The R1-billion lawsuit against Nedbank arising from single stock future (SSF) transactions that went awry in 2008 may also place Absa Capital’s SSF activities under scrutiny. Nedbank has warned shareholders on the Stock Exchange News Service that it is facing “lengthy legal proceedings” after three businessmen – Dave Mostert, Mervyn Key and Ivor Stratford – suffered serious financial losses trading in SSFs in property group Acc-Ross (now renamed Pinnacle Point).

The Financial Services Board (FSB) has come down hard on Orange Insurance, suspending the company’s financial services provider (FSP) licence with immediate effect until its management can quantify its liabilities and settle all the outstanding claims against it. The suspension of Orange Insurance's licence comes hot on the heels of a ruling against the company by Charles Pillai, the Ombud for Financial Services Providers.

Retirement fund administrator Alexander Forbes has made a “substantial” offer to resolve a R950-million claim against it for its role in the allegedly fraudulent stripping of surpluses of retirement funds in the 1990s, reducing the retirement benefits of thousands of members and pensioners. The offer still has to be accepted by Tony Mostert, the curator of the plundered retirement funds, who says his decision depends “on the outcome of critical pending developments within the next few weeks”. If Mostert does not accept the offer, it will be up to the High Court to decide on the issue.

The DA says that the senior ANC figure implicated in a string of murders linked to World Cup tender disputes in Mpumalanga must be forced by his party’s leadership to stand down. DA spokesperson Anthony Benadie says that the identity of the ANC figure is known in the political circles. This statement follows the publication of a feature on the Mpumalanga murders, in which a number of officials who were allegedly on a hit list have either been threatened with death, gone missing or been killed in recent years, allegedly over the province’s tenders.

A 29kg consignment of diamonds from Zimbabwe's controversial Chiadzwa diamond field has disappeared after being removed by police from the central bank, in violation of orders by the country’s supreme court. The incident is the latest turn in the long-running legal dispute between British-registered mining company African Consolidated Resources and the country’s Mining Minister Obert Mpofu over the ownership of Chiadzwa claims in eastern Zimbabwe.

Bonitas medical scheme’s Principal Officer Bafana Nkosi has left the ship while the fund is contesting the application for curatorship by the Council for Medical Schemes (CMS). The CMS has been investigating the fund since last year, following allegations that Bonitas invested some R80-million of members’ funds in property developments. Certain other irregularities are directly related to Nkosi. It is alleged that his handling of property investments was negligent, that he approved payments for which he had no authority, and that he overpaid a family member who served as a property project leader for the fund.