Author: Gugu Lourie

The Special Investigating Unit (SIU) has once again brought actress Terry Pheto under scrutiny in the latest National Lotteries Commission (NLC) grant funding scandal. Pheto, known for her acclaimed performances, faces renewed allegations of involvement in the misuse of NLC funds, as the SIU’s investigation sheds light on potential irregularities in grant allocations. The revelation adds another layer of complexity to the ongoing probe into alleged misconduct within the NLC, casting a shadow over Pheto’s reputation and raising questions about accountability in the allocation of public funds. (SIU) has completed 90% of the second phase in its three-phased National Lotteries…

CubeSpace, an innovative satellite component manufacturer, born out of the research corridors of Stellenbosch University, has secured a substantial R47 million in venture capital funding to power its global expansion endeavours. With a solid footing in the cubesat domain, the company is poised to revolutionise the broader satellite industry, capitalising on its extensive expertise and robust research and development capabilities. Bolstered by an impressive 50% annual growth rate over the past four years, CubeSpace is now embarking on a strategic transition supported by recent venture capital infusion spearheaded by the University Technology Fund (UTF) in collaboration with co-investor Savant Venture…

Vumacam, a top surveillance service provider, today announced its partnership with the Gauteng Provincial Government (GPG). This collaboration means that the GPG will benefit from Vumacam’s vast camera network and cutting-edge crime-fighting technologies. Through this partnership, the GPG gains access to over 6000 cameras in Gauteng and additional partner cameras nationwide. With another 5000 partner cameras across South Africa, Vumacam ensures immediate alerts for any known criminal activity involving vehicles, even from other provinces, if spotted by cameras in Gauteng. Moreover, the GPG and Vumacam aim to expand camera coverage to underserved areas, especially in Townships, Informal Settlements, and Hostels…

Sun Exchange, a provider of comprehensive solar power and energy storage solutions in South Africa, is entering a new strategic phase. Building on nine years of expertise and a solid reputation, the company is now shifting its focus entirely to full-service commercial solar power and energy storage project development. Under the leadership of newly appointed CEO Saul Wainwright, Sun Exchange will fund all its projects through a growing global network of trusted corporate and institutional funders. This strategic shift will enable the company to continue serving its core sectors, including schools, retirement homes, non-profit organisations, and agriculture, while also expanding…

Everything.Insure, South Africa’s InsurTech platform, has just launched its commercial insurance marketplace online. This platform stands as a pioneer in the digital brokerage and insurance marketplace landscape, transforming the way insurance shopping operates. Gone are the days when securing commercial insurance involved a convoluted, drawn-out process, demanding weeks or even months of paperwork from businesses just to receive a single quote. With Everything.Insure, businesses can now access multiple quotes within minutes, marking a significant shift towards streamlining the entire insurance procurement process. This digital platform caters to three primary types of commercial businesses, ensuring a personalised and efficient experience for…

Car sales are a key indicator of the health of the SA economy providing a snapshot of consumer spending and confidence. 2023 was a year fraught with economic uncertainty, power outages and logistical issues like port delays that particularly impacted the new car market. While the used car market continued to show signs of positive results, the scenario was not quite as rosy for the new car market. The number of passenger used cars sold rose by +4.6% year-on-year in 2023, according to AutoTrader used car sales data. Over the year, 367,075 used cars were sold bringing the total value…

The Financial Sector Conduct Authority (FSCA) has issued a stern warning to the public regarding a concerning trend of individuals impersonating Centaur Asset Management Ltd, a reputable financial services provider. These imposters have been operating through a WhatsApp number (+27 67 209 8867), falsely representing themselves as representatives of Centaur, which holds FSP number 647, and engaging in fraudulent financial activities. The FSCA has received reports indicating that individuals purporting to be Mr. Lungelo Ngwane and Mr. Thembinkosi Dlomo, allegedly affiliated with Centaur Asset Management Ltd, have been soliciting deposits from unsuspecting individuals under false pretenses. Centaur has confirmed that…

The Financial Sector Conduct Authority (FSCA) has issued a stern caution to the public regarding a fraudulent scam proliferating on social media platforms, particularly TikTok and Facebook. Individuals posing as representatives of International Capital Markets (Pty) Ltd (IC Markets) are luring unsuspecting victims into their scheme. Recently, the FSCA received distressing reports from a member of the public who fell victim to this deceitful operation on TikTok. The perpetrators promised substantial returns on investments and persuaded the victim to deposit additional funds to supposedly unlock higher returns. Similarly, another victim encountered a fraudulent scheme on Facebook where an individual purported…

Major General Mboiki Obed Ngwenya, the Provincial Head of the Hawks, lauds the diligent efforts of the East London based Serious Commercial Crime Investigation (SCCI) team, in collaboration with East London Crime Intelligence (CI), for their pivotal role in capturing a 52-year-old foreign national. The individual faces charges of Road Accident Fund (RAF) fraud and corruption, stemming from an incident dating back to July 2011. The investigation centers around an alleged hit-and-run at the intersection of Voortrekker Road & Emily Hobhouse Road in Cape Town’s Goodwood area, where a minor was struck by an unidentified vehicle that fled the scene.…

MultiChoice, Africa’s biggest pay-TV operator, has successfully reached a landmark settlement with the Federal Inland Revenue Service (FIRS) in Nigeria. The settlement pertains to the contentious tax assessments raised against MultiChoice Nigeria (MCN) in April 2021 and MultiChoice Africa Holdings BV (MAH) in June 2021, totaling a staggering R705 million. The company informed investors on Thursday that MultiChoice, FIRS, MCN, and MAH have concluded a ‘without prejudice or precedent’ agreement. This agreement marks a pivotal moment in resolving all outstanding matters between the involved parties. Under the terms of the settlement, MCN and MAH have agreed to pay a cumulative…

The Walt Disney Company and Epic Games are teaming up to create an entirely fresh gaming and entertainment universe, extending the enchanting world of beloved Disney tales and adventures. Disney is set to make a $1.5 billion investment to acquire a stake in Epic Games as part of this multiyear venture, pending customary closing procedures, including regulatory clearances. This innovative collaboration will not only deliver an exceptional gaming experience but will also integrate seamlessly with Fortnite. The newly envisioned persistent universe promises a plethora of opportunities for audiences to immerse themselves in playing, watching, shopping, and interacting with content, characters,…

In a recent landmark decision, the Supreme Court of Appeal (SCA) resolved a longstanding dispute between Kenneth Makate and Vodacom regarding compensation for the invention of the Please Call Me (PCM) product. The SCA dismissed an appeal from the Gauteng Division of the High Court, Pretoria, setting aside the previous order and substituting it with a new determination of compensation owed to Makate. The dispute originated from a Constitutional Court order in April 2016, which mandated negotiations between Makate and Vodacom to determine reasonable compensation for the PCM invention. In the event of a deadlock, the CEO of Vodacom was…

Mastercard has paid R3.8 billion to buy a minority stake in MTN’s FinTech business valued at $5.2 billion or R100 billion. Initially revealed on August 14, 2023, the transaction remains pending closure, awaiting customary conditions. This collaboration adds depth to the broader commercial ties between MTN and Mastercard. The aim is to foster technological advancements and infrastructural growth, ultimately driving financial inclusivity throughout Africa. Particularly, this strategic alliance seeks to bolster MTN’s fintech arm, enhancing its payment and remittance services. Looking ahead, MTN remains open to exploring further avenues for value-driven partnerships and investments. Market conditions will influence the trajectory…

The U.K government allocates over £100 million to support regulators and advance research and innovation on AI, including Hubs in healthcare and chemical discovery. This is part of the Department for Science, Innovation and Technology (DSIT) response to the AI Regulation White Paper . It comes as £10 million is announced to prepare and upskill regulators to address the risks and harness the opportunities of this defining technology. The fund will help regulators develop cutting-edge research and practical tools to monitor and address risks and opportunities in their sectors, from telecoms and healthcare to finance and education. For example, this might…

Balwin Properties today informed investors that Ulrich Gschnaidtner has stepped down from his position as the Chief Projects Officer to explore new opportunities in Australia. Gschnaidtner will fulfill his duties until August 30, 2024, the company said. Having joined Balwin in 1997 to oversee project operations, Gschnaidtner has played a pivotal role in the company’s growth over the past 27 years, added the company. The board expresses its gratitude to Ulrich for his significant contributions throughout the years and extends best wishes for his future endeavours. Ulrich held management positions at Spie Batignolles and Bovis Southern Africa before joining Balwin…

Amidst mounting challenges facing South Africa’s mining sector, President Cyril Ramaphosa has underscored the pressing issues gripping the industry. Highlighting the domestic energy crisis and logistical bottlenecks plaguing ports and railways, he emphasised the significant strain on miners’ operational expenses. Moreover, the pervasive threats of illicit mining, cable theft, and infrastructure vandalism compound the challenges, exacerbating the strain on mining output and returns. In response to these formidable obstacles, Ramaphosa has rallied a call to action, urging collective effort and determination to navigate through these turbulent times. As the industry braces itself for the road ahead, collaboration emerges as the…

Canal+ Group from France has increased its ownership in MultiChoice from 31.07% to 35.01%, despite a prior rejected takeover offer. According to section 122(3)(b) of the Companies Act, 71 of 2008, regulation 121(2)(b) of the Companies Regulations, 2011, and paragraph 3.83(b) of the JSE Limited Listings Requirements, MultiChoice shareholders are formally notified of this development. MultiChoice has duly filed notices with the Takeover Regulation Panel (TRP) and the Companies and Intellectual Property Commission, as per sections 122(3)(a) and 122(3A) of the Act, respectively. Moreover, MultiChoice has requested the TRP to adjudicate on the necessity of a mandatory offer to all…

Africa’s pay-TV operator MultiChoice, has firmly rebuffed a non-binding acquisition proposal from Group Canal+ SA (“Canal+”) at a proposed price of R105 per share in cash. Shareholders were informed of this through a cautionary announcement released on SENS on 1 February 2024. The proposal, which arrived after extensive discussions between Canal+ and MultiChoice spanning over a year, was met with deliberation by the MultiChoice board. Despite Canal+’s public assertions regarding the potential advantages of a combined entity, MultiChoice said the board concluded that the offer significantly undervalues MultiChoice and its future prospects. Key points considered by the Board include: Valuation…

In a bold move echoing the authority’s commitment to financial integrity, the Financial Sector Conduct Authority (FSCA) recently wielded its regulatory hammer, imposing a hefty administrative sanction of R400,000 on Theuns Vosloo Financial Advisory Services CC (TVFAS). The penalty, a consequence of non-compliance with critical provisions of the Financial Intelligence Centre Act, No. 38 of 2001 (FIC Act), sends shockwaves through the financial advisory sphere. The FSCA’s investigation uncovered a series of lapses within TVFAS’s operations, highlighting systemic failures to adhere to the stringent requirements mandated by the FIC Act. Among the findings, the FSCA cited TVFAS’s inadequacies in developing…

South Africa is facing a looming retirement crisis, as only 6% of the population is projected to retire comfortably, according to the sixth edition of the 10X Investments Retirement Reality Report 2023/2024, The findings of the 2023 Brand Atlas Survey form the basis of the report. Brand Atlas monitors and assesses the lifestyles of approximately 15.4 million economically active South Africans. These individuals are defined as those residing in households with a monthly income exceeding R6,000, aged 16 or older, and possessing internet access for online survey completion. This year’s survey indicates minimal change in South Africans’ propensity or capacity…

The Minister of Employment and Labour, Thulas Nxesi, has reissued draft regulations for sector-specific targets, granting interested parties a 90-day period to provide feedback on the proposals (reissued regulations focusing on employment equity targets). On Friday, May 12, 2023, the Minister released draft five-year sectoral numerical targets for the identified national economic sectors, providing interested parties with a 30-day window to submit comments. Following the publication and the conclusion of the 30-day comment period, there was significant feedback on the draft numerical targets. In a legal note written by Cliffe Dekker Hofmeyer, the group clarified that on the face of…

In a significant milestone for telecommunications giant Vodacom Group, which includes Safaricom among its key subsidiaries, the company has achieved a historic milestone by surpassing 200 million customers. This remarkable feat, as announced by CEO Shameel Joosub, marks a doubling of its customer base since 2018 when it reached the notable 100 million mark. In this article, we delve into the factors driving Vodacom’s expansive growth and the implications of this achievement in the dynamic landscape of global telecommunications. “As a purpose-led company, the transformational impact we have on our customers and the economies in countries where we operate provides…

Telkom has introduced its February 2024 Big Deal, ensuring seamless surfing, streaming, and connectivity even into the late hours. Telkom’s exclusive NIGHTTIME data doesn’t stop until 7AM, ensuring you have data to binge-watch your favourite shows, catch up with friends, or work on those late-night projects without any worries. The LTE Data Plan offers 80GB data a month. The deal includes the following: 40GB Anytime data 40GB Night Surfer data A R99 Once-Off SIM and Connection fee Customer has an option to add a router for additional fee on the February big deal All the allocated Inclusive data are available…

MultiChoice and Comcast, the US-based parent of NBCUniversal and the UK’s Sky,) to  invest a combined total of $177 million (R3.3 billion) into Showmax during this financial year. MultiChoice is reintroducing its streaming platform, Showmax, which has been developed in collaboration with Comcast, a global broadcasting powerhouse and a direct competitor of Canal+, with its US-based parent company NBCUniversal and the UK’s Sky. Comcast has already acquired a 30% stake in Showmax, a video streaming service. MultiChoice belives that the new partnership brings some of the world’s best content and technology to streaming customers across its footprint in sub-Saharan Africa.…

Canal+ Group from France, having steadily acquired a notable stake in the JSE-listed MultiChoice Group over recent years, is currently advancing to assume control of the South African pay-television conglomerate. However, the deal must maneuver through stringent South African media ownership regulations to gain approval. Canal+ announced on Thursday that is expects to offer R105 per share for MultiChoice, or a 40% premium to the closing price on 31 January 2024. The French compamy already owns 31.7% of MultiChoice’s shares. Canal+ Group’s move to take control of MultiChoice Group in South Africa reflects its strategic expansion into the African pay-television…