our network through our extensive global reach, market intelligence, and exposure to business opportunities.

As the trusted entry point into Africa, we support and connect businesses and investments through our membership, dynamic events programme, and consultancy services.

Our vision is to play a central and influential role in Africa’s socio-economic growth by guiding sustainable capital towards key opportunities on the continent.

Find out more at www.InvestAfrica.com

About S-RM:
S-RM is a corporate intelligence and cyber security consultancy. Founded in 2005, we have 400+ practitioners globally, serving clients across all regions and major sectors. We support our clients by delivering intelligence that informs strategy and decision-making; by supporting them in building resilience to cyber threats; and by providing rapid response to cyber incidents and other organisational crises. We partner with leading organisations, supporting them at all levels, from CEOs and their boards through to front-line teams.

Find out more at www.S-RMinform.com. 

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South Africa: Joint Committees Expose Councillor Payroll Irregularities at Amajuba District Municipality

Source: APO


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The joint oversight committees, including the Portfolio Committee on Cooperative Governance and Traditional Affairs (COGTA), Standing Committee on Public Accounts, and the Standing Committee on Auditor-General, today raised serious concerns over payroll irregularities at Amajuba District Municipality.

It was revealed that two individuals were being paid for a single councillor position, resulting in wasteful and potentially unlawful expenditure. This irregularity exposes significant weaknesses in financial oversight and administrative accountability at the municipality.

The committees learnt about this irregularity during an engagement with the municipality as part of their four-day joint oversight visit to KwaZulu-Natal aimed at focusing on municipalities identified by the Auditor-General of South Africa as distressed or dysfunctional.

Committees emphasised that the Amajuba District Municipal Manager, as accounting officer, bears full responsibility for ensuring proper payments and adherence to council resolutions. The mayor, speaker and deputy mayor were also criticised for inconsistent and inaccurate information regarding councillor numbers and payroll, further undermining public trust.

The committees made it clear that failure to address such irregularities constitutes serious governance lapses. They further called for the MEC responsible for cooperative governance and cooperative affairs to conduct a thoroughly investigation of this significant concern.

In response, the Municipal Manager committed to recouping the overpayments and enforcing proper payroll processes. The committees stressed that all individuals responsible for authorising or facilitating the improper payments will face strict consequence management. Immediate corrective action is required to protect public funds and restore credibility to the municipality.

Beyond payroll issues, the committees highlighted other critical areas of concern at Amajuba, including absenteeism, poor fleet and diesel management, ineffective use of consultants, water supply and infrastructure challenges, and a mismatch between budget expenditure and service delivery outcomes.

The municipality has been directed to provide comprehensive reports and strategies addressing these issues, including strengthening oversight, improving revenue collection, and ensuring functional disciplinary and accountability structures.

The committees have further mandated that a detailed post-audit action plan be submitted within three months, covering all identified governance, financial and operational irregularities. This plan must include specific corrective measures, timelines and accountability frameworks to restore proper administrative processes, safeguard public funds and ensure efficient service delivery to the communities of Amajuba District.

The committees also engaged with Ugu, Newcastle, Uthukela, Umkhanyakude and Umzinyathi district municipalities, as well as Inkosi Umtubatuba Local Municipality, and raised serious concerns about governance, financial management and service delivery. Across the municipalities, the committees called for the submission of detailed action plans and reports to address audit findings, mismanagement of conditional grants, irregular and wasteful expenditure, infrastructure oversight failures, and persistent water and electricity losses.

These reports, to be submitted within three months via the MEC, will inform follow-up engagements where officials will be held accountable for corrective action ahead of the next audit cycle.

At Ugu District Municipality, the committees focused sharply on the ongoing water crisis, directing the municipality to report comprehensively on water interventions, tanker operations, service coverage and outstanding challenges, while stressing that water tankers are not a permanent solution.

The Ugu District Municipality acknowledged the crisis and committed to completing outstanding water projects by the end of March, while reporting vandalism and suspected sabotage of infrastructure, with arrests already made.

Newcastle and Uthukela municipalities were instructed to address deep-seated governance weaknesses, including audit reliance, acting appointments, infrastructure failures, procurement irregularities, excessive use of consultants and going-concern risks, with the committees emphasising that consequence management, improved controls and sustainable service delivery are non-negotiable.

The committees further expressed grave concern over persistent governance and service delivery failures at the Umzinyathi District Municipality. They stressed that weak internal controls, questionable procurement practices and poor accountability can no longer be tolerated and warned that failure to implement corrective measures and consequence management will trigger further oversight and possible intervention.

The Chairperson of the Portfolio Committee on COGTA, Dr Zweli Mkhize, underscored Parliament’s constitutional oversight mandate and directed municipalities to urgently submit credible, time-bound action plans to address the Auditor-General’s findings.

He warned that failure to do so would undermine service delivery and attract further oversight and consequence management. Dr Mkhize reaffirmed that the committee will closely track implementation and hold accounting officers accountable, while thanking municipalities for their participation in the engagements.

DETAILS OF THE PROGRAMME 
Thursday, 29 January 2026
Engagements will be held with:

  • Endumeni Local Municipality
  • Nongoma Local Municipality
  • Nquthu Local Municipality
  • Msunduzi Local Municipality
  • Mhlathuze Local Municipality
  • Impendle Local Municipality

Friday, 30 January 2026

The committees will conclude the oversight visit with engagements with the Dr Nkosazana Dlamini Zuma District Municipality and traditional leadership.

ISSUED BY THE PARLIAMENTARY COMMUNICATION SERVICES ON BEHALF OF THE CHAIRPERSON OF THE PORTFOLIO COMMITTEE ON COOPERATIVE GOVERNANCE AND TRADITIONAL AFFAIRS, DR ZWELI MKHIZE.

For media enquiries or interviews with the committee Chairpersons, please contact the committee’s Media Officer:

Name: Malentsoe Magwagwa (Ms)
Cell: 081 716 5824
Email: mmagwagwa@parliament.gov.za

Distributed by APO Group on behalf of Republic of South Africa: The Parliament.

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President Ramaphosa acts on SAPS and Ekurhuleni officials named in Madlanga interim report

Source: Government of South Africa

President Ramaphosa acts on SAPS and Ekurhuleni officials named in Madlanga interim report

At least 14 high-ranking South African Police Service (SAPS) and Ekurhuleni Metropolitan Municipality (EMM) officials have been referred for investigation after being identified as possible wrongdoers by the Madlanga Commission.

This according to a statement released by the Presidency on the interim report of the Madlanga Commission, on Thursday.

The Commission submitted its interim report and recommendations to President Cyril Ramaphosa in December last year, which he has since studied and accepted. 

“President Ramaphosa further welcomes the referrals by the Commission of matters for immediate criminal investigation and urgent decisions on prosecution, as well as recommendations on the employment status and recommended suspension of individuals. 

“The Commission, in accordance with its terms of reference, makes several referrals concerning matters that require immediate further investigation by the relevant and impacted law enforcement institutions, including criminal investigations. 

“The Commission also makes recommendations in some instances for disciplinary measures to be taken against individuals alleged to be involved in wrongdoing, including criminal acts and corruption,” the statement read.

The Presidency explained that the Commission made referrals for investigation where it found prima facie evidence of wrongdoing.

These investigations are to be carried out by the SAPS, Independent Police Investigative Directorate (IPID) and EMM.

“The matters highlighted for referral concern allegations of criminality, corruption, fraud, murder, perjury and other unlawful actions by officials and officers in the employ of the SAPS, City of Ekurhuleni and the Ekurhuleni Metro Police Department (EMPD). 

“Where IPID is already seized with certain matters, the Commission will make a referral to IPID on the status of their investigations and seek explanations for any delays,” the Presidency said.

The referrals relate to the following SAPS officials:

  • Major General Lesetja Senona
  • Major General Richard Shibiri
  • Brigadier Mbangwa Nkhwashu
  • Brigadier Rachel Matjeng
  • Sergeant Fannie Nkosi

The commission also found prima facie evidence of wrongdoing regarding the following current and former employees of the EMM:

  • Suspended EMPD Chief of Police, Commissioner Julius Mkhwanazi
  • EMPD Officer Bafana Twala
  • EMPD Officer Aiden McKenzie
  • EMPD Officer Kershia Leigh Stols
  • EMM former City Manager, Dr Imogen Mashazi 
  • EMM fleet manager/proxy, Mr Chris Steyn
  • EMM Head of Department of Human Resources, Ms Linda Gxasheka
  • EMM Head of Legal, Adv Kemi Behari
  • Mr Etienne van der Walt

“President Ramaphosa expects all law enforcement agencies and other relevant criminal justice institutions to act with speed in implementing the recommendations of the Commission’s interim report.

“Such immediate action will help to restore public trust and strengthen operational capacity in the affected state entities tasked with fighting crime and corruption,” the Presidency said.

Investigations task team

The statement noted that some implicated individuals are expected to “return to the Commission to respond to allegations presented against them and that more witnesses are yet to deliver their evidence”.

“While the Commission emphasises that, with the exception of EMPD Chief, Commissioner Julius Mkhwanazi, it has not yet heard the response of some of the relevant persons listed above, the allegations against them remain prima facie allegations only and are not findings of the Commission. 

“The nature of these allegations however warrants the referrals for further investigation and potential disciplinary, prosecutorial or regulatory action right away,” the Presidency said.

Minister of Police, Professor Firoz Cachalia and SAPS National Commissioner, General Fannie Masemola, have been directed to constitute a special investigations task team with its leader to report directly to the Commissioner.

“The task team will institute investigations against people identified by the Commission for investigation. Establishing a special unit is critical to ensure that these investigations take place as a matter of urgency.

“President Ramaphosa would like to express his deepest appreciation to the Commission chairperson, retired Justice Madlanga, Commissioners Baloyi and Khumalo, and to all the Commission staff for their diligent work in the delivery of the interim report. 

“The President looks forward to the finalisation of the Commission’s work and its contribution to the effective functioning of law enforcement agencies and the criminal justice system,” the statement concluded. – SAnews.gov.za

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Alleged international scam syndicate members arrested

Source: Government of South Africa

Alleged international scam syndicate members arrested

Some 23 suspected members of an alleged R1 billion international scam syndicate have appeared in the Johannesburg Commercial Crimes Court on charges of contravention of the Financial Advisory and Intermediary Services Act (FAIS Act).

The suspects were arrested in Gauteng this week, in a multi-agency operation, led by the Directorate for Priority Crime Investigation (DPCI), also known as the Hawks.

“The arrests were the culmination of prosecutorial, internationally coordinated investigations conducted by the DPCI, the South African Police Service Crime Intelligence, the Financial Intelligence Centre, the United Kingdom National Crime Agency, the United States Department of Homeland Security Service, Australian IFW and CyberTrace investigation companies, working closely with South Africa’s private investigation company, IRS,” National Prosecuting Authority (NPA) Gauteng spokesperson Phindi Mjonondwane revealed.

They are alleged to have “operated call centres that provided financial services, despite not being registered as financial advisers or as representatives of the Financial Sector Conduct Authority”.

“The State alleges that more than 40 unsuspecting victims from abroad, including the United States of America, Australia, New Zealand, and the United Kingdom, were scammed into investing more than R1 billion in what they believed to be legitimate investment opportunities.

“It is further alleged that some of these funds were used to sustain the operations of the call centres,” Mjonondwane continued.

The case was postponed to next month for the bail hearing.

“The NPA, working with its partners, continues to make significant strides in tackling and dismantling organised criminal networks.

“The complex and deeply embedded scourge of organised crime continues to plague the country; however, law enforcement agencies remain equipped and committed to dealing effectively with such crimes,” she said. – SAnews.gov.za

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