Kaya 959 Kaya Biz

Rand manipulation: After fund manager's $20m Ramaphosa bet flopped.

Loading player...
The South African co-founder of a UK hedge fund is alleged to conspired to manipulate the rand-dollar exchange rate after his bet that Cyril Ramaphosa's 2017 election as ANC leader would galvanise the rand failed to pan out as he had hoped.
US federal prosecutors this week unsealed a 26-page indictment charging Neil Phillips, the co-founder of Glen Point Capital, with conspiracy to commit commodities fraud, conspiracy to commit wire fraud, commodities fraud and wire fraud.
Phillips has been charged with conspiracy to manipulate the rand-dollar exchange rate to trigger a $20 million (R346 million, at current exchange rates) payout fraudulently. The indictment was made public after the 52-year-old was arrested in Spain at the request of US authorities.
5 Sep 2022 5AM English South Africa Business News · Investing

Other recent episodes

Manufacturing Slips: June Absa PMI Signals Q2 Strain

Absa Economist Sello Sekele unpacks June’s PMI decline from 50.8 to 47.3, the impact of easing Middle East tensions on fuel prices, the sharp drop in purchasing price pressures, weakening demand as buyers delay purchases, and why employment and inventories point to continued strain in South Africa’s manufacturing sector.
2 Jul 1PM 12 min

Tax Season Scams: AI Fraud, WhatsApp Spoofing & Digital Red Flags

Cybercriminals are exploiting tax‑season anxiety with AI‑generated phishing emails, cloned SARS websites, WhatsApp spoofing and payroll‑related scams. Lucas Molefe explains why 2026 is a high‑risk year, how scammers mimic official communication, and the digital hygiene habits that protect your identity and refund. Essential listening for every taxpayer.
2 Jul 1PM 9 min

Tax Season 2026: Must-Knows with Commissioner Dr. Johnstone Makhubu

SARS Commissioner Dr. Johnstone Makhubu unpacks the 2026 Filing Season, from the phased rollout and enhanced risk engine to the rise of auto‑assessments. He explains how taxpayers should interpret assessments, and navigate a more targeted audit environment. A clear, practical guide to filing smarter this year.
2 Jul 12PM 17 min

The Second Bond: The Hidden Costs Homebuyers Miss

Jonathan Kohler exposes the “second bond” — the monthly bill homeowners face before paying their actual home loan. From R4,000–R7,000 in Johannesburg and Cape Town to over R11,500 in Umhlanga, we unpack levies, utilities, maintenance, special levies and municipal tariffs that determine true affordability. A must‑listen for buyers, investors and…
1 Jul 1PM 27 min

SA New Vehicle Sales post strongest June result since 2007

South Africa’s new vehicle market delivered a standout June performance despite inflation, fuel price spikes and weaker consumer confidence. Dr Paulina Mamogobo, Chief Economist at NAAMSA, breaks down the domestic resilience, export pressures, shifting macroeconomic signals, and what these trends mean for the industry heading into the second half of…
1 Jul 12PM 20 min
All episodes