Author: Gugu Lourie
Mohamed Yusuf Khan, a former Cell C employee, is ready to spill the beans about a ‘multi-million rand identity scam’ and the unsavoury goings-on at the struggling mobile phone operator. He also alleges a Cell C staffer accepted cocaine as payment for his part in the alleged fraud. The so-called fraud that occurred between 2018 and 2019 may amount to R100 million. The KwaZulu-Natal ‘scam’ involves bogus customers taking out Cell C cellphone contracts using fraudulent identification card (IDs) with the correct details, unknown ID pictures, fabricated payslips and bank statements victims’ real work and home details. TechFinancials can today…
Retailer Pepkor, previously Steinhoff Africa Retail, said its FinTech segment reported revenue growth of 5.8% for the three months to end-December. The company announced that its FLASH business reported 15.7% growth in revenue boosted by an increased basket of virtual products offered to consumers. The company operates its FinTech division through FLASH and Capfin. The group added that its FLASH business continues to invest in new products, channels and geographies to widen its ecosystem as the growing trader base continues to be an attractive avenue for partners. However, Pepkor said Capfin’s performance was impacted as a result of curtailed credit…
The investors in Welkom Yizani have accepted the Media24’s cash offer to buy out all the shares in the black economic empowerment share scheme. Welkom Yizani holds a 15% stake in Media24; a print media dominated operation within the Naspers stable. Media24 is one of the largest media companies in the country with massive exposure to the struggling print media. Its assets include well-known titles like City Press, Daily Sun, Beeld, Rapport and a host of knock and drops and magazines and printing assets. The media group has proposed to pay R15.70 per Welkom Yizani ordinary share. “We appreciate the…
Facebook is taking a giant leap on how it works with the media industry as it launches its first Facebook News in the UK. This is Facebook’s first market outside of the U.S. for its dedicated, curated news portal. The portal will launch with a number of new partners, including Channel 4 News, Daily Mail Group, DC Thomson, Financial Times, Sky News and Telegraph Media Group. These are in addition to outlets already announced including The Economist, The Guardian, The Independent, STV and hundreds of local news sites from Archant, Iliffe, JPI Media, Midlands News Association and Reach as well as…
A 44-year-old former IT manager for mobile network service provider Cell C was arrested by the Hawks in connection with an alleged tender scam amounting to R64 million Mohamed Ismail Adamjee appeared in the Palm Ridge Commercial Crimes Court on Friday facing charges of fraud and corruption. The case was postponed to January 26 for a bail application. More arrests are expected. The National Head of the Directorate for Priority Crime Investigation, Lieutenant General Godfrey Lebeya commended the team for the arrest and looks forward to seeing all those involved have their day in court. “The suspect was an Information…
South African retailer Mr Price uses cellular handsets and accessories to drive footfall traffic into its stores and online platforms. Driving in-store traffic is the daily mission for every brick-and-mortar retail business. Catching the customer’s eyes and attracting them to a store and the cash register has always been a challenge for retailers. However, Mr Price’s footfall tactic of positioning cellular handsets and accessories as a strategic offering is paying off for the retailer. On Friday, the JSE-listed retailer reported a 5.8% rise in total retail sales for the 13 weeks ended 26 December 2020 and attributed this growth to cellular…
Ovex, a Cape Town-based cryptocurrency exchange, announced on Wednesday a strategic investment from quantitative cryptocurrency trading firm Alameda Research, developer of the 5th largest crypto derivatives exchange in the world by trading volume, FTX. Founded in February of 2019, Ovex is a South African cryptocurrency exchange platform, specializing in OTC trading and arbitrage, offering South Africa’s largest selection of digital asset markets. The company is dedicated to improving the efficiency of the crypto market in South Africa and improving financial market inclusivity. Ovex has partnered with several leading cryptocurrency companies and firms, including Invictus Capital, Hyperion, and TrueUSD. With $270…
The SABC has called for an inquiry to determine licence conditions and tariff structure for digital sound broadcasting (DSB) services. “The Authority must conduct an inquiry to determine the licence conditions, obligations, and tariff structure for signal distribution including the regulatory regime for multi-channel distribution services and convergence,” the public broadcaster said in a submission to ICASA. The Independent Communications Authority of South Africa (ICASA) will be holding (virtual) public hearings on the draft DSB Regulations, 2020 on 20 and 21 January 2021. On 13 November 2020, the Authority published a Draft DSB Regulations 1, and the deadline for written…
In a submission to the country’s communications watchdog ICASA, broadcaster Primedia has recommended that the regulator ensures final Digital Sound Broadcasting (DSB) regulations make no mention of the switch-off of analogue sound broadcasting services. The Independent Communications Authority (ICASA) will be holding (virtual) public hearings on the draft DSB Regulations, 2020 on 20 and 21 January 2021. On 13 November 2020, the Authority published a Draft DSB Regulations 1, and the deadline for written representations thereon was 29 December 2020, which was subsequently extended by notice to 8 January 2021. By the closing date, ICASA had received fifteen written submissions…
Naspers announced on Wednesday a R250 million ($17 million) investment in AgriTech business Aerobotics. The Series B round that was oversubscribed was led by Naspers, one of the world’s most powerful and lowest-flying investment firms, with significant participation from Platform Investment Partners, FMO: Entrepreneurial Development Bank and Cathay AfricInvest Innovation. Last May, Naspers invested a R100 million investment in Aerobotics, through its earlystage business funding initiative Naspers Foundry. Aerobotics is a subscription-based artificial intelligence (AI) company that provides intelligent tools for the agricultural industry to manage its crops. Aerobotics, founded by James Paterson and Benji Meltzer in 2014, is a…