Latest news with #R27m
The Herald
28-05-2025
- Business
- The Herald
Accountant in R27m yacht fraud case takes stand for 13th day
A private auditor has spent 13 days in the witness box, fielding questions about his efforts to trace funds on behalf of a complainant who invested millions in a failed yacht building enterprise. When he returns to court on Thursday, Imraan Lockhat of Lockhat Incorporated will continue his testimony in the R27m fraud case against former business partners Tim van der Steene and Ryan Osbourne. The accused, who were the managing director and financial director of luxury yacht building companies in St Francis Bay, face charges of fraud and reckless trading as the state alleges they defrauded clients out of millions of rand by failing to deliver their 50-foot luxury yachts as promised. Lockhat was appointed by UAE businessman Sultan Ahmed Ghunoum Al-Hameli to scrutinise the books of Tag SA and Tag 50, after he raised suspicions that the accused were milking him for millions to keep their failing businesses afloat. However, their alleged farce was uncovered in 2017 when one of the enterprises was placed in business rescue and the other was liquidated, leading to massive financial losses for Al-Hameli and other clients. During cross-examination on Wednesday, advocate Herman Wildenboer, representing Van der Steene, tried to poke holes in the state's case by grilling Lockhat on the evidence and figures he provided during his evidence in chief. Van der Steene and Osbourne are out on bail. The trial continues. The Herald
The Citizen
26-05-2025
- The Citizen
Foreign man caught smuggling cocaine at OR Tambo
A 39-year-old drug trafficker was arrested on arrival from Sao Paulo at OR Tambo International Airport on May 23. The Brazilian national was in transit to Benin when police officers stopped him at the airport. He was pulled aside and during a body search, cocaine was found wrapped around his legs. He was arrested and is expected to appear before the Kempton Park Magistrates Court on a charge of drug trafficking. ALSO READ: SAPS cracks down on drugs in Eldos The SAPS has reported that police officers are intensifying their efforts to clamp down on the illegal trade of drugs. The following successful arrests were reported from January to March: • 23 306 suspects were arrested for being in possession of drugs, including traffickers apprehended at OR Tambo International Airport. Most of the traffickers come from Brazil and were found to have swallowed the drugs. Through targeted intelligence operations, more than 20 drug traffickers were intercepted. • A total of 3 471 suspects were arrested for dealing in drugs; this included six Mozambicans and three South Africans who were arrested in Standerton. Drugs. High-performance vehicles and machinery, all to the cost of R27m, were confiscated in this operation, including R3m in cash found in a Mercedes Benz. During this same period, a clandestine drug laboratory was also shut down in Westonaria, Gauteng and two suspects were arrested. At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
TimesLIVE
23-05-2025
- TimesLIVE
'Drug trafficker' from Brazil nabbed at OR Tambo
A 39-year-old suspected drug trafficker was arrested on arrival from São Paulo, Brazil at the OR Tambo International Airport on Friday morning. Police said the Brazilian landed at 9am from São Paulo and was in transit to Benin when he was intercepted by police officers at the airport. 'He was pulled aside and during a body search cocaine worth R1.4m was found wrapped around his legs,' police spokesperson Brig Athlenda Mathe said. The man was arrested and is expected to appear before the Kempton Park magistrate's court soon on a charge of drug trafficking. Mathe said the police were intensifying their efforts to clamp down on the illicit trade of drugs. She said between January and March, 23,306 suspects had been arrested nationally for being in possession of drugs. These included drug traffickers who continued to be apprehended at OR Tambo International Airport. 'Most of these drug traffickers are coming into the country from Brazil and are found to have swallowed these drugs. Through targeted intelligence operations, we have been able to intercept more than 20 drug traffickers in the last six months at this port of entry.' Mathe said 3,471 suspects had been arrested for dealing in drugs. These included six Mozambicans and three South Africans who were arrested in Standerton, Mpumalanga, after police dismantled a clandestine drug laboratory in that area. Drugs, high performance vehicles and machinery valued at R27m were confiscated in this operation including R3m in cash that was found in the boot of a Mercedes-Benz. During this same period, a clandestine drug laboratory was also shut down in Westonaria in Gauteng.
Yahoo
12-04-2025
- Business
- Yahoo
Insider Spends €27m Buying More Shares In Lighthouse Properties
Lighthouse Properties p.l.c. (JSE:LTE) shareholders (or potential shareholders) will be happy to see that the Non-Independent Non-Executive Director, Desmond de Beer, recently bought a whopping R27m worth of stock, at a price of R7.58. While that only increased their holding size by 1.1%, it is still a big swing by our standards. This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality. Notably, that recent purchase by Non-Independent Non-Executive Director Desmond de Beer was not the only time they bought Lighthouse Properties shares this year. They previously made an even bigger purchase of R78m worth of shares at a price of R7.76 per share. So it's clear an insider wanted to buy, even at a higher price than the current share price (being R7.74). Their view may have changed since then, but at least it shows they felt optimistic at the time. We always take careful note of the price insiders pay when purchasing shares. As a general rule, we feel more positive about a stock if insiders have bought shares at above current prices, because that suggests they viewed the stock as good value, even at a higher price. Lighthouse Properties insiders may have bought shares in the last year, but they didn't sell any. You can see a visual depiction of insider transactions (by companies and individuals) over the last 12 months, below. By clicking on the graph below, you can see the precise details of each insider transaction! Check out our latest analysis for Lighthouse Properties There are plenty of other companies that have insiders buying up shares. You probably do not want to miss this free list of undervalued small cap companies that insiders are buying. Many investors like to check how much of a company is owned by insiders. A high insider ownership often makes company leadership more mindful of shareholder interests. Lighthouse Properties insiders own 18% of the company, currently worth about R2.8b based on the recent share price. This kind of significant ownership by insiders does generally increase the chance that the company is run in the interest of all shareholders. It is good to see recent purchasing. We also take confidence from the longer term picture of insider transactions. Along with the high insider ownership, this analysis suggests that insiders are quite bullish about Lighthouse Properties. That's what I like to see! So while it's helpful to know what insiders are doing in terms of buying or selling, it's also helpful to know the risks that a particular company is facing. Every company has risks, and we've spotted 3 warning signs for Lighthouse Properties (of which 1 is concerning!) you should know about. If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity 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.
