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SARB suspends management at SA Mint

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Timeless Value

Johannesburg - The Board of the South African Mint Company, a wholly-owned subsidiary of the South African Reserve Bank (Sarb), has become aware of certain technical issues within the operations of the SA Mint Company.

 

In a statement on Thursday, the Sarb said investigations into the matter had been instituted and were ongoing.

 

"Pending the outcome of these investigations, Mr Andile Mvinjelwa, the Managing Director of the SA Mint Company, and Mr Tom Davel, the General Manager Numismatic Coins, have been suspended from their respective offices with effect from 08 December 2011.

 

"Mr Tumi Tsehlo, General Manager Circulation Coins, has been appointed Acting Managing Director, and Ms Natanya Van Niekerk, Deputy General Manager Numismatic Coins has been appointed Acting Head of the Numismatic Division at the SA Mint Company," the Sarb said.

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Jongleur
Johannesburg - The Board of the South African Mint Company, a wholly-owned subsidiary of the South African Reserve Bank (Sarb), has become aware of certain technical issues within the operations of the SA Mint Company.

 

In a statement on Thursday, the Sarb said investigations into the matter had been instituted and were ongoing.

 

"Pending the outcome of these investigations, Mr Andile Mvinjelwa, the Managing Director of the SA Mint Company, and Mr Tom Davel, the General Manager Numismatic Coins, have been suspended from their respective offices with effect from 08 December 2011.

 

"Mr Tumi Tsehlo, General Manager Circulation Coins, has been appointed Acting Managing Director, and Ms Natanya Van Niekerk, Deputy General Manager Numismatic Coins has been appointed Acting Head of the Numismatic Division at the SA Mint Company," the Sarb said.

 

Technical issues ? Great. The SA Mint are the crowd who make our money.

Did the equipment pack up ? A ton or two of gold or silver gone missing?

Rude questions being asked about checks and balances?

 

Well, it is the festive season. Should be interesting.

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kyle2

Very interesting...............................:sneaky:

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PBGold

Maybe they stuffed up with the languages again like they did with the Sotho of 2001? Could be a few unknown treasures in the old collection, you never know.

 

Or perhaps that 2010 20c is scarce?

Edited by PBGold

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EWAAN Galleries
Maybe they stuffed up with the languages again like they did with the Sotho of 2001? Could be a few unknown treasures in the old collection, you never know.

 

Or perhaps that 2010 20c is scarce?

 

 

I think its more serious than that..... NO COMMENTS......

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kyle2

Here is a copy of the whole article, seems to be some sort worldwide conspiracy of sorts.

 

" On Thursday, the South African Reserve Bank issued a brief statement announcing an investigation had been launched into "technical issues" at the South African Mint Company.

"The Board of the South African Mint Company, a wholly-owned subsidiary of the South African Reserve Bank, has become aware of certain technical issues within the operations of the SA Mint Company. Investigations into the matter have been instituted and are ongoing," said the note.

No further detail was offered on the nature of the issues and the central bank could not be reached for clarification. The phones at the Mint Company went unanswered during business hours.

Pending the outcome of the investigations, the central bank said Andile Mvinjelwa, the managing director of the SA Mint Company, and Tom Davel, the general manager for numismatic coins, had been suspended from their respective offices with effect from December 8, 2011.

Tumi Tsehlo, the general manager for circulation coins, was appointed as acting managing director, and Natanya Van Niekerk, the deputy general manager for numismatic coins, was made acting head of the numismatic division at the company.

This investigation is the latest in a string of uneasy discoveries at note-printing and coin-making subsidiaries of central banks.

At the end of November, the Vienna Public Prosecutor included top National Bank of Austria officials, including governor Ewald Nowotny, in its inquiry into whether bribes had been paid to foreign officials by employees of the Austrian banknote printers, Oesterreichische Banknoten-und Sicherheitsdruck.

 

Accusations of underhand tactics to win contracts have also ravaged the Australian note printers Securency and Note Printing Australia."

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ATOMICSQUIRREL

Their "Technical" prob means huge scale theft or fraud

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ATOMICSQUIRREL
I think its more serious than that..... NO COMMENTS......

 

Ewaan, please tell your cousins to return those missing coins!:nuts:

 

PS. Just kidding

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Jedeye

I cannot speak fully right now, but, most of you are right. It could be seen as a technicality, but if youy consider under spec gold and silver coins as a technicality, then so be it. They will be the rarest coins on earth soon.

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EWAAN Galleries
I cannot speak fully right now, but, most of you are right. It could be seen as a technicality, but if youy consider under spec gold and silver coins as a technicality, then so be it. They will be the rarest coins on earth soon.

 

 

Maybe similar to the American 5c Liberty Nickel - Coins were made without permission from the US Mint....

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Jedeye
Maybe similar to the American 5c Liberty Nickel - Coins were made without permission from the US Mint....

The coins are under spec in quantum. Around 8% less gold than claimed on the certificate. Somebody has that gold somewhere. It does not disappear into thin air at the strike.

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Jedeye

Here's a slightly meatier version:

THE MD of the South African Mint Company, Andile Mvinjelwa, and another senior executive have been suspended pending an investigation at the Reserve Bank subsidiary.

Mr Mvinjelwa and Tom Davel, GM of the company’s numismatic coins division, were suspended with effect from yesterday to allow for investigations into what was described as "technical issues of an operational nature", the Reserve Bank said in a statement.

"The board of the South African Mint Company, a wholly owned subsidiary of the South African Reserve Bank, has become aware of certain technical issues within the operations of the South African Mint Company. Investigations into the matter have been instituted and are ongoing," the Bank said.

Spokesman Hlengani Mathebula declined to elaborate on the "technical" issues.

"The mint is a high-security area for SA and I cannot reveal any details of the operations. There are no irregularities. Technical operational issues are being investigated," he said, maintaining the suspensions could "never be related to fraud".

The South African Mint Company prints coins for SA and is a private entity registered in terms of the Companies Act.

It is an autonomous entity with its own premises, infrastructure and accounting systems.

SA’s mint has more than 140 years of manufacturing experience.

Mr Mathebula would not say when the problems arose but said that the board had recently become aware of them.

Mr Mathebula said no external investigations were necessary. He declined to say how long the investigation would go on.

"I can’t speculate for how long the investigations will last. To be fair to other mint employees, the investigations will be concluded as soon as possible," he said.

Tumi Tsehlo, the GM responsible for circulation coins, was appointed acting MD and Natanya van Niekerk, deputy GM in charge of numismatic coins, was appointed as acting head of the numismatic division.

Recently the company announced that it would discontinue minting of the 5c coin. This was because it was becoming too expensive to mint 5c coins at or below the price of the actual coin. SA no longer has 1c and 2c coins.

Also, last month Mr Mathebula said the 10c bronze alloy coin would be replaced with a copper-plated steel coin in order to reduce production costs. However, there would be no changes to the coin’s design.

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EWAAN Galleries
The coins are under spec in quantum. Around 8% less gold than claimed on the certificate. Somebody has that gold somewhere. It does not disappear into thin air at the strike.

 

 

Now makes some sense.... Can anyone also remember that the 1994 R5 Gilt coins were struck at the SA Mint illegally.... 5 of the gilts were sold to a bobber for something like R1 million.... So someone in the SA mint got those gold R5 coins out.....

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EWAAN Galleries

Hi All

 

Now this is very very interesting........

 

8 months Before the 2008 Mandela 90th Birthday Celebrations sets were released NGC had already graded 19 mandela 90th Birthday R5 coins as PF70.... So someone in the SA Mint managed to get the proof coins out before launch....

 

Maybe the SA Mint can answer some of our questions.... The SA Mint are registered on bid or buy as seller... They sold the first 2 Rand Anniversary sets on auction - REMEMBER!!!!

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ATOMICSQUIRREL

Seems like there are some serious coin collectors on the inside....

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PBGold
The coins are under spec in quantum. Around 8% less gold than claimed on the certificate. Somebody has that gold somewhere. It does not disappear into thin air at the strike.

 

So what you are saying ?

Edited by PBGold

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Dulal
Seems like there are some serious coin collectors on the inside....

 

hi vortechz

you are probably 100% right.

 

REgards

Dulal

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ATOMICSQUIRREL
So what you are saying ?

 

I would like to know 2.

It doesn't mean the gold is missing. They just didn't put it in the coin.:cheesy:

I think SAM were ripping off their customers to boosts their profits.

The question is where is the ...% of the overcharged money on all those coins they sold!!!? LMAO:angel:

 

 

 

...maybe it was easier to move money then gold

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Dulal
The coins are under spec in quantum. Around 8% less gold than claimed on the certificate. Somebody has that gold somewhere. It does not disappear into thin air at the strike.

 

They will bring a hypothesis proving that gold did disappear into thin air at the strike indeed.

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EWAAN Galleries

Biggest rip off for the year was the 2011 Rand Anniversary Silver Set....

 

How can the SA Mint sell a R5 coin and only 29grams of silver for R4500....

 

That was the biggest rip off.... That set should sell for way under R1000 :)

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Dulal

...maybe it was easier to move money then gold

 

Don't worry,they have their ways to move anyone ( money or gold) comfortably.

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ATOMICSQUIRREL
Biggest rip off for the year was the 2011 Rand Anniversary Silver Set....

 

How can the SA Mint sell a R5 coin and only 29grams of silver for R4500....

 

That was the biggest rip off.... That set should sell for way under R1000 :)

 

R750.00 max

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ATOMICSQUIRREL

As a well respected customer with at least 2 purchases from them,I demand answers SAM!!!?:cheesy:

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Dulal
As a well respected customer with at least 2 purchases from them,I demand answers SAM!!!?:cheesy:

 

Your expectation is too high. They are short of hearing. Don't spoil your festive season with that high expectation.

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EWAAN Galleries
Your expectation is too high. They are short of hearing. Don't spoil your festive season with that high expectation.

 

 

Maybe they have to answer the BIG BOYS FIRST!!!

 

We all internet traders are regarded as small time dealers.... So they claim!

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