Nedbank took R191m to be a âcardboard cutoutâ, and paid eye-watering commissions â report Business Insider SA
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Nedbank took a R191 million fee to act as a cardboard cutout in back-to-back interest-swap deals at Transnet, the amaBhungane investigative journalism centre says.
The bank on Monday told staff it had acted within the law, and had never found any corruption while looking into transactions with state and city entities.
But the report paints an unflattering picture of a bank that took huge profits on suspect deals, legal or not.
On Monday Nedbank told staff and customers it had “noted” an article by the amaBhungane Centre for Investigative Journalism that links it to the extraction of hundreds of millions of rands from state-owned entities during the period of state capture.
Medical scheme reserves could easily fund SA s Covid-19 vaccines - here s how
21 January 2021 11:49 AM vaccine funding
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Business Insider SA s Phillip de Wet says South Africa s medical schemes could use their extra reserves to cover the country s entire vaccine bill.
Spending by medical schemes has dropped by billions over the last year as Covid-19 fears led to fewer patients showing up for scheduled medical procedures and check-ups.
New data released by the Council for Medical Schemes shows that, up until September 2020, medical schemes spent over R10 billion less than they had in the previous year.
Business Insider South Africa reports that the additional reserves collected by South Africa s medical schemes are enough to fund the entire estimated cost of vaccinating the country s population against Covid-19.