Latest news with #872
IOL News
22-05-2025
- Business
- IOL News
Businessman in hot water after receiving R1. 4 million from SARS through misrepresentations
Mbongiseni Ngomane, aged 34, allegedly made misrepresentations to the SA Revenue Service and received R1.4 million as tax returns. Image: File Picture Mbongiseni Ngomane, aged 34, has been released on bail after a warrant of arrest was issued against him for allegedly defrauding the South African Revenue Service (SARS). Lieutenant Colonel Magonseni Nkosi, provincial spokesperson for the Directorate for Priority Crime Investigation, also known as the Hawks, said the crime was committed in 2022 through misrepresentations of the company's income to SARS. 'According to information, Ngomane's misrepresentation led to SARS suffering an actual loss of R1,424,872. Upon receiving a tax refund from SARS, Ngomane allegedly transferred an amount of R200,000 to KC The Princess (Pty) Ltd whose sole director was Khensani Mnisi, 59,' said Nkosi. Mnisi also transferred money to five different recipients listed by the Hawks as Phindile Shabangu, 30; Dorren Simelane, 49; Thobile Ngomane, 35; Khanyisile Dlamini-Phenyane, 50, and Bafana Singwane, 50. Get your news on the go, click here to join the IOL News WhatsApp channel. The Hawks' serious commercial crime investigation unit, based in Nelspruit, executed the warrant of arrest, and all suspects appeared before the Nelspruit Commercial Crime Court on Tuesday. Ngomane was released on R2,000 bail while his co-accused were released on R500 bail each. The matter was postponed to 8 July 2025 for further investigations. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Last year, IOL reported that the Nelspruit Commercial Crime Court in Mpumalanga convicted and sentenced 44-year-old Mduduzi Steven Mashwama and his company MPG Mash Trading CC on charges of theft and contravention of the Prevention of Organised Crime Act (POCA). In July 2020, Mashwama and his company fraudulently submitted Value Added Tax claims and claimed undue VAT refunds of R166,850 from SARS. 'The matter was reported to the Hawks Nelspruit-based serious commercial crime investigation (unit) for further investigation. The investigation was finalised and the accused was summoned to appear in court on several occasion until he was sentenced on Tuesday,' Lieutenant Colonel Dineo Lucy Sekgotodi, Mpumalanga spokesperson for the Hawks said at the time. Mashwama was accused number two in the court case. On count one, of theft, Mashwama was sentenced to six years imprisonment which is wholly suspended for a period of five years on condition that he is not convicted of theft, fraud and or any offence involving misrepresentation committed during the period of suspension. IOL News
Khaleej Times
20-03-2025
- Business
- Khaleej Times
Al Mal Capital REIT announces Dh20.55 million final dividend for the financial year 2024
Al Mal Capital REIT (AMCREIT), the first REIT listed on DFM, regulated by the Securities and Commodities Authority, and managed by Al Mal Capital PSC, a subsidiary of Dubai Investments, has announced the final dividend for financial year 2024 amounting to Dh20,555,595 (as against Dh15,416,697 for six months ended 30 June 2024). The final dividend of Dh4.00 fils per unit is a milestone distribution, as it is on the enhanced unitholders' capital of Dh513,889,872 raised through a rights issue in April 2024. The final dividend of Dh4.00 fils per unit combined with the interim dividend of Dh3.0 fils per unit paid in August 2024 has ensured that AMCREIT continues with its commitment of target annualized yield of 7.0 per cent to the unitholders. AMCREIT will pay the interim dividend to the unit holders with the entitlement date set for March 27, 2025. AMCREIT delivered yet another strong financial performance for year ended 31 December 2024. In line with its strategy of growing its portfolio in the mandated sector of Education, AMCREIT completed the acquisition of Carnation Education LLC ('Carnation'), thus enhancing its overall investment portfolio. The balance sheet of AMCREIT surpassed Dh1 billion in 2024 with the investment properties valued at Dh993 million (as against Dh578 million as of 31 December 2023). With the acquisition of Carnation (owner of Kent College Dubai), AMCREIT's net property income touched Dh65.6 million for the full year 2024, which represented an increase of c. 47 per cent over the corresponding period of twelve months ended 31 December 2023. The total comprehensive income for the full year 2024 was Dh61.9 million, an increase of c.80 per cent vis-à-vis the previous financial year 2023. AMCREIT's core focus in growing its portfolio in the mandated sectors supports its vision of providing its investors access to an asset class with strong fundamentals and sustained growth. AMCREIT's investment properties neared c. Dh1 billion, a significant milestone given the first acquisition was completed towards the end of financial year 2021. The REIT's portfolio comprises five school campuses including two in Ajman (operated by Al Shola Group), two in Sharjah (operated by GEMS Education) and one in Dubai (operated by Aldar Education). Naser Al Nabulsi, Vice Chairman and CEO of Al Mal Capital PSC said: 'AMCREIT has delivered yet another solid performance in 2024. The year witnessed key successes including enhancement of the capital base with new investor participation, acquisition of another K-12 school taking the overall assets to five school campuses and the continued dividend distribution to the unitholders. AMCREIT believes in sustainable value creation to its unitholders and in line with this, the final dividend distribution of Dh4 fils per unit reiterates the commitment to deliver the target annualized yield of 7.0 per cent for 2024.
