Nedbank approaches every aspect of your business holistically Read: Nedbank Ltd Reg No 1951/000009/06. Rebosis and VBS are examples of some sort of excellence as described by Malema. var textParagraph = document.getElementById("textParagraph"); Read: JSE censures and fines EOH R7.5m for past reporting errors. var x = (e.clientX + 5) + 'px', Nedbank’s preferred filling station is BP, where one gets back 25 cents per litre. jQuery('html, body').animate({ return undefined; It has been listed on JSE Ltd since 1969 and on the Namibian Stock Exchange since 2007. jQuery(document).on('click', 'a[href*="#to-comments"]', function (event) { ... internet banking : Business internet banking ... Nedbank Zimbabwe Ltd Reg No 525/56. tweetLink = createTweetLink(getSelectedText(), e); A card acceptance solution to solve for shift management and reconciliation. var range = window.getSelection(); y = (e.clientY + 5) + 'px'; } You can get more information about how we use cookies in our Just trying to take advantage of rampant aross the board corruption that defines the new and putrid ex south africa. Article content. } Give it a try and tell us what you think. How to fund your business in South Africa, Nedbank says 2020 profit could fall by up to 60%, At least two banks likely to pay dividends, Fuel rewards compared as Capitec and Nedbank launch theirs, Growthpoint declares interim dividend, despite Covid-19 pressure, Rebosis’s Ngebulana threatened to interdict Moti from AGM, L2D pays out full-year dividend despite 46.5% plunge in distributions, Rebosis delays FY results in hope of an unqualified audit, Rebosis resolves valuations dispute with auditors, Rebosis expects to retain Reit status, despite paying no dividend, R114m puts Ngebulana back on top as largest Rebosis shareholder, JSE censures and fines EOH R7.5m for past reporting errors, Estate planning: Ensuring that your minor children receive their inheritance, Direct offshore investing: Here’s what it entails, South Africa 'no way near debt distress' - Sarb governor, Nedbank and Xero encourage small businesses to embrace a new way to connect. It seems as if listing requirements and transformation does not go together. newTweetLink.innerHTML = ' Tweet'; “Sponsors play an important role in ensuring that issuers meet all the criteria stipulated in the listings requirements,” the JSE said. JOHANNESBURG — South Africa’s Nedbank denied any wrongdoing on Monday after three local news sites reported on its links to a scandal that led to large losses at public entities, sending the bank’s shares down almost 9%. oldTweetLink.parentNode.removeChild(oldTweetLink); The JSE said that it is “unacceptable that the sponsor permitted the company to proceed with the publication of its 2019 preliminary results that were not at a minimum reviewed”. Nothing new here. Please consider contributing as little as R20 in appreciation of our quality independent financial journalism. Dear business owner, As your banking partner, we are taking all the necessary measures to ensure that you can continue to do your banking safely, we’d like to encourage you to use our digital channels and other self-service options. Suren is a passionate young South African business journalist with a keen interest in property, tourism, retail, media and sports. The JSE reiterated its concerns around the reporting of the property counter’s preliminary 2019 results that were highlighted in its Sens censure of the sponsor. If this is your first time using our new internet banking website, please click “read more” to find out how to get started. The analogy between being single and getting “lucky” on Valentines Day with investing on the JSE was deemed inappropriate. Rebosis resolves valuations dispute with auditors. } You are currently viewing our desktop site, do you want to download our. function getSelectedText() { return range.toString() Click here to go to New Online Banking. Rebosis Property Fund and its JSE sponsor Nedbank Corporate and Investment Banking on Tuesday both received strong public censures from the JSE for failing to comply with the bourse’s listing requirements in relation to Rebosis’s preliminary results for 2019. if (document.selection.createRange) { It’s secure, simple and fast. }); Whether you need a bank account, a loan or credit card, savings and investment accounts, or financing for your business, Nedbank has a solution for you. Customers also earn points for every R10 spent on a card. In its Sens censure of Rebosis, the JSE said it “finds it unacceptable that the company published annual financial results that were not at a minimum reviewed and subject to a level of assurance”. }); It noted that this “failure contributed to the company’s failure to comply with important provisions of the listings requirements”. Its principal banking subsidiary is Nedbank Ltd. "top": y, else { “Sponsors also play a critical role in ensuring that relevant documentation is in compliance with the listings requirements prior to submission to the JSE and ultimately to shareholders. Apply now. “Had the sponsor ensured that the company complied with the listings requirements, the company would have published annual financial results to the market that contained the requisite level of assurance and information pertaining to the qualification through a review report, only when the company was in a position to do so and not on 11 November 2019,” it explained. Strange! We will consider complete applications only. For this reason, the JSE listings requirements are very clear and deliberate that such information requires a level of assurance from external auditors,” it said. In its first Sens statement on the matter, the JSE said that it found the sponsor to be in breach of paragraphs 2.8(c) and 2.8(h) of the bourse’s “listings requirements”. newTweetLink.href = "https://twitter.com/intent/tweet?text=" + encodeURI(text) + "&url=https://www.moneyweb.co.za/news/companies-and-deals/rebosis-and-sponsor-nedbank-corporate-and-investment-banking-censured-by-jse/&via=Moneyweb"; Authorised financial services and registered credit provider (NCRCP16). Follow these precautions to protect yourself against potential attacks: * Sharp rise in phishing attacks as scammers prey on Coronavirus fears, 26 March 2020, Finextra. Rebosis expects to retain Reit status, despite paying no dividend Do your everyday banking and more directly from your phone at any time of day. Easy everyday banking on the Money app. imageBtnNext: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/bg_direction_nav.png", Make quick and easy payments, get a loan, spend your Greenbacks, or buy airtime, data, shopping vouchers and more! var range = document.selection.createRange(); R114m puts Ngebulana back on top as largest Rebosis shareholder. Oh please.. what blatant racism. Follow these … For details of the scheme, qualifying criteria and documents needed, please visit https://www.nedbank.co.za/content/nedbank/desktop/gt/en/business/covid-19-relief1/LoanschemephaseII.html. Welcome to Nedbank Private Wealth International. Nedbank offers the complete range of banking solutions - for individuals, small businesses and corporates alike. event.preventDefault(); “Had the company complied with the listings requirements, it would have published annual financial results to the market that contained the requisite level of assurance and information pertaining to the qualification through a review report, only when the company was in a position to do so and not on 11 November 2019,” the bourse reiterated. jQuery(this.parentElement).lightBox({ textParagraph.addEventListener("mouseup", function (e) { }, false); Johannesburg - A Vosloorus, Ekurhuleni mother is at loggerheads with banking group Nedbank over unpaid insurance claims after her property burnt to ashes. Rebosis Property Fund and its JSE sponsor Nedbank Corporate and Investment Banking on Tuesday both received strong public censures from … }); The JSE appears to be the last bastion of some form of public protector, albeit within a rather narrow domain of overt capitalist manipulation and prospective if not intended fraud. All three Sens statements were posted around 7:05 am on Tuesday. “The publication of annual financial statements, whether preliminary, provisional or final, is a fundamental disclosure requirement upon which investors rely to make informed investment decisions. “In the case of preliminary annual financial statements, they are required, at a minimum, to be reviewed by external auditors. scrollTop: jQuery(jQuery.attr(this, 'href')).offset().top How can this be when the Board has been “transformed to reflect the demographics of the country”? Absolutely ridiculous. Perhaps class action against regulators whom fail to regulate? The result of these attacks is either identification theft or fraudulent impersonation of users to infiltrate secure or sensitive websites, including banking sites. if (text === "") newTweetLink.id = "tweetLink"; imageBtnPrev: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/bg_direction_nav.png", Forget KYC, it’s now KYB… Know Your Bank. The JSE added that this decreased the company’s 2019 net asset value per “B” share by 15% as at 13 December 2019 (on a net basis, after taking into account debt). The security consultancy Barracuda has recorded a 667%* spike in phishing attacks globally since the start of March as fraudsters attempt to cash in on the Covid-19 outbreak. Terms of use. jQuery(appendedTweetLink).css({ The result of these attacks is either identification theft or fraudulent impersonation of users to infiltrate secure or sensitive websites, including banking sites. } To apply contact your business or relationship manager. This was also posted by Rebosis on the JSE. “On 13 December 2019, the company [Rebosis] published its reviewed results for the year ended 31 August 2019, which contained an adjustment to the property valuations, and included a qualified review opinion by the auditors in respect of the valuations,” the JSE further pointed out. Maybe we should be sending our banks Due Dilligence Certificates and declarations to fill out. Rebosis delays FY results in hope of an unqualified audit jQuery(document).ready(function () { There are various forms of attacks, such as phishing, ransomware, malware and key-logging. imageLoading: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/spinner_moneyweb.gif", In its Rebosis statement, however, the JSE points out: “The subsequent adjustment to the fair valuation in the reviewed financial statements published on 13 December 2019 amounted to approximately R900 million and impacted the company’s 2019 property portfolio, which reduced to R15.6 billion.”. Linked to the property fund’s 2019 preliminary results not being reviewed or audited. }); Then this bit of news comes along and shows that you may get lucky more than once if you invest on the JSE. The JSE issued a separate Sens statement on the Rebosis censure, noting that the fund was in breach of paragraph 3.22(b) of its listings requirements. “On 11 November 2019, the company [Rebosis] published preliminary results for the financial year ended 31 August 2019, that were neither reviewed nor audited as required in terms of the JSE listings requirements,” it said. R.W Johnson said that we can either have the ANC, or a modern economy, but not both at the same time. Search jobs By committing to be a force for good and applying creative and innovative strategies, we believe that we can run a strong and profitable business and help to make our world a better place. The chequered history behind Namibian brewing success. The publication of annual financial statements with the minimum required level of assurance from external auditors contribute to an orderly marketplace and promotes investor confidence,” the JSE noted. Will I be declared insolvent if my late partner’s estate is declared insolvent? }, 500); Moneyweb requires cookies to function properly. We are an award-winning private bank offering wealth planning, investment management and private banking. var newTweetLink = document.createElement("a"); The JSE stressed that the publication of annual financial statements with the minimum required level of assurance from external auditors, as prescribed by its listing requirements, “contributes to an orderly marketplace and promotes investor confidence”. return newTweetLink; “As a result of the auditor’s review, the market at large became aware of the significance and impact of the qualification on the 2019 annual financial statements which they were not previously made aware of in the 11 November 2019 preliminary results announcement,” it added. function createTweetLink(text, e) { Please note that, as of 1 October 2019, cross border electronic funds transfers (EFT) to South Africa, eSwatini and Lesotho are affected by regulatory changes. SAA tries to replace locked-out pilots with outsiders, Court rules an employee attacked at work can sue her employer, Municipalities want another slice of the pie, this time from IPPs, Molefe and the R78m ‘success fee’ paid to Regiments, Mboweni: State Bank must operate on business principles. Took the JSE more than year to censure? newTweetLink.target = "_blank"; } Join our mailing list to receive top business news every weekday morning. Steinhoff has still not been touched as the Stellies mafia is untouchable. There are various forms of attacks, such as phishing, ransomware, malware and key-logging. The majority shareholder, owning 52% of the group, is Old Mutual plc. var appendedTweetLink = document.getElementById("article-body-content").appendChild(newTweetLink); The JSE noted in its initial Sens that Nedbank Corporate and Investment Banking had failed “to discharge its responsibilities with due care and skill” in relation to Rebosis’s 2019 preliminary results. Nedbank Private Wealth, an authorised financial services provider through Nedgroup Private Wealth Pty Ltd Reg No 1997/009637/07 (FSP828), a registered credit provider through Nedbank Ltd Reg No 1951/000009/06 (NCRCP16), a member of JSE Ltd through Nedgroup Private Wealth Stockbrokers Pty Ltd Reg No 1996/015589/07, an authorised financial services provider (FSP50399) and a registered … At Nedbank, we grow our people and our business to create the impact we want to see. By continuing to use our website, we assume you are okay with it. Easily accept card payments directly on your business website. } } For PnT token user: On the CD drive folder, double click on Applications> Tools> End user> Repair.exe> Operation Succeed "Click Ok", For software user: Open a browser page, click on Tools> Internet options> Delete> only have Temporary Internet files and cookies selected> click on Delete, Nedbank is a proud participant of the Covid-19 Loan Scheme Phase II.