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Top business news: MMM, Eskom and banks bail-out

Cape Town - A victim of the MMM scam has issued a warning that the online scheme is growing. Have a look at this and other top business reads on Fin24.

MMM scam victim warns of renewed hype, scare tactics

A victim of the MMM scam has issued a warning that the online scheme is growing through its rebooted pyramid in South Africa, while those who lost thousands of rands are verbally abused for speaking out.

MMM shut down last year as users failed to feed the bottom of the pyramid with points collected from cash donations from members. It is unclear how much money South Africans lost in the scheme, as many are too embarrassed to speak out. In any case, they have no legal recourse against the scheme.

“They told us we would get our money back in three months, then they said six months and now it’s been one year and four months,” according to a victim of the old MMM scheme. The name of the victim, which is known to Fin24, is being withheld for safety reasons.

Eskom auditors raise red flags over Koko, Molefe

Eskom said auditors have raised concerns about issues relating to Matshela Koko and Brian Molefe, who both ran the power utility this year, in their year-end review.

The company’s external auditors reported two irregularities to the Independent Regulatory Board of Auditors, Eskom spokesperson Khulu Phasiwe said in an e-mailed statement on Monday.

The first was Eskom’s relationship with Impulse International, which received contracts from the power provider while Koko’s stepdaughter was a non-executive director. The second related to the reinstatement of Molefe as chief executive officer in May. He was removed three weeks later and a legal case is ongoing.

Why SA banks are truly world class

South African banks are very different from banks in many other countries, Lafferty group CEO Michael Lafferty tells Fin24's Adiel Ismail.

One of the key factors setting them apart from for instance banks in Europe - where states have had to bail out banks - is that local banks in SA won't be turning to the government for help.

This is Lafferty's interpretation of the Lafferty Group’s 2017 Global Bank Quality Benchmarking study, in which South Africa’s banks achieved the highest rankings for the second successive year.

Mercantile Bank sued for R350m over fraud conspiracy claims, reports Fin24's Matthew le Cordeur.

Mercantile Bank has been taken to court over allegations it conspired with an alleged fraudster in illegal asset stripping worth hundreds of millions of rand.

The bombshell litigation could not have come at a worse time, as the Portuguese-owned and South African-based bank is up for sale.

Mercantile Bank told Fin24 on Monday that it “intends to rigorously defend the matter” as it believes the case is “fraught with factual inaccuracies”.

How to make your salary boost your savings

If you're an employee, you are allowed to structure your salary package in a way that meets your personal needs, according to an expert.

According to Tanya Tosen, tax and benefit specialist at Remuneration Consultants South Africa, employees can ensure that unwanted benefits and allowances are not deducted from their salaries.

Read the full story by Fin24's Lameez Omartjee.

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