Godongwana places SA bank under curatorship, Joburg rate warnings, G4S deal criticised, Samwu protests new legislation.
: Habib Overseas Bank has been placed under curatorship by Finance Minister Enoch Godongwana to deal with governance failures and protect the bank’s depositors. The minister made the decision after a recommendation from the SARB’s Prudential Authority . The SARB said the bank was defying financial sector regulations, such as stringent exchange control rules. [Johannesburg residents could see an above-inflation rise in the cost of municipal services from 1 July.
This follows the widely reported escape of Thabo Bester, who was believed to have died in a prison fire. The contract is expected to last until 2026, with the government understood to be paying R1 billion a year to G4S to run the Manguang prison and another prison in Limpopo.
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