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Daily Maverick
a day ago
- Daily Maverick
ATM hacking accused freed on bail after magistrate's blunder in multimillion-rand case
A man who allegedly made millions in cash by hacking ATMs in the Eastern and Western Cape was released on bail late last week after the Bhisho High Court ruled that the magistrate had made a mistake by not giving reasons for the decision to keep him behind bars. One of the men arrested by the Hawks in March 2025 and linked to a syndicate that has allegedly netted R7-million by hacking ATMs has been released on bail after the court ruled that the magistrate hearing his bail application had made a mistake. Mongameli Tom was arrested with another man near Peddie in the Eastern Cape after the pair allegedly hacked into two ATMs in Mdantsane, Buffalo City. At the time of Tom's arrest the Hawks said that he was also linked to a series of ATM fraud incidents in the Western Cape. Tom has denied any involvement. Tom and the other man were intercepted near Peddie on 17 March 2025 following a multidisciplinary, intelligence-driven operation led by the East London Serious Organised Crime Investigation team. The Hawks explained at the time that the suspects allegedly disguised themselves as cash-in-transit security guards, armed with a rifle, to create the illusion that they were legitimately servicing the ATM. But instead they were using 'jackpot' software to hack into the ATM and take all the money. Tom was arrested by the Hawks on 19 March 2025. On 9 April 2025 he applied for bail but this was refused. He is charged with 51 counts of fraud and 52 counts of theft which were allegedly committed between Cape Town and East London. Four of these offences were committed in the Eastern Cape and two in the magisterial district of Mdantsane, where he appeared in court. In February and March 2025 amounts of R143,500 and R236,900 were taken from two ATMs at two garages in Mdantsane. Tom, from Mitchells Plain in the Western Cape, is the director of two companies, Abakwazidenge Trading (Pty) Ltd and Khundulu Holdings (Pty) Ltd. According to Tom both companies made between R30,000 and R50,000 profit a month but had stopped operating after he was arrested. In an affidavit before court – detailing his personal circumstances – he stated that he had dependent children and had to provide for their needs. Acting Judge Aaron Zono said the magistrate hearing Tom's bail application had not dealt with an affidavit setting out his personal circumstances. Tom has no previous convictions nor pending cases. 'There is not a single reason in the magistrate's judgment why [Tom's] case or version has not been accepted or rejected. We may only assume that it was rejected for the fact that it is not referred to in the judgment,' Zono said. 'In fact, the magistrate's failure to accept or reject appellant's case is rooted in his failure to consider the same. One cannot accept or reject something he has not considered. No balancing act has been made by the magistrate. 'The magistrate did not account for the judgment he gave. He did not analyse the evidence before arriving at his conclusion. He did not explain why the evidence of the accused persons was not accepted and why that evidence did not meet the standard of being reasonably possibly true. He did not even explain on what basis he found that the state had discharged its onus of proof and why its evidence was accepted. 'A judgment without reasons is arbitrary. Equally a judgment that does not account for all the evidence is arbitrary. A judgment without balancing exercise between the two opposing versions or evidence lacks proper analysis and is consequently arbitrary. Zono also said the State had not rebutted evidence presented by Tom, who denies knowledge of any crimes, but only stated that the prosecution's case is strong and Tom's case is weak. He added that the magistrate should have given a reasoned ruling on why bail was refused.
IOL News
3 days ago
- Business
- IOL News
Mahlatse Lekwadu's journey in the mining supply industry
Mahlatse Lekwadu stands as a beacon of resilience and empowerment in the male-dominated mining and industrial supply sector, proving that limitations can indeed become the foundations of strength. Image: Supplied. At 52 years old, Mahlatse Lekwadu stands as a beacon of resilience and empowerment in the male-dominated mining and industrial supply sector, proving that limitations can indeed become the foundations of strength. Based in Steelpoort, Limpopo, her enterprise, Magadine Business Enterprise (Pty) Ltd, has flourished over its seven-year journey, demonstrating how a woman living with a neurological disorder can not only overcome significant challenges but also challenge the status quo on inclusivity and representation. Growing up in Bothashoek village and later Burgersfort, Mahlatse's background has shaped her determination. Her early schooling at Madinoge Primary School and Mmiditsi Secondary School laid a foundational belief that education and perseverance can lead to possibilities beyond one's immediate circumstances. 'I don't have a dis-ability—I have a different-ability,' she proudly declares, embodying a narrative that redefines limitations into potentials. The road to entrepreneurship, however, was fraught with obstacles, particularly for a woman entering an industrial sector predominantly seen through the lens of male leadership. 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 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. Next Stay Close ✕ From 2018 to 2021, Magadine operated under a subcontract, limiting her ability to establish a firm foothold in the market. Financial constraints made starting the business exceedingly difficult; reliance on loans from family and friends, combined with personal credit, were the pillars upon which her dream began to materialise. For the initial three years, Mahlatse and her team operated out of her garage—a setting that often starkly contrasted the ambitious visions she held for her company. Accessibility, also, posed a significant barrier. Factors such as inadequate infrastructure and the complexities of navigating vendor registration in the mining sector often left Mahlatse feeling disheartened. 'Getting registered as a vendor was a drawn-out process,' she recounts. 'I had to persistently send daily emails until we secured our vendor number.' Yet, through determination and an unyielding spirit, Mahlatse has gained tender opportunities, establishing relationships with industry giants like Glencore Eastern Mine and Lion Smelter. Today, as Magadine Business Enterprise continues to thrive, Mahlatse remains unyielding in her commitment to uplift fellow women and individuals with disabilities. This passion for mentorship and nurturing young talent comes from her aspiration for a better future, especially for her children. 'I take joy in mentoring others and continuously learning from the youth,' she affirms. However, the journey is not without its current challenges. Finding a reliable marketing consultant has proven complicated; unfortunately, not everyone has upheld the responsibilities required. "We are looking for a passionate marketer who can take Magadine Business to the next level,' she states—her resolve as strong as ever. Mahlatse Lekwadu's story is not merely about business triumph; it is a profound statement about resilience, inclusion, and the drive for economic empowerment. As she continues to navigate both the complexities of entrepreneurship and the brewing storms of personal challenges, her journey will undoubtedly inspire countless others, paving the way for future generations in the mining and industrial sectors—a field where representation is essential yet often lacking. BUSINESS REPORT Visit:
Yahoo
15-05-2025
- Business
- Yahoo
Nexa Resources Announces Sale of Otavi Project
Luxembourg, Luxembourg--(Newsfile Corp. - May 15, 2025) - Nexa Resources S.A. (NYSE: NEXA) ("Nexa Resources", "Nexa" or the "Company") announces today the signing of a definitive agreement between its subsidiary, Votorantim Metals Namibia (Pty) Ltd., and Midnab Resources (Pty) Ltd. ("Midnab"), a subsidiary of Midas Minerals Ltd. (ASX Symbol: MM1), for the sale of ten Exclusive Prospecting Licenses ("EPLs") forming part of the Otavi and Namibia North projects (the "Project"), located in the Damara Belt region of Namibia (the "Transaction"). The Project was previously part of a joint venture between Nexa Recursos Minerais S.A. ("Nexa Brazil") and the Japan Organization for Metals and Energy Security ("JOGMEC"), a Japanese state-owned enterprise. JOGMEC retains rights to 49% of the proceeds from this sale. The total consideration includes a purchase price of US$3.0 million, payable at closing (the "Completion"), and additional contingent payments of up to US$7.0 million, to be paid in cash in three installments, subject to the achievement of certain development milestones. Nexa will also retain royalty rights tied to the future advancement of the Project. Completion of the Transaction is expected by December 31, 2025, subject to customary conditions precedent. As previously disclosed, Nexa continues to evaluate risk-return alternatives across its portfolio. This divestment represents another step in the Company's ongoing portfolio optimization strategy, which focuses on prioritizing return-generating assets, enhancing free cash flow, and aligning with its disciplined capital allocation framework. Namibia remains a strategic region for Nexa as the Company expands its copper exploration efforts beyond Latin America. About Midnab Resources (Pty) Ltd. Midnab Resources (Pty) Ltd is a wholly owned subsidiary of Midas Minerals Limited, a mineral exploration company listed on the Australian Securities Exchange with a primary focus on precious and base metals. Midas' Board and management have a strong track record of delivering value for stakeholders through world-class mineral discoveries and mine development in Africa and Australia. About Nexa Nexa is a large-scale, low-cost, integrated polymetallic producer, zinc being our main product, with over 65 years of experience developing and operating mining and smelting assets in Latin America. Nexa currently owns and operates four long-life underground polymetallic mines, two located in the Central Andes region of Peru, and two located in Brazil (one in the state of Minas Gerais and one in the state of Mato Grosso). Nexa also owns and operates one low-cost polymetallic open pit mine, also in the Central Andes region of Peru, and three smelters, two located in the state of Minas Gerais in Brazil (Três Marias and Juiz de Fora), and one, located in Lima, which is Cajamarquilla, the largest smelter in the Americas. Nexa was among the top five producers of mined zinc globally in 2024 and one of the top five metallic zinc producers worldwide in 2024, according to Wood Mackenzie. Cautionary Statement on Forward-Looking Statements This news release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to in this news release as "forward-looking statements"). All statements other than statements of historical fact are forward-looking statements. The words "believe," "will," "may," "may have," "would," "estimate," "continues," "anticipates," "intends," "plans," "expects," "budget," "scheduled," "forecasts" and similar words are intended to identify estimates and forward-looking statements. Forward-looking statements are not guarantees and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Nexa to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results and developments may be substantially different from the expectations described in the forward-looking statements for a number of reasons, many of which are not under our control, among them, the activities of our competition, the future global economic situation, weather conditions, market prices and conditions, exchange rates, and operational and financial risks. The unexpected occurrence of one or more of the abovementioned events may significantly change the results of our operations on which we have based our estimates and forward-looking statements. Our estimates and forward-looking statements may also be influenced by, among others, legal, political, environmental or other risks that could materially affect the potential development of our projects, including risks related to outbreaks of contagious diseases or health crises impacting overall economic activity regionally or globally, as well as risks relating to ongoing or future investigations by local authorities with respect to our business and operations and the conduct of our customers, including the impact to our financial statements regarding the resolution of any such matters. Our estimates and forward-looking statements may also be influenced by regulatory changes in the countries where we operate, including new trade restrictions, tariff escalations, and policy shifts affecting cross-border commerce and supply chains. Certain forward-looking statements are based on third-party data, market forecasts, and assumptions that may be subject to change. Nexa does not guarantee the accuracy of such external data and disclaims any obligation to update these statements unless required by law. These forward-looking statements related to future events or future performance and include current estimates, predictions, forecasts, beliefs and statements as to management's expectations with respect to, but not limited to, the business and operations of the Company and mining production, our growth strategy, the impact of applicable laws and regulations, future zinc and other metal prices, smelting sales, capex, expenses related to exploration and project evaluation, estimation of Mineral Reserves and/or Mineral Resources, mine life and our financial liquidity. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable and appropriate by management and qualified persons considering their experience are inherently subject to significant uncertainties and contingencies and may prove to be incorrect. Statements concerning future production costs or volumes are based on numerous assumptions of management regarding operating matters and on assumptions that demand for products develops as anticipated, that customers and other counterparties perform their contractual obligations, full integration of mining and smelting operations, that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts and supplies, labor disturbances, interruption in transportation or utilities, adverse weather conditions, and that there are no material unanticipated variations in metal prices, exchange rates, or the cost of energy, supplies or transportation, among other assumptions. We assume no obligation to update forward-looking statements except as required under securities laws. Estimates and forward-looking statements refer only to the date when they were made, and we do not undertake any obligation to update or revise any estimate or forward-looking statement due to new information, future events or otherwise, except as required by law. Estimates and forward-looking statements involve risks and uncertainties and do not guarantee future performance, as actual results or developments may be substantially different from the expectations described in the forward-looking statements. Further information concerning risks and uncertainties associated with these forward-looking statements and our business can be found in our public disclosures filed under our profile on SEDAR+ ( and on EDGAR ( For further information, please contact:Investor Relations Teamir@ To view the source version of this press release, please visit Sign in to access your portfolio
The Citizen
08-05-2025
- Health
- The Citizen
Product recall: Toys from Takealot, Toys R Us and e-bike batteries pulled over choking, fire hazards
The tissue box toy poses a choking hazard to young children, while the ebike batteries pose a fire hazard. The National Consumer Commission (NCC) has confirmed the recall of two products: the Tissue Box Toy included with Fisher-Price 3-in-1 SnugaPuppy Activity Center, and the lithium-ion batteries used in Santa Cruz Heckler 9 e-bikes. What the toy looks like NCC said that Mattel South Africa informed them of a recall for the Tissue Box Toy due to a defective component cover that can come apart, making the internal support brackets (small parts) accessible. 'The detachable tissue box toy can come apart, exposing the support brackets, posing a choking hazard to young children.' The tissue box toy is located on the underside of the table, near the Fisher-Price logo. It is white with red decorations and has 'tissues' made of sensory cloth. On one side, it features a black and white wavy striped pattern, and on the other, a yellow-green pattern with raised spots. The Tissue Box Toy being recalled. Picture: Supplied Toy bought between 2023 and 2025 The commission said the toy was sold between 2023 and 2025 at: Amazon Com Ser (SA) Pty Ltd Lilliput Novelties (Pty) Ltd OneDayOnly Offers (Pty) Ltd Loot Online (Pty) Ltd Takealot Online (Pty) Ltd Toy Kingdom (Pty) Ltd Amic Trading, which operates Toys R Us 'Consumers are urged to immediately stop using the recalled tissue box toy, remove it from the activity centre, and keep it away from young children. 'Additionally, consumers should contact Fisher-Price to return the tissue toy box in exchange for a refund for the toy only.' ALSO READ: Did you buy a Mercedes-Benz GLE? The supplier wants them back The lithium-ion battery located inside a black case under the frame of the Santa Cruz Heckler 9 e-bikes is being recalled. Picture: supplied. Recall of lithium-ion batteries Another product recall involves the interchangeable 720w lithium-ion batteries of the Santa Cruz Heckler 9 e-bikes. The interchangeable 720w lithium-ion battery is located inside a black case under the frame. The supplier, Santa Cruz Bicycles, LLC, informed the NCC that their investigation and testing revealed that a small number of batteries supplied to certain Heckler e-bike may be at an increased risk of an electrical short circuit. 'In such cases, this may pose a fire hazard, resulting in a risk of injury or property damage.' Products sold between February 2022 to April 2025 The commission added that the affected Santa Cruz Heckler 9 e-bikes were made available from February 2022 to April 2025 and sold nationally. 'Consumers are urged to stop using the e-bikes immediately and disconnect the battery from the Heckler 9 e-bike and charger. 'They should contact Santa Cruz Bicycle if they have sold or gifted it to anyone and forward this information. 'Consumers are encouraged to check whether their battery is affected by visiting the Santa Cruz Bicycles recall page. If affected, they can register to receive a replacement battery at no extra cost.' NOW READ: Grinding halt: SA seasoning brand recalls grinder products due to plastic contamination
Yahoo
10-02-2025
- Business
- Yahoo
Public companies own 34% of Mpact Limited (JSE:MPT) shares but individual investors control 38% of the company
Significant control over Mpact by individual investors implies that the general public has more power to influence management and governance-related decisions The top 3 shareholders own 52% of the company Insiders have sold recently Every investor in Mpact Limited (JSE:MPT) should be aware of the most powerful shareholder groups. With 38% stake, individual investors possess the maximum shares in the company. That is, the group stands to benefit the most if the stock rises (or lose the most if there is a downturn). Meanwhile, public companies make up 34% of the company's shareholders. Let's take a closer look to see what the different types of shareholders can tell us about Mpact. View our latest analysis for Mpact Institutions typically measure themselves against a benchmark when reporting to their own investors, so they often become more enthusiastic about a stock once it's included in a major index. We would expect most companies to have some institutions on the register, especially if they are growing. Mpact already has institutions on the share registry. Indeed, they own a respectable stake in the company. This implies the analysts working for those institutions have looked at the stock and they like it. But just like anyone else, they could be wrong. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see Mpact's historic earnings and revenue below, but keep in mind there's always more to the story. We note that hedge funds don't have a meaningful investment in Mpact. Our data shows that Caxton and CTP Publishers and Printers Limited is the largest shareholder with 34% of shares outstanding. With 10% and 7.2% of the shares outstanding respectively, Gayatri Paper Mills Gauteng (Pty) Limited and Old Mutual Investment Group South Africa (Pty) Limited are the second and third largest shareholders. In addition, we found that Bruce Strong, the CEO has 0.9% of the shares allocated to their name. To make our study more interesting, we found that the top 3 shareholders have a majority ownership in the company, meaning that they are powerful enough to influence the decisions of the company. While it makes sense to study institutional ownership data for a company, it also makes sense to study analyst sentiments to know which way the wind is blowing. There is a little analyst coverage of the stock, but not much. So there is room for it to gain more coverage. The definition of company insiders can be subjective and does vary between jurisdictions. Our data reflects individual insiders, capturing board members at the very least. Management ultimately answers to the board. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO. I generally consider insider ownership to be a good thing. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions. We can see that insiders own shares in Mpact Limited. In their own names, insiders own R104m worth of stock in the R4.1b company. This shows at least some alignment. You can click here to see if those insiders have been buying or selling. The general public-- including retail investors -- own 38% stake in the company, and hence can't easily be ignored. This size of ownership, while considerable, may not be enough to change company policy if the decision is not in sync with other large shareholders. We can see that Private Companies own 10%, of the shares on issue. It's hard to draw any conclusions from this fact alone, so its worth looking into who owns those private companies. Sometimes insiders or other related parties have an interest in shares in a public company through a separate private company. We can see that public companies hold 34% of the Mpact shares on issue. We can't be certain but it is quite possible this is a strategic stake. The businesses may be similar, or work together. While it is well worth considering the different groups that own a company, there are other factors that are even more important. For example, we've discovered 3 warning signs for Mpact that you should be aware of before investing here. If you would prefer discover what analysts are predicting in terms of future growth, do not miss this free report on analyst forecasts. NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
