Sam Sole
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Articles by Sam Sole
Takeover row: Butters vs the Takeover Regulation Panel — and Warren Chapman
AMABHUNGANE The Takeover Regulation Panel is supposed to protect minority shareholders. Did it fold under pressure when confronting broker Peresec and its powerful boss Warren Chapman? Activist shareholder Craig Butters is making that claim in a high-stakes court case. Activist shareholder Craig Butters (right) is challenging the Takeover Regulation Panel’s handling of an investigation into alleged takeover irregularities involving Peresec and its boss, Warren Chapman (left).
Exclusive: Explosive affidavit by Inspector General of Intelligence (IGI) shows he was drawn into fight over Crime Intelligence by then police minister Senzo Mchunu
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Explosive affidavit by IGI shows how Mchunu drew him into Crime Intelligence wars
amaBhungane has obtained access to an explosive court application by suspended Inspector-General of Intelligence Imtiaz Fazel challenging the withdrawal of his security clearance and subsequent suspension. The evidence suggests that the State Security Agency, Minister Khumbudzo Ntshavheni and President Cyril Ramaphosa relied on a desperately flimsy case in order to sideline the Fazel.
South Africa: Tongaat Hulett Business Rescue - Brinkmanship On Steroids, in Service of a Dubious Zimbabwean Elite
Attempts to take over Tongaat Hulett have been shadowed by suspicions that the initiative is driven by politically exposed Zimbabweans pushing to externalise their cash and their influence by gaining control of the sugar value chain in Southern Africa. The latest revelations in the legal battle involving the stalled business rescue of Tongaat Hulett and its possible liquidation.
amaBhungane | Analysis: Tongaat Hulett business rescue is brinkmanship in service of a dubious Zim elite
Zimbabwean businessman Rute Moyo fronts Vision Sugar Holdings, the Mauritian entity that controls the bid to take over Tongaat Hulett, the troubled sugar giant with interests in South Africa, Zimbabwe, Mozambique and Botswana – but who is behind him? And where does President Cyril Ramaphosa’s weird visit to see President Emmerson Mnangagwa fit in, if at all?
Inside Eskom’s tainted R21bn diesel contract
In 2024, Minenhle Mavuso (24) was living two separate lives. In one, the BA psychology graduate ran an online wig store – “Milo Hair Beauté” – where a super double drawn bob would set you back R1,180. In the other, she ran Severino Industries, a company that was bidding for a R21-billion contract to supply diesel to Eskom’s Ankerlig power station. Ankerlig is one of Eskom’s Open Cycle Gas Turbines, located on the outskirts of Cape Town.
Who will save sugar industry giant Tongaat-Hulett?
Insolvency practitioners and their lawyers are the hyenas of the economic system that our laws attempt to regulate. One does not have to like their occasional cackle or bloody jaws; they are an important part of the ecosystem. But, to extend the animal metaphor, if they collude with lions to corral their prey and feast not upon the sick and weak, but cut off the escape of the viable, they step outside their assigned role and the professional deference it enjoys.
Mozambican group RGS ups stakes in court battle to counter Tongaat Hulett liquidation and rival Vision consortium
AMABHUNGANE RGS Group Holdings escalates its legal battle against Tongaat Hulett’s liquidation, emphasising the urgent need for transparency and accountability in a case critical to KwaZulu-Natal’s economic stability. A tug-of-war over Tongaat Hulett’s future: RGS and state-backed funding face off against lenders, lawyers and rival bidders in a court fight over liquidation, disclosure and control.
ANALYSIS | AmaBhungane: The violation of Tongaat Hulett
Corporate ‘hijacking’ is a team sport – as the business rescue process at beleaguered sugar giant Tongaat Hulett Limited shows, writes amaBhungane’s Sam Sole. For more financial news, visit News24 Business. On Friday 27 February the Business Rescue Practitioners and their lawyers will approach the High Court in Durban to request the provisional liquidation of Tongaat Hulett Limited (THL), the company that is a crucial backbone of the rural economy in northern KwaZulu-Natal.
Corporate ‘hijacking’ and the violation of Tongaat Hulett
On Friday, 27 February, the Business Rescue Practitioners and their lawyers will approach the High Court in Durban to request the provisional liquidation of Tongaat Hulett Limited (THL), the company that is a crucial backbone of the rural economy in northern KwaZulu-Natal. They will act in the knowledge that their own fees, racked up over 37-months of business rescue, are secure.
AmaBhungane Centre for Investigative Journalism
Dear amaB supporters, The decline and fall of empires is not for sissies – but fortunately, neither is South Africa. Let me explain. In preparing to write this end-of-year newsletter, to say thank you for your attention and your support, I have been fortunate to come across two lectures that have helped me focus my thoughts. In addition, AmaBhungane is exiting its 15th year in existence, but is going strong and on the cusp of hiring quite a number of new staff.
Miller vs Moti, McGowan and the JSE
AMABHUNGANE From left: Daniel McGowan, Mike Miller, Zunaid Moti, Sisa Ngebulana. (Photos: BizNews / Arabian Business / Mantengu / Rebosis / Canva) A seemingly suicidal corporate crusade by upstart miner Mike Miller has produced evidence suggesting controversial businessman Zunaid Moti discussed cutting dodgy backroom deals with the erstwhile CEO of the property group Rebosis.
Analysis: has the South African Reserve Bank gone rogue? Original
An extraordinary multi-billion-rand battle is raging between the South African Reserve Bank and the surviving rump of the Steinhoff group, now named Ibex. Despite being fought out under the watchful eye of the Pretoria high court, this bitter ‘lawfare’ is largely hidden and unreported.
AmaBhungane after 15 years
Dear reader, I write to celebrate the 15th anniversary of the first article published under the amaBhungane banner on the 19th of March. Don't want to see this? Remove ads A reminder: that first story, on 19 March 2010, was “Zuma Inc” and it was in this story that we first identified the Guptas as persons of interest around the controversial new president.
AmaBhungane Centre for Investigative Journalism
Dear reader, I write to celebrate the 15th anniversary of the first article published under the amaBhungane banner. A reminder: that first story, on 19 March 2010, was “Zuma Inc.” and it was in this story that we first identified the Guptas as persons of interest around the controversial new President. Plans for marking our 10th year in a significant way went out the window with the Covid-19 outbreak, but it is worth recalling what I wrote on that anniversary.
NPA in crisis — ID boss Andrea Johnson’s unguided missile
AMABHUNGANE The Investigating Directorate boss’s star witness against former Speaker and defence minister Nosiviwe Mapisa-Nqakula may end up detonating in Andrea Johnson’s face. Meet Nombasa Ntsondwa-Ndhlovu, the well-connected military contractor and prosecution witness who was primed to nail a big fish: parliamentary Speaker and former defence minister Nosiviwe Mapisa-Nqakula.
Affidavit, if true, shows banality of alleged corruption
AMABHUNGANE Former defence minister and speaker Nosiviwe Mapisa-Nqakula is back in court today with her lawyers filing an application to try to force the disclosure of parts of the prosecution docket the State says are confidential. Nombasa Ntsondwa-Ndhlovu’s affidavit implicating the former defence minister paints a portrait of routine entitlement, bullying and corruption.
Steinhoff’s desperate efforts to conceal its financial skeletons have failed
Yesterday, the Supreme Court of Appeal (SCA) threw out Steinhoff’s appeal against a high court decision ordering the company to release the full report of a forensic investigation into the massive fraud that pitched Steinhoff into free-fall and eventual liquidation, costing investors more than R200-billion.
All eyes on ANC bigwigs after NPA bags big witness
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All eyes on ANC bigwigs after NPA bags big witness
Uruguayan businessman, Gaston Savoi outside the Kimberley Magistrate's Court. (Gallo Images/Foto24/Emile Hendricks) South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism. Join our free subscription trial to unlock this story and a world of news aimed to inform, empower, and inspire.
All eyes on ANC bigwigs after NPA bags big witness
Privacy Preference Center When you visit any website, it may store or retrieve information on your browser, mostly in the form of cookies. This information might be about you, your preferences or your device and is mostly used to make the site work as you expect it to. The information does not usually directly identify you, but it can give you a more personalised web experience. Click on the different category headings to find out more.
All eyes on ANC bigwigs after NPA bags a witness in Gaston Savoi
AMABHUNGANE The corruption plea agreement reached with Uruguayan businessman Gaston Savoi piles pressure on key ANC provincial heavyweights, but also harks back to the shadow of the National Prosecuting Authority’s (NPA) own capture. In the South African State Capture league, Gaston Savoi is a bit player. The smooth, moustachioed swindler from South America is nowhere near as big as the Gupta brothers. Dirty contracts with his company, Intaka, cost the state a paltry R100-million.
Weekend Wrap #98
John Steenhuisen’s leadership and balancing test; meet the 11-year-old Olympic skateboarder; and debunking 5 myths about antidepressants—all in the weekend wrap While several factors could make or break the coalition government, there are only three or four individuals who can determine its success. While it is obvious that President Cyril Ramaphosa is one, it is surely the case that DA leader John Steenhuisen is another. He has a complicated and key role to play.
South Africa: Mafia State - Richards Bay Minerals Pushes Back, but the War Is Far From Over
Richards Bay Minerals (RBM) pays annual taxes of R1-billion and estimates its economic impact at R8-billion a year, with R1.5-billion going to local businesses in 2021. This huge pot of cash exercises an extraordinary pull on good and bad actors in the surrounding community - as well as their political and criminal overlords - creating a 'resource curse' that has already claimed at least 18 lives.
amaBhungane | Mafia state: Richards Bay Minerals pushes back, but the war is far from over Original
Richards Bay Minerals pays annual taxes of R1 billion and estimates its economic impact at R8 billion a year. R1.5 billion of its procurement spend in 2021 went to local businesses. This huge pot of cash exercises an extraordinary pull on good and bad actors in the surrounding community – as well as their political and criminal overlords – creating a "resource curse" that has already claimed at least 18 lives.
Richards Bay Minerals pushes back, but the war is not yet over
AMABHUNGANE Richards Bay Minerals (RBM) pays annual taxes of R1-billion and estimates its economic impact at R8-billion a year, with R1.5-billion going to local businesses in 2021. This huge pot of cash exercises an extraordinary pull on good and bad actors in the surrounding community – as well as their political and criminal overlords – creating a ‘resource curse’ that has already claimed at least 18 lives.
amaBhungane | Tongaat business rescue in deep trouble
The favoured Vision consortium has still not paid the full purchase price. Vision will no longer acquire all the debt, leaving the lender group with a residual claim of at least R3.6 billion. For more financial news, go to the News24 Business front page. Opaque Zimbabwean interests are now dominating the R8.5-billion deal. The Tongaat Hulett business rescue is in deep trouble.
R8.5bn Tongaat Hulett business rescue plan in serious trouble
AMABHUNGANE Court challenge calls for business rescue plan to be set aside and raises major new concerns about the process, including that opaque Zimbabwean interests are now dominating the R8.5bn deal. The Tongaat Hulett business rescue is in deep trouble. Don't want to see this?
South Africa: Forensic Investigator's Challenge to NPA Could Rock Critical KZN Cases
analysis President Cyril Ramaphosa has signed the bill establishing the Investigating Directorate against Corruption, but a row is brewing that raises new questions about the capacity of the NPA to handle complex, politically fraught cases - especially in KwaZulu-Natal.
Forensic investigator’s challenge to NPA could rock KZN cases
AMABHUNGANE President Cyril Ramaphosa has signed the bill establishing the Investigating Directorate against Corruption, but a row is brewing that raises new questions about the capacity of the NPA to handle complex, politically fraught cases – especially in KwaZulu-Natal.
‘murderous’ taxi boss Bonke Makalala at centre
AMABHUNGANE Police appeared to have discounted evidence suggesting taxi strongman Bonke Makalala was a key player in attempts to strong-arm commercial bus operators. Now he has emerged as an alleged killer.
The hunt for Howie Baker’s billions
Howard “Howie” Baker is seemingly on the ropes. SARS is pursuing the notorious alleged money launderer for an astronomical R3-billion tax debt, more than half of which consists of penalties, after he – according to SARS – expatriated billions of rands from South Africa without declaring any income.
amaBhungane | The hunt for Howie Baker's billions
Howard 'Howie' Baker is scrambling to settle after SARS slapped him with an astronomical R3 billion claim, having set its eyes on all his local and foreign assets. SARS is not only pursuing Baker for his own alleged tax debt, but also wants to hold him personally liable for the debt of one of his companies.
OPINION | Gupta-linked deal shows just how weak the NPA is
The UAE has stymied the National Prosecuting Authority again, forcing it to cut a deal over Optimum as an ex-Gupta crony threatens to pull Gupta grand conspiracy case apart, writes Sam Sole. For more financial news, go to the News24 Business front page.
Sam Sole | Stepping up and stepping out
AmaBhungane managing partner Sam Sole was recently (and unexpectedly) given an award by his old school, SACS. In his acceptance speech he lay down a challenge to a new generation facing the toughest problems ever. When I was asked to accept this award and come and give a speech, I must admit I was a bit conflicted. I wasn't too fond of school or most of my fellow scholars.
Sam Sole | Stepping up and stepping out
AmaBhungane managing partner Sam Sole was recently (and unexpectedly) given an award by his old school, SACS. In his acceptance speech he lay down a challenge to a new generation facing the toughest problems ever. When I was asked to accept this award and come and give a speech, I must admit I was a bit conflicted. I wasn't too fond of school or most of my fellow scholars.
Stepping out and stepping up
When I was asked to accept this award and come and give a speech, I must admit I was a bit conflicted. I wasn’t too fond of school nor most of my fellow scholars. But I am looking back on an institution and a self of more than 40 years ago – and both, I have to trust, have changed for the better. The fact I am here tonight is also testimony to the persistence of your English teacher, Mr Southgate – and the important role that a good English teacher played in my own trajectory.
amaBhungane | Tongaat Hulett bidder in scathing attack on business rescue process
Letters to business rescue practitioners (BRPS) reveal a Mozambican bidder's furious allegations of being repeatedly sidelined. RGS Group Holdings claims the BRPs repeatedly favoured rival bidder Vision Investments, despite RGS offering a better deal. Now there are doubts about Vision's funding, while RGS claims its bid is fully funded.
amaBhungane | ANALYSIS: Who is behind the Tongaat Hulett bid battle?
The Vision and RGS consortiums are battling it out to buy the bank debt that would give them control over Tongaat Hulett. Vision includes a financier who spent a chunk of his career in the service of three notorious Kazakh oligarchs known as "The Trio"; it also includes a company implicated in Pakistan’s so-called "sugar mafia" cartel scandal. Both deny any wrongdoing. RGS is part of the Mozambican Gulamo group, previously called out for its closeness to the ruling Frelimo party.
Tongaat Hulett bidder in scathing attack on business rescue process
AMABHUNGANE RGS Group Holdings alleges business rescue practitioners acted against the interests of the insolvent sugar giant and its creditors by frustrating RGS’s efforts to make an offer. Now they are heading to court to enforce the tabling of their bid. Leaked letters have blown the lid off backroom battles that Tongaat Hulett rescue bidder RGS alleges show that the business rescue practitioners have attempted to sideline them in favour of a rival bid led by IT mogul Robert Gumede.
amaBhungane | Corruption cloud over Popcru leader on the eve of congress
On 18 May 2021, a company controlled by former prisons commissioner Khulekani Sithole issued an invoice for R10 850 000 to Popcru for the supply of year planners and notebooks. The money was paid in three tranches beginning on 19 May 2021. On 23 July 2021, Sithole’s company paid R112 112.50 for a BMW motorbike purchased by Popcru treasurer Thulani Nsele. In September 2021 Sithole’s company also made two payments totalling R1.15 million into a lawyer’s trust account for a house Nsele was buying.
Flawed Public Procurement Bill risks State Capture 2.0
AMABHUNGANE OP-ED Parliament has published the Public Procurement Bill — a law that will shape our tender processes for a generation. With comments due on 11 September, Parliament is rushing through a fundamentally flawed bill that could set the scene for State Capture 2.0. There were many moments from the State Capture era that stood out; moments that — in a sea of shocking events — were so outrageous that they have entered the lexicon and common memory of all South Africans.
Zunaid Moti bankrolls a nauseating sweetheart media junket to Zimbabwe
Zunaid Moti has shown that, with money, a PR company and a slick social media campaign, you can bypass the media you can’t buy off. Last week amaBhungane and our lawyers were scrambling to submit our legal papers opposing Zunaid Moti’s attempt to take his case against us to the Constitutional Court. Our affidavit had to be signed and delivered by midday on Tuesday.
amaBhungane | NPA and Magistrates Commission asked to probe KZN magistrate's murky immersion in spying and politics Original
The Magistrates Commission is looking into complaints against controversial Pietermaritzburg magistrate Ashin Singh. The NPA Investigating Directorate has also been asked to probe allegations that potentially implicate Singh. Singh boasts close ties to Crime Intelligence and to former president Jacob Zuma and his family. Controversial magistrate Ashin Singh's charmed life of dabbling in spying, provocation and politics while simultaneously occupying high magisterial office may be coming to an end.
AMABHUNGANE: NPA, Magistrates Commission asked to probe KZN magistrate’s murky immersion in spying and politics
AMABHUNGANE The NPA Investigating Directorate and the Magistrates Commission have been asked to investigate senior Pietermaritzburg magistrate Ashin Singh, who boasts close ties to Crime Intelligence, and to former president Jacob Zuma and his family. Controversial magistrate Ashin Singh’s charmed life of dabbling in spying, provocation and politics, while simultaneously occupying high magisterial office, may be coming to an end.
Victory! A massive vindication for amaBhungane and journalism
Judge Roland Sutherland issued a scathing rebuke for the Moti Group and its lawyers in a judgment yesterday which overturned the earlier gag order obtained against amaBhungane in a secret ex parte hearing. Sutherland did not mince his words calling the Moti Group’s interdict a “most egregious abuse” of the court process. “[T]he order granted on 1 June should never have been sought ex parte, still less granted.
Moti interdict a ‘most egregious abuse’, judge rules in massive vindication for amaBhungane and journalism
In setting aside a gag order obtained against the investigative news agency amaBhungane, Judge Roland Sutherland reaffirmed some of the key principles of media freedom. Judge Roland Sutherland issued a scathing rebuke of the Moti Group and its lawyers in a judgment on Monday which overturned an earlier gag order obtained against amaBhungane in a secret ex parte hearing. Judge Sutherland did not mince his words, calling the Moti Group’s interdict a “most egregious abuse” of the court process.
amaBhungane | Xolobeni murder: Hawks general fingered for allegedly shutting down investigation
A complaint about a failed investigation into the killing of Xolobeni community leader Sikhosiphi "Bazooka" Radebe is set to dog a top cop. The unsigned document raises doubts about how Major-General Gopaul "Gopz" Govender approached the high-profile probe. Govender declines to comment, but the police watchdog may want answers.
The state is broken, but we dare not abandon the state
You have nearly 40 years as a journalist. How did your career progress into you becoming an investigative journalist and forming amaBhungane? Well, I suppose I am a frustrated policeman. Growing up under Apartheid meant that becoming a cop was never on the cards as the police represented the sharp end of an unjust system. However, journalism offered a way to expose injustice and abuses of power.
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