Grindrod Bank Rupert

Grindrod Bank Rupert

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.