SOUTH AFRICAN BANKS FACING LOSSES OF HALF A BILLION RAND FROM CASH-IN-TRANSIT ROBBERIES

JOHANNESBURG– The South African Banking Risk Information Centre (Sabric) has projected that financial losses for financial institutions will amount to nearly half a billion rand (about 37.6 million US dollars) by the year’s end if the current spate cash in-transit robberies are not stopped.

Officials from Sabric, together with the police and other stakeholders appeared before the Parliamentary Committee on Police here Wednesday. In a presentation to the committee, Sabric said the number of cash-in-transit heists had increased from 136 in 2016 to 152 for the first two quarters of this year and if the current trend persisted, the cost would be 470 million Rand by the end of this year.

Police Minister Bheki Cele confirmed 10 arrests — six in MpumalangaProvince, three in Limpopo Province and one in Johannesburg — related to the robberies. Union officials have told the committee that poor working conditions and salaries made security guards employed in safeguarding the cash moved to and from financial institutions susceptible to bribes.

The unions want salaries to increase from 12,000 to 20,000 Rand er month. They also want better weaponry and safety standards for vehicles as well as training.

Deputy Police Commissioner Lieutenant-General Fannie Masemola saids: Various units will gather intelligence in identified hot spot areas of the cities in the country. That intelligence will then be analysed at a central point and the analyses will then be given to operations units.

Source: NAM NEWS NETWORK

Related Post
Speech by the Minister of Science and Technology, Ms Mmamoloko Kubayi-Ngubane, at Science Forum South
The South African media are invited to submit their entries for the 2019 SADC Media
Efforts to boost global action against climate change are stuttering, as several key nations have