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Mastermind in multimillion-rand bank collapse gets 495 years imprisonment

Mastermind in multimillion-rand bank collapse gets 495 years imprisonment

A banker who played a central role in the collapse of the VBS Mutual Bank in South Africa, leading to losses of multimillion savings for its mostly rural poor customers, has been jailed for his actions. Tshifiwa Matodzi, 47, the former Chairperson of the VBS Mutual Bank Board was sentenced to a total of 495 years in prison after he pleaded guilty to several offences, including corruption, theft, fraud, money laundering, and a pattern of racketeering activities that culminated in the downfall of VBS Mutual Bank. Matodzi has pleaded guilty to 33 counts which include corruption, theft, fraud, money laundering,…
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S.Africa’s Eskom losing well over $55 million a month through theft, ex-CEO says

S.Africa’s Eskom losing well over $55 million a month through theft, ex-CEO says

SOUTH African state power firm Eskom loses well over 1 billion rands ($55 million) a month from theft, its former chief executive told parliament, saying a previous estimate he gave was conservative. Andre de Ruyter made the comments in a written submission to parliament's Standing Committee on Public Accounts (SCOPA) seen by Reuters, following an interview to local news channel eNCA in February where he made sweeping corruption allegations without detailed evidence against Eskom and South Africa's governing African National Congress. Shortly after the interview aired Eskom announced de Ruyter would leave his job immediately, cutting short a notice period he was serving after…
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Uganda arrests second minister over alleged theft of iron sheets for relief program

Uganda arrests second minister over alleged theft of iron sheets for relief program

UGANDA'S assistant finance minister has been arrested and detained on accusations of diverting metal roofing sheets meant for a relief program in the restive northeastern Karamoja region, police said. Amos Lugoloobi's arrest is the second of a minister in recent weeks over the roofing sheets' diversion. Police said Lugoloobi's arrest was authorised by the Director of Public Prosecutions (DPP) as part of "investigations into the alleged theft and diversion of iron sheets meant for the Karamoja region." "The office of the DPP has sanctioned criminal charges against ... Lugoloobi," a police statement on Twitter said. "As a result, he has…
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MTN invests $84-million in network security after vandalism, theft

MTN invests $84-million in network security after vandalism, theft

NQOBILE DLUDLA ROLLING power cuts, vandalism and battery theft have forced MTN Group's South African arm to invest 1.5 billion rands ($84 million) to ensure its mobile network operates effectively. South African state electricity utility Eskom is implementing the worst rolling blackouts on record as its ageing coal plants fail, leaving households and businesses in Africa's most advanced economy in the dark for up to 10 hours a day. The telecom industry in particular is having to crank up diesel generators to power its vast towers, roll out additional batteries and increase security to protect them from theft and vandalism, costs…
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