22.1.2021 05:32 pm
The collapse of Mirror Trading International (MTI) appears to have caused financial destruction in many small communities in South Africa.
Mirror Trading International (MTI), which was started in April 2019, collapsed after its CEO Johann Steynberg fled the country with over R5 billion worth of investors’ Bitcoin, and some ‘investors’ still believe that Steynberg will ‘do the right thing’ and pay out their money.
Alberts has expressed concern that the new regulations involved more money being spent by the sector, in the middle of the State of Disaster.
In his address to the nation earlier this month, President Cyril Ramaphosa extended level 3 lockdown until the country passes the peak of new infections.
The forensic investigators are now attempting to unscramble the Praesidium/Imagina omelette to see if any funds remain to be returned to investors.
‘Their modus operandi includes identity theft and pretending, through fake emails, to be representatives of government departments and agencies.’
For the last 10 months, businesses barely survived the lockdown and the constant regulations.
‘2021 should be the fifth year that average headline CPI is below the 6% upper band of the SARB’s 3%-6% target range, confirming that inflation is well under control in South Africa.’
The two unions have suggested that the outstanding balance of five months’ pay be delayed to later in 2021 or that the money owed to employees be turned into equity.
‘We fully expect that retail sales for home consumption would be the first step towards unbanning of alcohol consumption,’ said Consol CEO Mike Arnold.
A small percentage of consumers carry the tax burden in the country and chances are that taxing them even more to pay for vaccines will be the straw that breaks the camel’s back and cause a tax revolt.
According to a statement released by Grain SA, brewing company ABInBev has already lowered its barley mandate from 458 000t in 2020 to 388 000t of barley in 2021.
However, weakness of dollar to rand could boost contribution of exports to GDP.
In December 2011, Belet sued for damages in the High Court in Johannesburg on the basis that MTN had breached or repudiated the dealer agreement.
Selling ailing SOEs is one way of raising much-needed funds, says leading economist.
The beleaguered hospitality sector is heading to court over the extension of the Bargaining Council Collective Agreement for Fast Food, Restaurant, Catering and Allied Trades without consultation.