amaBhungane

01/10/2026

Peresec: Trusted JSE captain or feared corporate pirate? Read our analysis of the case involving the Johannesburg Stock Exchange’s biggest broker and how it captured billion-rand companies and bypassed some key takeover rules. https://bit.ly/4hwCQ0X

30/09/2026

The world of “high finance” can be brutal and duplicitous. Court proceedings involving the JSE’s largest brokerage Peresec has provided a rare window into this cut-throat world – and raise questions about market oversight. Read amaBhungane’s analysis. https://bit.ly/4hwCQ0X

30/09/2026

Peresec, the single largest broker on the Johannesburg Stock Exchange allegedly “unlawfully” seized control of several companies using hardball tactics and subterfuge. New evidence provides details of how they allegedly short-changed shareholders and seemingly got away with little more than a slap on the wrist from the Takeover Regulation Panel (TRP).

Peresec boss Warren Chapman insists any infractions were “inadvertent” – but activist shareholder Craig Butters believes otherwise and wants to force the TRP to do a “proper investigation”. https://amabhungane.org/analysis-peresec-trusted-jse-captain-or-feared-corporate-pirate/

30/09/2026

Peresec: Trusted JSE captain or feared corporate pirate? Read our analysis of the case involving the Johannesburg Stock Exchange’s biggest broker and how it captured billion-rand companies and bypassed some key takeover rules.

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29/09/2026

How did the JSE’s biggest broker allegedly capture billion-rand companies ‘on the cheap’? The full amaBhungane analysis lands tomorrow morning. Don’t miss it.

29/09/2026

A trusted JSE captain or a feared corporate pirate? The full amaBhungane analysis lands tomorrow morning. Don’t miss it.

29/09/2026

[ICYMI] Bullies in Parliament:

“Don't bully me.” / “I'm not bullying you. I'm requesting.” / “It’s Honourable Mantashe that is trying to bully this meeting. It's not acceptable.” / “No, I'm not bullying… You want to change [the programme] – you are bullying me.”

A three-way fight broke out in Parliament on Tuesday, with Minister Gwede Mantashe, the chair of the Minerals and Petroleum Committee Mikateko Mahlaule (ANC), and MKP’s Mzwanele Manyi all accusing each other of being bullies.

Mantashe was objecting to a minor change in the running order, but the real source of his frustration was the hostile reception that he and the officials from the state-owned fuel companies received. The minister and officials from the Central Energy Fund, PetroSA, iGas and the Strategic Fuel Fund were there to present their plan for a R100-billion refurbishment of the Sapref refinery in Durban. (You read that right, R100 000 000 000.)

But MPs also wanted to talk about the dire financial position of PetroSA, the biggest and most scandal-plagued part of the group. Shortly before the squabble broke out, officials had told MPs that PetroSA “is currently in a state of acute liquidity crisis, requiring urgent shareholder intervention to avert imminent liquidation”.

In the space of four months, two suppliers had threatened to liquidate PetroSA: in May the Swiss commodities giant Gunvor had threatened to bring a liquidation application if PetroSA didn’t immediately pay a bill of R796-million. The Central Energy Fund (CEF), PetroSA’s parent company, had swooped in with a shareholder loan, but now, four months later, PetroSA was facing another liquidation threat from junior fuel trader Nako Energy.

AmaBhungane recently exposed the ludicrous deal that PetroSA officials signed with Nako that saw it go from being R227-million up, to potentially losing R1.4-billion instead. READ: PetroSA was owed R227m. It may end up losing R1.4bn instead. https://amabhungane.org/petrosa-was-owed-r227m-it-may-end-up-losing-r1-4bn-instead/

PetroSA says it plans to fight the Nako liquidation application: yes, officials admit they owe Nako R605-million, but Nako owes PetroSA R832-million in return.

The problem is that MPs are sick of hearing about Mantashe’s pipedreams for building a state-owned fuel company that can rival the likes of Shell and BP. They wanted to know why the state-owned fuel company we already have, is seemingly one bad debt away from implosion.

Finally, the committee’s chair, Mahlaule, announced that the opposition MPs would get their wish: PetroSA would have to answer questions before they moved on to other presentations.

“No, no, I’ve ruled on that matter, Honourable Mantashe,” Mahlaule, who is an ANC MP, said.

“It’s the wrong ruling!” Mantashe interjected.

“That’s fine. I’ve ruled,” Mahlaule added.

WATCH: Parliament’s hearing

(National Assembly), [Consideration andadoption of 4th Term Commit...

29/09/2026

The mass shooting in Wedela on Gauteng’s West Rand has again drawn attention to South Africa’s illegal gold mining economy.

Police are still investigating the motive, including possible links to illegal mining activity in the area. The zama zamas working underground are only one part of a much bigger system.

The gold they bring to the surface has to go somewhere.

One part of that supply chain is what amaBhungane investigated in : City of Gold series.
https://amabhungane.org/category/thelaundry-city-of-gold/

Across several stories, investigated the gold dealers, refineries, companies and financial networks involved in the illicit gold trade.

Part One looked at the extraordinary trade in Krugerrands.

Between late 2017 and 2020, Zimbabwean pastor and gold dealer Frank Sadiqi bought roughly R19-billion worth of Krugerrands.

Because Krugerrands are legal tender, their sale does not attract VAT. But once the coins are illegally melted down and passed off as scrap gold, they can be used to generate fraudulent VAT claims.

AmaBhungane found evidence suggesting that large volumes of Krugerrands were being melted down and turned into supposedly untraceable scrap gold.

SARS estimated that gold-related VAT fraud cost the state more than R24-billion between 2012 and 2020.
The same scam can also work with illegally mined or smuggled gold passed off as gold on which VAT has been paid.

Once gold is melted, its original source is difficult to establish.

Read Part One here:
https://amabhungane.org/the-laundry-city-of-gold-part-one/

Part Two of City of Gold examined the businesses involved in the trade, including gold dealers, refineries and companies moving billions of rands. It also looked at so-called ‘invoice factories’.

SARS alleged that these companies were used to provide tax invoices for transactions that actually involved other parties, helping to maintain the fiction that VAT had been paid.

Read Part Two here:
https://amabhungane.org/the-laundry-city-of-gold-part-two-a-vertically-integrated-gold-machine/

Part Three examined concerns raised by SARS about mining operations being used to bring illicit gold into the formal supply chain.

As SARS tightened the rules around second-hand gold, it became concerned that some mining operations could be used to give illegally sourced gold the appearance of having been mined legitimately.

AmaBhungane investigated one East Rand operation that had attracted SARS’s attention after spending billions of rands buying from likely paper-thin small suppliers, some of them apparently short-lived. The owner maintained that the business was fully compliant.

The concern was that pseudo-mining operations could provide cover for illicit gold entering the legitimate supply chain.

Read Part Three here:
https://amabhungane.org/the-laundry-city-of-gold-part-three-how-fake-mines-allegedly-feed-the-illicit-gold-machine/

In Phantom Gold, amaBhungane investigated billions of rands moving through networks linked to the gold and to***co industries. At least R4.5-billion was apparently channelled to a single entity in Dubai.

Some of the transactions appeared to involve gold trades that may never have happened.

Read Phantom Gold here:
https://amabhungane.org/the-laundry-shadow-banks-part-one-phantom-gold/

Whatever investigators ultimately establish about the Wedela shooting, the violence surrounding illegal mining has again focused attention on the men working underground.

Van Rensburg’s reporting shows what happens beyond the shafts: how the gold and the money are moved into refineries, companies and financial networks above ground.

Read all of the City of Gold investigations:

Money laundering is the organised crime enabling all other organised crime, though it sometimes occupies a legal grey zone. AmaBhungane has embarked on a major series to pierce the secrecy and obfuscation that are central to the enterprise.

28/09/2026

Journalism is not a crime. It’s essential to democracy. It challenges abuses of power, exposes corruption and follows the money. When journalists protect access to information, they protect the public’s ability to hold power accountable.

Public accountability depends on independent journalism. World News Day is a chance to recognise the importance of newsrooms that protect editorial independence. Protecting sources, access to information and strong ethical standards helps ensure journalism continues to serve the public interest.

28/09/2026

World News Day is a reminder that journalism in the public interest matters. From exposing corruption and holding power to account, to defending access to information and protecting journalists doing difficult work independent journalism helps strengthen democracy.

World News Day is not a fundraiser. It’s a call for journalists to stand together, champion the value of journalism and collaborate across borders. From supporting journalists under threat to defending the public’s right to information, solidarity helps keep vital reporting alive.