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…