A civil seizure warrant is being executed on the premises of Regiments Capital, the financial services company accused of being central to the Gupta wave of State Capture, for contracts and electronic records relating to payments to a Bank of Baroda account, any communication with members of the Gupta family or their kingpin, Salim Essa and various “supplier development partners” and Gupta front companies.
The Transnet Second Defined Benefit Fund obtained an Anton Piller order at the High Court in Johannesburg that allows for a wide-ranging search and seizure of key “evidence” in its ongoing legal case against several companies in the Regiments stable.
Scorpio has confirmed that commencement of the execution of the order has begun at at the Illovo, Johannesburg, office of Regiments under the supervision of a court-appointed independent supervising attorney. Regiments declined to comment. The search is restricted to business hours.
Proceed to Source : Daily Maverick
The entry-level banking market has become very competitive, with FNB now claiming to have the cheapest bank offering in the country with its eWallet eXtra mobile bank account.
The rise of Capitec’s Global One account over the last few years has effectively forced South Africa’s other major retail banks to launch competing accounts in the level-entry space.
Capitec’s Global One sold clients on the concept of ‘simple banking’ – disrupting traditional banking models by giving customers access to their funds and banking services through once-off fees, rather than the complicated transaction-based calculations applied to typical middle market accounts.
Alongside Capitec’s rise to being the second largest bank in the country (by retail clients), Absa, Standard Bank, Nedbank and FNB all launched similar products to compete with the Global One account.
Most recently, however, FNB launched an entirely new account into the market, in a bid to take the title of the cheapest bank account in the country.
Proceed to Source : Business Tech