UIF pays out R3bn; Net1 company in bankruptcy fight; Pepkor 'fleeces poor' - court; Land Bank hits StanChart
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In today's news headlines:
* The Unemployment Insurance Fund has paid out just over R3.3bn ($177.3m) to people whose work and income have been affected by the coronavirus pandemic;
* Net1, listed on the Johannesburg and Nasdaq markets, is seeking bankruptcy protection in court for its subsidiary Cash Paymaster Services, a company that for about five years distributed R150bn in welfare payments annually on behalf of the South African government;
* Pepkor, one of South Africa’s largest retail groups, is at the centre of a scandal in which one of its units, JDG Trading, is accused of fleecing poor, illiterate people; and
* Problems at the Land Bank have hammered London listed Standard Chartered bank. The Plc is owed not far off $250m.
* The Unemployment Insurance Fund has paid out just over R3.3bn ($177.3m) to people whose work and income have been affected by the coronavirus pandemic;
* Net1, listed on the Johannesburg and Nasdaq markets, is seeking bankruptcy protection in court for its subsidiary Cash Paymaster Services, a company that for about five years distributed R150bn in welfare payments annually on behalf of the South African government;
* Pepkor, one of South Africa’s largest retail groups, is at the centre of a scandal in which one of its units, JDG Trading, is accused of fleecing poor, illiterate people; and
* Problems at the Land Bank have hammered London listed Standard Chartered bank. The Plc is owed not far off $250m.
