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Rupert’s Grindrod Bank banks SASSA’s Billions

By Pinky Khoabane



Johann Rupert, one of South Africa’s richest men, owns the Grindrod Bank which banks SASSA’s billions. Grindrod Bank is owned by Grindrod Limited. Rupert’s Remgro owns 23.1% of Grindrod Limited. With Rupert’s interests in commercial media, it is not surprising that Grindrod Bank has been keep off the news headlines in as far as its involvement in the SASSA story.

Until UnCensored wrote about Grinrod Bank as SASSA bankers last week, this little-known bank was never mentioned anywhere in the noise that has dominated the “crisis” at the social security agency. Here’s how Les Ma-ada put it:

“Grindrod Bank & SASSA

In one of Gordhan’s portfolios was a certain Grindrod. It seemed strange to me that the entire portfolio would hold Banking shares – and then this diversified entity called Grindrod. Then looking deeper I realised that Grindrod was actually Grindrod Bank.

Why Grindrod bank? Simple. Grindrod banks SASSA. Yes, I said SASSA. Look it up before you take my word for it. Who cares who’s making R16 or R 25 per transaction when you could be making returns on the money banked on behalf of SASSA. Yes the profits are also a factor. R 3 427 200 000 (Three billion, four hundred and twenty seven million, two hundred thousand rands), but can you imagine service fees. All those below the line costs none of us bother to look at? It doesn’t matter, you make lots of money come dividend season”. Here’s the rest of that article

The Irony of Gordhan questioning Grindrod Bank in Parly

In parliament today, Finance Minister Pravin Gordhan revealed that R11.2 billion sits in Grinrod Bank for an average of five days before being paid out. This is millions in interest for doing absolutely nothing. But who’s asking this question – a man who himself holds some shares in the said bank? Can we expect a media frenzy over this matter – Rupert, Grindrod Bank, SASSA and Gordhan? Highly unlikely.

Grinrod Bank and the Media Spin

There’s no coincidence in the silence around the link between Rupert and Grindrod. It’s all part of the commercial media’s campaign to cover-up for their billionaire boss. Imagine for a moment what the headlines would read were it another family with links to one Jacob Zuma which got this account and raking-in the interest?

Look at how Magda Wierzycka describes Grinrod Bank: “Grindrod Bank is owned by logistics company, Grindrod Limited, a R10.5-billion market cap company listed on the Johannesburg Stock Exchange. Grindrod Bank is a relatively small part of the Grindrod group and does not really fit into its overall business model. It is grouped under Financial Services, together with the asset management and stockbroking divisions of Grindrod. In fact, Grindrod Bank was put up for sale at least two years ago”.

Scramble for SASSA Billions

Having had a glimpse of the kind of interest made by Rupert’s bank, it’s not surprising that the other banks are vying for a slice of the pie even though they don’t have the infrastructure to properly service the 11 million beneficiaries of social grants. But Rupert has had his turn to the millions in interest that could have built schools, its now time to pass the money baton to his buddies at the other banks – that is the true workings of monopoly capitalists – their greed is endless.



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  1. Pingback: URL
  2. Wow guys, stelling job indeed PK. It is evident that Rupert and his cohorts are spending a lot to keep sustaining this lie through this biased media.

    PK, how do we contribute to lighten the burden of informing each other.



  3. I always wondered and being asking my self this question all this years since 2001, the then minister of finance the honorable Trevor, he once said the problems with South Africans is that they dont invest/save. At that time to date i was asking myself whether the minister is ignorant or its just a mind game, does he not see that ever since banks started introducing bank charges it became extremly difficult for us as blacks to put the last money at the bank,instead of gaining interst you loose what you have put aside until you end up owing the bank because your acount is in minus.

    I started banking at my prime age in the 80’s and my bank account was held at united bank then,i used to love banks in those days the likes of bana bank (NBS) bo baclays, standard bank was there but it was mainly whites with the likes of Volkskass bank, Boland etc you name them.

    I had R120 that i have made from house to house selling perfumes and pantyhoses,ladies belts etc. That money after 3 months i had about 150 or so in that account.Then things got bad i was knock off by bank spinners on the atm. I was about 16 years then. But i never gave up banking because i have seen the value there off.

    I Picked myself up get formal work as an apprentice in the 90’s until 1997 things started changing with the banks, a debit order of R40.00 not went through,the bank will charge you R110.00.
    Now i know who,what and why my financial life got messed, it was not by the atm muggers in the 80’s, but those whom i trusted would make my life for better as i was heavely involved in the klip goier struggler of June 1985 going foward.
    This is sad indeed. At least i manage to voice out what has been bothering all along, though i trust no one this days and anything in the media but uncensord made me open up this heavy lump in my throught. There is more just the time,i could write a biography.

    1. I dont know how many times i fought with capitec for debit orders i didnt create.. i have lost lot of mony, even before i join capitecABSA Was no different.. they aprove debit orders on yo behalf when u dispute it they fine you a lot of money. It is a day light robery..

  4. Pinky please create a facebook page and I will immediately join.People need to know these things.AKA once said in a tweet that this state had been captured even before the Guptas came here.All we hear is zupta,guptas.The difference is the popular media is not controlled by them.

    1. Dear Nchenge

      Welcome to UnCensored. It takes quite a lot of resources to administer a social media account. I’ve been meaning to start Twitter and Facebook. When we have more resources, we shall see….

      Thank you for reading and the suggestions.



  5. I have read through the article.I have also read through the comment section.I have drawn certain conclusions.Firstly Pinky you are to be praised for doing such as stellar job.Secondly mainstream media is a fraud.Thirly and most importantly the corruption in the governement is only highlighted to suit certain narratives.I deeply distrust the banks and anybody who has an interest in them.So Rupert and his cohorts,shame on you.And may we please abstain from racializing this.Corruption is corruption.

    1. It’s unfortunate that our current president sleep in the same bed with this looters. I agree that the President who is liked by people like Ruperts is the enemy of the people.

    1. Dear Emmeline

      We received your comment but unfortunately you have made claims without providing the proof. I would really like your comment again with the proof so that we can publish it.

      Kindest regards


  6. Who signed the contract with these crooks (CPS)?

    Who ignored Wiseman Mathebula’s (Treasury representative at the time) questions about the CPS contract way back in 2011?

    Who is the actual holder of the account in question at Grindrod Bank?

    Who as a representative of the account holder, inspects the bank statements and watches over the service fees?

    If the fees are felt to be excessive, why was this not raised earlier and the account moved to another bank?

    Can anyone answer these questions with simple straightforward answers?

    John Duncan

    PS. I need an introduction to the investor that can make 100% on cash invested in 4 days. I don’t think anyone would risk someone else’s money without their permission. The risks are just too high.

  7. Those that are coming out strong in defence of Mr Rupert, I say Mr Rupert must take full reponsibily of whatever is alleged against“ Pravin Gordhan” it was on his demands that the President re appoint him as finance minister, he should have just let it go and continue with what he does best & allow Goverment to sort out their own issues. Had he done so there would be none of this dialogue, we now having. That’s the Fact of the matter.

  8. Wow PK, you are being attacked by very unclever people. Please do not let them discourage you from enlightning us (those who agree with you wholeheartedly) about the corruption that is taking place under our noses. Keep up the good work. We love you.

  9. Pinky, there you go again with your claim of “Billions”.
    All I did was point out that he in fact stood to earn just over R1Mil if it were pure profit and no actual costs were involved in the process – more likely half that… which realistically is like one days salary for someone like him.
    You do realize that 7 figures means Millions, and that Billions are a thousand times more than that? Or do you suffer the same problem as your sweetheart Zuma?
    So as much as you’d like to misdirect and try to blame white capital once again the sum still doesn’t add up.
    Where are the real Billions going in this deal.

    If the bank is at fault and there is indeed a better service provider to provide the capital then by all means it should be investigated, but so should the deal which has actually already been found by the courts to be unlawful.

    1. Dear Matt

      My bad as the young people would say. I can’t stomach racists you see – I literally see red. People like you who will defend corruption when its done by whites literally make me sick. And when they add unintelligent remarks to make a point – they make it worse.


      Pinky Khoabane

  10. Let us now pretend that we are all stupid and have no idea of how banking system works in this country & also pretend that they do their business with total integrity & honesty:

    Here is the scenario

    #State holds the biggest account in rand currency in RSA, hence entitled to earn at least Repo rate plus daily on balance of their account.

    Let’s now calculate the loss of this interest over 4 day= “Millions” who then benefits from these Millions loss to state? Maybe the Ghost of WMC!

  11. Just to put this in better perspective.
    Rupert owns 7% shareholding in Remgro, who have 22% shareholding in Grindrod Limited who own Grindrod Bank who have helped financing SASSA. According to this article the bank has benefitted approximately R69 Million –
    So Rupert gains approximately R1062600 from the deal.
    Sure it’s a lot but it’s pocket change for him.
    Where are the Billions you mention.
    Not defending him, but it’s a drop in the ocean compared to the real Billions being stolen.

    1. Dear Matt
      It is shocking how some of you will excuse corruption if its done by some. A man loots R1bn from the poor and it is no problem because he happens to be Rupert, a thief of note.

      Can you please explain why you think Rupert would have anything to do with Grindrod Bank if it were not to make money and strengthen the ties he already has with his buddies in Treasury? Why waste his time on “pocket change”? Please think carefully and get back to us.

      Kindest regards

      Pinky Khoabane

    2. 1.Millions may mean nothing to the Rupert`s billions, but it mean a lot to the poor people of this country, it could add to the increases to their grants .

      2.Whether any individual or entity owns 7 or 22% shares in any entities it equate to the same in term of benefits from profits. whether they gained one cent or one billion the fact that they benefited something is what counts. If that entity benefited a thousand/million /billion from something that’s corrupt to make that profit, then sadly share holder need to live with the fact that through their share holding in that company they benefited from something corrupt, as it is their duty to ensure that these institutions are run with total impunity & otherwise wise their names get dragged along..

      3.Thousands add to Millions and millions add to Billion,a grade 2/3 kid will tell you this nowadays.
      Therefore if we say SASSA lost 4 days of interest between SARB-BANK let’s say is equated to R50m per day x 4=R200M multiply that by 12 months =R2,400 millions x10yrs =R24 Billions, be smart & add a little interest to it.

      4.The actuals are: R16,2 billion over 10yrs gone into fresh air & our Hon Minister of Finance does not know where this loss ended, and yet he oversees the banking sector, then you find out that he actual holds shares in these banks, that’s what we dealing with here.

      5.Lastly If I was one of the major shareholders in the banking sector like Mr Rupert is, I would have long time called for full independent probe into these banks where I hold shares in. Again that’s me, because I see things differently maybe.

  12. It all goes back to what I’ve been saying all along that S.A.Banking System is the most corrupt in the world. In the Sassa funds its either Sarb or the Bank that ends up with the 4 days gains and that can be very huge as they have quick access to forex trading in foreign currency which could easy earn they 100% profit on the said capital.

  13. Let me throw a Cat amongst the pigeons;

    “Dec 2015 Narration – SA’s big four banks lost R127bn in 2 days when Nene was fired, while country combined economy loss was R500bn”
    Just a quick average loss calculation on the 4 banks =R15,8bn per bank p/day.
    Let’s now use Sassa payment of R11,6bn from Sarb NPS/CD banks suspense/ treasury account un allocated for 4- days then to Account holders.
    Take into consideration that the funds only gets to account holder on the 5th day, so account holder interest that the bank will pay will only be for one day (not really much interest) which is said(Nedbank) its payed back to state

    In contrary to the fact that the bank has had 4 days of Benefit/Gain from State funds intended for poor people. Would like to get John`s comment on this scenario…

  14. Talk is cheap if you preach to the ignorant and ignorant they are as they voted the big clown and his party (your masters) into power.

    If you have ANY proof that Mr Rupert broke any laws of the country, give it to the police. You like to think you are so clever. If you don’t have any proof, what you have written is slander. Not that most of your audience would question any of you cheap propaganda…

    1. Dear Spocksie

      Indeed talk is cheap as your comment glaringly indicates. You have not addressed any of the following issues:
      – Pravin Gordhan as Minister of Finance oversees banks, among them Grindrod Bank
      – Pravin Gordhan owns shares in Grindrod Bank
      – Pravin Gordhan oversees government budgets and signs off on government procurement
      – Gridrod Banks banks SASSA billions.
      – There’s a conflict of interest – it may be a notion you don’t understand. Right here on this platform we’ve dealt with conflict of interest – not by our definition – but Public Service Commission and Corruption Watch. Gordhan’s shares in the banks he oversees is a conflict.

      Trevor Manuel, Maria Ramos & Johann Rupert
      – Manuel & Ramos worked in Treasury.
      – Ramos sat on Rupert’s companies boards (you will say show evidence, just Google, it does help sometimes – conflict much)
      – Ramos & Manuel were married at Rupert’s farm. Treasury and white capitalist who does business with government (banking and other services – again Google it will help your ignorance). Conflict potential for corruption.

      As for my intelligence – I don’t like to think Im clever – I am pretty intelligent.

      Keep reading…we don’t always have to have intelligent readers. A bit of stupidity can be a form of entertainment.


      Pinky Khoabane

      I will not indulge

  15. Dear Pinky,

    Please substantiate your claim that banks are stealing millions in interest from money to go to the poor.

    My experience has been that interest generated on deposits has been credited to the account holder.

    I am intensely angry that the lives of our poor have been put at risk by public servants and capitalists. I cast my jaundiced eye over anyone that steals from the downtrodden or behaves unethically – capitalists, socialists, communists, in fact any ….ist.

    Pinky you have my full support but please reduce the level of emotion. I support your going up against the capitalists that operate on the basis of maximising profit, particularly at the expense of humanity. The difference between us is that I don’t do this on the basis of race.

    Keep posting


    1. Dear John

      The question of the interest made by these banks from SASSA account has now come under the spotlight – hooray! Many financial people including ordinary citizens have lamented and even calculated the interest. Pravin Gordhan yesterday, didn’t mention anything on the interest being returned to the public purse – it may have slipped his mind as he questioned why his friend’s bank held the money for five days. I wonder why he would bring it up but you probably have an answer!

      There was an interview this morning in which Nedbank which banks CPS said they returned the interest to the state. I have sent an email to Nedbank requesting proof of such. I didn’t realise that you had this “experience” whatever that means. So kindly provide us with the evidence – it will certainly save me the time.

      What lives of the poor have been put at risk? Even Pravin Gordhan told you yesterday that the money would be paid. What you should be asking yourself is where this hysteria comes from and why the “crisis” was manufactured and by whom?

      Your defence of white monopoly capitalists is shameful and you have not been able to cover it up. I say shameful only because you say the opposite in this comment when your response everywhere on this platform proves otherwise. I take it that you have no problem with Rupert being in the SASSA deal given that as you claim, he will return the interest back to the state?

      You talk about emotion. My goodness, you are now going to monitor and police my emotions and tell me what to do and not with them.

      There is no side show – the only side show here is the concocted crisis and your hollow concern for “the lives of the poor”.

      Kindest regards


      And by the way, I will call white monopoly capital for what it is – and if you’re offended that I call it by race, that is your denialism which you alone can deal with.

      Im not on this earth to appease anybody.

      Kindest regards


      John, please let’s get this straight. I don’t need support of

    2. Dear John

      Interest is but a single element of the argument. Banks have to keep an amount in reserves and the rest can be used to create credit, which brings money into existence. That is ow fiat currencies are bought into existence. To simply look at interest as the singular benefit would be narrow minded.

      So lets go back to that issue.

      Liquidity ratio’s of South African banks is 3,36%. That is the money that is actually guaranteed in the case of a bank run. That means that the rest of that tur over can be used to raise billions. Essentially for every Million, one can raise approx. R9,5m in loans give or take. Then you add a money multiplier (3,36% recurring until you get to nil) and that little looking R1m odd that Remgro would earn from SASSA, would in all actuality be worth billions before tax and Dividend on that single account.

      Would you not agree?

  16. always follow the money trail it is now time to set up a people reserve bank and outsourced lending to the market cutting margins of interest and reinvesting in the economy building infrastructure the party now needs to come to and end or they can continue to suffer the consequences a failed state like the rest of Africa

    1. Dear Patrick

      Wow, we are really getting a lot of new readers these days. Thank you very much for reading & taking the time to respond.

      There are aspects of what you say that I agree with and some not. It’s interesting you use the words Follow the Money, its a show I’m currently shooting.



  17. Interesting read.

    Let’s be sure the poorest citizens get paid. This article is a side show. The bigger criminals are sitting in our Cabinet.

    1. Dear John

      Is the billions that these banks make from the SASSA account not bother you? Does it not bother you that there has been no mention of Grinrod Bank in this so called “crisis”?

      The article is factual. Rupert again has his hands in the billions meant for the poor. Side show is protecting him from the criminality of stealing millions in interest from money meant to go to the poor. If the criminals are in cabinet so too are those sitting outside cabinet but the worst ones are those like you whose jaundiced eye points to only public looting and complete blinded by white capitalists.



    2. John
      You are quick to point for criminal(s) in the cabinet but conveniently shy away from naming those who benefits from banking fees from the R 3 427 200 000.

      Of course your reason glaring, your political expediency at its best.

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