Latest news with #R21m
TimesLIVE
a day ago
- Business
- TimesLIVE
SIU ready to recover R21m in lottery grant funding
The Special Investigating Unit (SIU) says it has already started the process of executing an order of the Special Tribunal which set aside grant funding of R21m made by the National Lotteries Commission (NLC). The tribunal reviewed and set aside two NLC grant funding applications and ordered a former board member, advocate William Huma, to pay back the amount in full. The SIU said on Monday this was the first judgment that set aside grant funding in its NLC investigation. 'The SIU has now filed 18 NLC review applications to set aside grants. The total value of the funds involved in these review and preservation applications amounts to R320m. More review applications can be expected.' In the judgment in June, the Special Tribunal reviewed and set aside the 2019 NLC decision to award R16.5m to the Samaritan Initiative NPO, a hijacked entity allegedly controlled by Huma's relatives. The funds were allocated for community upliftment projects, including a chicken farming initiative for the residents of Marikana, North West. 'The SIU investigation found that the funds were misappropriated by Silverlite Trading (Pty) Ltd, which Huma later took control as the sole director. The farm is now in a dilapidated state and has never benefited the community of Marikana,' the SIU said. The tribunal also set aside a 2020 grant of R4.6m to Reagile NPC, directed by Huma's wife and nephew. The SIU said no tangible community benefits were delivered. It said the tribunal found that Huma abused his position to funnel funds to entities linked to his family. 'His conduct was deemed 'egregious, negligent, and dishonest', causing the NLC to suffer losses of R21,158,118.' The tribunal said Huma failed to disclose conflicts of interest, contravening the Lotteries Act and his fiduciary duties. 'To ensure there is cash available to recover the full amount lost by the NLC, the SIU, through the tribunal, preserved R10m, which are the proceeds of a sale of Huma's Waterkloof property, which amount is now executable.' As part of the ongoing NLC investigations, the SIU preserved a number of assets belonging to Huma and linked to NLC funds. These include a farm and a boutique hotel, both in North West. This preservation is linked to another NLC investigation. 'As part of implementing the order, the SIU will conduct auctions for the properties in question. The proceeds generated from these auctions will be directed back to the NLC to support projects aimed at uplifting communities, rather than benefiting individuals or their close associates.' The SIU was authorised in terms of a proclamation issued by President Cyril Ramaphosa in 2020 to investigate allegations of corruption and maladministration in the affairs of the NLC and recover any financial losses suffered by the state.
Yahoo
18-03-2025
- Business
- Yahoo
Bullish Pick n Pay Stores Insiders Loaded Up On R31.6m Of Stock
Over the last year, a good number of insiders have significantly increased their holdings in Pick n Pay Stores Limited (JSE:PIK). This is encouraging because it indicates that insiders are more optimistic about the company's prospects. Although we don't think shareholders should simply follow insider transactions, we do think it is perfectly logical to keep tabs on what insiders are doing. See our latest analysis for Pick n Pay Stores Over the last year, we can see that the biggest insider sale was by the Non-Executive Director, Jonathan Ackerman, for R21m worth of shares, at about R22.51 per share. That means that an insider was selling shares at slightly below the current price (R27.89). As a general rule we consider it to be discouraging when insiders are selling below the current price, because it suggests they were happy with a lower valuation. Please do note, however, that sellers may have a variety of reasons for selling, so we don't know for sure what they think of the stock price. This single sale was 92% of Jonathan Ackerman's stake. In the last twelve months insiders purchased 1.98m shares for R32m. On the other hand they divested 1.27m shares, for R29m. Overall, Pick n Pay Stores insiders were net buyers during the last year. You can see the insider transactions (by companies and individuals) over the last year depicted in the chart below. If you click on the chart, you can see all the individual transactions, including the share price, individual, and the date! Pick n Pay Stores is not the only stock that insiders are buying. For those who like to find small cap companies at attractive valuations, this free list of growing companies with recent insider purchasing, could be just the ticket. I like to look at how many shares insiders own in a company, to help inform my view of how aligned they are with insiders. We usually like to see fairly high levels of insider ownership. Insiders own 0.7% of Pick n Pay Stores shares, worth about R149m, according to our data. Overall, this level of ownership isn't that impressive, but it's certainly better than nothing! The fact that there have been no Pick n Pay Stores insider transactions recently certainly doesn't bother us. However, our analysis of transactions over the last year is heartening. Judging from their transactions, and high insider ownership, Pick n Pay Stores insiders feel good about the company's future. So these insider transactions can help us build a thesis about the stock, but it's also worthwhile knowing the risks facing this company. For example - Pick n Pay Stores has 2 warning signs we think you should be aware of. But note: Pick n Pay Stores may not be the best stock to buy. So take a peek at this free list of interesting companies with high ROE and low debt. For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions of direct interests only, but not derivative transactions or indirect interests. 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.
