Platinum Gazette 18 May 2018
Platinum Gazette 18 May 2018
Platinum Gazette 18 May 2018
Platinum
was placed under curatorship by the South African Reserve Bank.
The reason for the curatorship is that VBS used the short-term investments as a basis to grant
long-term loans to various entities and individuals.
The result was that not enough money remained to pay out the short-term investments when
they had matured. To further complicate the matter, because of the legal setup of a mutual bank
such as VBS, municipalities are legally not allowed to invest their money at such a bank, which is
Gazette
governed by the Mutual Banks Act (124 of 1993). Section 7(3)(b) of the Municipal Finance Manage-
ment Act states that a municipality may not open a bank account with an institution not registered
as a bank in terms of the Banks Act 94 of 1990; read with the Municipal Investment Regulations,
which regulate the instruments within which municipalities are allowed to invest municipal funds.
Mutual Banks may also not take investments from municipalities. So, if a municipality invests
in a mutual bank, it is against the law, while accepting the investment by the mutual bank, is also
against the law. So in this case, both VBS and the municipalities in question, such as Fetakgomo
Tubatse Municipality, ostensibly did not abide by the law.
As far as could be determined and be gleaned from answers and reports in Parliament, our
own local municipality ostensibly exposed more than R200 million (or more than 30 percent) of the
operating budget (from which expenses such as salaries must be paid) by means of investment in
Photograph: Fetakgomo Tubatse VBS Mutual Bank.
Municipal building in Burgersfort VBS Mutual Bank’s curators say “All Municipal deposits have been effectively frozen and no
further withdrawals of these monies are allowed. No interest will be paid out on these deposits”.
We requested the municipality’s comment on the issue and will report on developments as it
unfolds nationally and locally.
5
Finally these
men said,
“We will never
find any basis
for charges
against this
man Daniel
unless it has
something to
do with the
law of his
God.”
(Photograph
taken and
submitted by
Stanley Heyes.
Taken in Burg-
ersfort on Friday
11, May 2018).
Six arrested
On 9 May 2018 six suspects Leukau, also in the Groblers-
were apprehended in the dal Cluster.
Burgersfort Cluster by the A former police resevist who
SAPS. The suspects, whose is believed to be the kingpin
ages range from 23 years to behind these crimes, was
30 years, include an ex-po- arrested at Ga-Selala village
lice reservist. in the Mecklenburg policing
In a well coordinated intel- area. Subsequent to his
ligence-driven operation arrest, two pistols and a rifle
comprising of members were recovered at his home.
derived from various police The suspects were subse-
units, these notorious sus- quently linked to the following
pects were picked up one by crimes: • Two armed rob-
The Kishugu Lowveld Air one whilst asleep at different beries at Burgersfort Engen
Show filled the skies in Nel- locations. The members garage. • Two armed robber-
spruit on Saturday, 12 May followed up on informa- ies at NWJ Tubatse Crossing
2018. The photograph was tion about these suspects Mall. • Two armed robberies
taken by and edited on iP- who have been tormenting at PPS garage in Burgersfort.
hone by Platinum Gazette’s community members in the • Hijacking of a Toyota Avanza
Burgersfort Cluster, commit- and murder in Burgersfort.
editor.
ting serious crimes ranging • House robbery in Tubatse.
from Murder, Attempted • Four business robberies in
murder, Business and House Ga-Mashamotane and Riba
robberies to Carjacking. Cross. • Attempted murder
One suspect was arrested during a shootout with the po-
in Groblersdal, three others lice last week in Burgersfort.
were cornered at Both- • Carjacking in Tubatse.
ashoek and Ga-Masham- The suspects was due to ap-
(Photograph & Informa- otana villages outside pear in court again yesterday,
tion: South African Police Burgersfort and two were but by the time of going to
Service) arrested in Tafelkop and print had not yet appeared.
18 MEI 2018 NUUS 3
No more gravel!
The Eerstegeluk road connecting to the road more convenient road to Steelpoort. These
going towards Winterveld has finally been upgrades will probably see to it that traffic will
fully tarred. increase on the new section with less people
There is still work to be done and road signs opting to go past Tubatse Smelter on the
to be painted and installed, but motorists R555 to reach Steelpoort or travel towards
are already taking advantage of this much Polokwane.
Glitz and glamour Calvin College held its matric farewell func-
tion on Friday, 11 May 2018.
The learners walked the red carpet into the
their school hall for a function filled with glitz,
glamour, good food and dancing. They also
received messages of encouragement from
their Principal and various other stakehold-
ers.
Steelpoort Akademie het verlede Donderdag saam met die AGS Kerk in Steelpoort
Hemelvaart gevier. Hemelvaart is nie ‘n publieke vakansiedag soos Goeie Vrydag en
Kersdag nie, maar word steeds deur Christene wêreld wyd gevier as herinnering aan
Jesus se hemelvaart na sy kruisiging en opstanding uit die dood. (Foto: Marianie Kleyn-
hans).
6 Platinum Gazette 18 MAY 2018
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