SARB slaps small businesses with R9.8m forfeiture notices | Fin24
 
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SARB slaps small businesses with R9.8m forfeiture notices

Aug 10 2018 21:30
Khulekani Magubane

The SA Reserve Bank has issued forfeiture notices on six close corporations – four of them based in the same street in Germiston – and announced the forfeiture of a combined R9.8m from these businesses back into the National Revenue Fund. 

The announcement was made in the latest Government Gazette.

The National Revenue Fund is a central state fund into which all government revenue is initially paid. 

The companies are Matuta Trading, Telsure Trading, Condere Toys Trading, Colorful Trading, Eurus Trading and Gold Style Trading. All forfeitures were conducted in line with the Exchange Control Regulation 22B under Section 9 of the Currency and Exchanges Act.

The Act makes provisions for forfeiture to be overturned by the courts.

The six forfeiture notices were signed off by SA Reserve Bank deputy governor Kuben Naidoo in late July. 

Minister of Finance Nhlanhla Nene served the function of declaring R174 918.01 from the account of Matuta Trading to be forfeited to the state. Telsure Trading had to forfeit R755 567.97 to the National Revenue Fund, while Condere Toys Trading had to forfeit an amount of R199 444.76.

Colorful Trading had to forfeit two amounts of R1.455m and R970 827 respectively, while Eurus Trading had to forfeit R1.6m, and Gold Style Trading had to forfeit R4.6m. 

Four of the six businesses have their offices in Watt Street of Meadowdale, Germiston in Gauteng.

Gold Style and Telsure Trading are based in Bedford Garden and Amazimtoti respectively.

The reasons for the notices of forfeiture were not explained. 

The central bank did not immediately reply to a request for more information.

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