TWILIGHT of the Hippo-Gods? WAR, RANGE

gogh · 1. März 2006

Morgen ELDO,

wir werden uns kaum je im Brett-Fall einig.

Hier kommen die Schildbuerger nocheinmal zu Wort.

Das ist der aktuelle Stand in dieser Sache:

Und alles, was man ihnen sagte, nahmen sie genau so, wie man es

ihnen sagte. Wenn zum Beispiel jemand zu ihnen sagte: „Ihr habt ja ein

Brett vor dem Kopf[1]!“, dann griffen sie sich schon an die Stirn[2] und

wollten das Brett wegnehmen. Und wenn jemand zu ihnen sagte: „Bei

euch piept es ja[3]!“, so blieben sie ganz ruhig um genau hinzuhören.

Nach einiger Zeit sagten sie dann: „Es tut uns leid, aber wir können

nichts piepen hören.“

Eldorado · 1. März 2006

Gogh

Wenn jemand ein Brett vor den Kopf hatte dann waren es die Aktionaere von JCI - WAR- AFLEASE- RANDGOLD EXPL.

Leider ich hatte auch eines davor, auch bei Swanepoel mit Harmony.
Ich habe Euch schon vor langer Zeit gewarnt das Hippos gefaehrlich sind.
Ich dachte aber ich bin gesichert mit dem Anteil an RR den Hippo Kebble verkloppt hat hinter meinen Ruecken.

Sehr gute Blender waren sie beide, hier muss man verdammt aufpassen es gibt so viele das es zum Volkssport geworden ist.

Brett hat sie jedenfalls alle gelegt, die Kohle ist nun weg.

Ich habe leider noch die Rangy ,ich bin gespannt wann die wieder zum handeln sind am JSE, vor allen welchen Wert sie haben.
Ich verkaufe sie so oder so, dann habe ich alle RSA Aktien weg.

Ansonsten interessiert mich die Sache nicht mehr, es aergert mich nur was nicht gut tut.

Das schwule Hippo ist tot, aber wo ist mein Gras ?

Egal, ich finde neues, aber nicht mehr in RSA.

Da waechst bald kein Gras mehr so wie es hier unprofessioniell weiter runter geht.

Gruss

Eldo

gogh · 1. März 2006

del

PatroneLupo · 1. März 2006

gogh: sag mal...spinnst du ???

delete???? Was soll das???

cu DL

Eldorado · 6. März 2006

Yet another Kebble scam unravels

By: Barry Sergeant

Posted: '03-MAR-06 06:37' GMT © Mineweb 1997-2004

JOHANNESBURG (Mineweb.com) --Despite assurances to the contrary, Simmer & Jack Mines is buckling to pressure to break up its black economic empowerment (BEE) partner, Jaganda, in a fierce fight for hundreds of millions of rands in cash loot.

As recently as February 3, Simmers announced that “negotiations regarding Jaganda (Pty) Ltd have been terminated.” Jaganda holds 378.6million shares (44.6% of the total) in Simmers.

However, in an announcement on Thursday, Simmers said “an internal dispute” within Jaganda has led to a group of shareholders within Jaganda applying to the High Court for Jaganda to be liquidated on the basis that it would be “just and equitable” to do so. If the application is successful, tens or even hundreds of millions of Simmers shares could be dumped on the market.

Less than a year ago Jaganda was worth pennies but thanks to a soaring gold price, today it’s worth hundreds of millions of rands. The Simmers stock price lost a stiff 8% on Thursday, to close at R1.90 cents a share but even so, this level of stock price values Jaganda, net of all liabilities, at R498 million. However, the Jaganda structure is subject to a lock up period that extends a further four years. The only way to demolish the lock up is to liquidate Jaganda.

Jaganda has two sets of shareholders. First and foremost, “management” components own 49% of the entity, in the form of Roger Kebble (who stepped down from the Simmers executive in December), Gordon Miller (who has repeatedly denied that the late Brett Kebble ever had anything to do with the establishment of Jaganda), John Berry, and Graham Wanblad, each holding 9.8% of Jaganda.

This left one further 9.8% stake owned by an unnamed individual. The unnamed, apparently carefully hidden, 9.8% shareholder in Jaganda is Ronnie Watson, who, like most of the Jaganda BEE individuals, hails originally from the Eastern Cape, which is not much of a mining province.

The 51% BEE entities in Jaganda have been variously described as Richtrau No. 47 and/or Vulisango and/or Msobomvu Mining; apparently the main individual shareholders at this level are Mzolisi Chiliwe, Archie Velile Mkele, Zola Yeye, Siviwe Mapisa and Bulewa Jeanie “Baba” Njenje.

The Jaganda shareholders, all told, paid a grand total of R26.26 (yes, less than R100) for their shares in Jaganda, that are now worth a combined R498 million. The individual shareholders, who would have paid less than R2,50 each for their Jaganda shares, appear only too keen to cash in at around R50 million each.

Brett Kebble first bought shares in Simmers, 9 million at the time, in 1997 by issuing shares in NK Properties, which later morphed into Consolidated African Mining (CAM), and later still, into the modern day JCI. Before last year’s Simmers rights issue, JCI and its subsidiaries and associates owned 175 million Simmers shares, via Continental Goldfields, an Australian entity, and two of Kebble’s slush funds, Consolidated Mining Management Services (CMMS) and Consolidated Mining Corporation (CMC).

In transactions complicated even by Kebble standards, last year’s Simmers rights issue had at its core the conversion of a R76 million loan CMMS (a 98% JCI subsidiary) had made to Simmers. Instead of converting the loan into fresh Simmers equity, Simmers instead issued 22 million shares to CMMS and CMC, but also an additional 357 million to Jaganda. In a back-to-back transaction, Jaganda then issued 357 million preference shares in itself to CMMS.

The R76 million loan asset that JCI held was now a residual holding in Simmers, directly, and the preference shares in Jaganda. The terms of the preference shares are such that when, or if, called by JCI, Jaganda must pay to JCI R0.25 per preference share, plus 20% of the uplift, if any, in the Simmers stock price, over and above R0.25.

Thus, at recent levels of R1.90 cents per Simmers share, the Jaganda preference shares are worth R221 million to JCI. There is no question that Kebble essentially gambled R76 million worth of JCI’s cash, cash that belongs to JCI’s public shareholders, on Simmers. Had the gamble fallen flat, the amount would have simply been written off. Jaganda was constructed to take advantage of a possible upside and as the figures show, Jaganda is nothing more than a disguised stock options scheme.

Eldorado · 6. März 2006

Valueing Kebble’s wreckage

By: Barry Sergeant

Posted: '03-MAR-06 06:29' GMT © Mineweb 1997-2004

JOHANNESBURG (Mineweb.com) --There are encouraging signs that the late Brett Kebble’s mother ship, JCI Limited, could be worth more, if relisted, than the 16 cents a share it was suspended at on 1 August last year. JCI’s key interest, a 39.5% interest in still-listed Western Areas, has extended significantly in value after a successful Western Areas rights issue in December, and, far more pertinently, investor confidence in a new executive line up, underpinned by dollar gold bullion prices not seen in decades.

Kebble was forced out as CEO of JCI, Western Areas and Randgold & Exploration on August 31 last year, and was violently slain less than a month later. His departure from the three companies was the non-negotiable part of a R460 million facility that Investec agreed to provide to the stricken JCI. The three listed companies under Kebble’s control had reached liquidity termination point, even ahead of the Western Areas rights issue, which closed its R639 million capital raising in December.

Cash starvation had been the overweening characteristic of Kebble’s business career from when he burst into the public arena in 1996. His main personal investment, by a long way, was a holding of nearly 240 million shares in JCI, acquired in 1997. This was the main weapon he used as leverage to control the three companies. Despite all the appearances, he also controlled JSE-listed Matodzi, which had long been flaunted as his “main” BEE vehicle.

Based on stock prices quoted on Thursday this week, the value of assets controlled by JCI, Randgold & Exploration and Matodzi add up to a magnificent R7.9 billion. There are, however, two big problems with this apparently massive figure. First, JCI in particular was riddled with debt, as suggested. At the date of its most recently published financial statements, 31 March 2004, JCI disclosed borrowings of R1.6 billion.

Careful analysis shows, however, that JCI on that date concealed no less than an additional R1.3 billion in liabilities. Kebble slyly parked these liabilities off balance sheet, Enron style. JCI’s real borrowings were thus R2.9 billion, a massive figure for an entity with zero normalised income. In turn, the apparent assets of JCI that were worth R4.1 billion this week need R2,9 billion worth of liabilities gouged out. That produces a net asset value of about R1.2 billion, equal to about R0.56 per JCI share, substantially higher than the R0.16 a share quoted when JCI was suspended.

The second big problem in analysing the value of the wreckage left behind by Kebble is embedded in irregular, and apparently illegal, stock sales that he made, mainly out of Randgold & Exploration, starting around mid-2004. Assuming the best case scenario, and thus relying on all the claims that Randgold & Exploration made in published accounts, the stock would this week have been worth R3.2 billion. Sadly, huge deductions have to be made from this figure to hit something anywhere close to reality.

In January this year, London-based Randgold Resources let it be known that the last 4m of the so-called 18.4 million “missing shares” allegedly held in it by Randgold & Exploration had been sold off. The 18.4 million Randgold Resources shares represented, of course, the single most valuable component of value within Randgold & Exploration.

While these shares have been described as “missing,” technically it is the cash that’s gone walkabouts (the stock was sold by or on behalf of Kebble to bona fide investors on open markets). According to a statement from Randgold Resources, once a subsidiary and then an associate of Johannesburg’s Randgold & Exploration, “based on available information,” the 4 million shares “were formerly owned by a wholly owned subsidiary of Randgold & Exploration.” Société Générale SA apparently sold the 4 million shares for $66 million.

So, sadly, this week’s apparent value of Randgold & Exploration at R3.2 billion needs to be reduced in a number of steps. First, deduct R2 billion (the replacement cost of the Randgold Resources shares). Second, deduct R578 million, for stock sold off in another listed company, SXR Uranium One. Third, deduct other listed stocks that were sold off, to the tune of R154 million.

These deductions add up to about R2.7 billion, but exclude a number of smaller deductions. In any event, the three big deductions leave Randgold & Exploration with a value of about R512 million. On a per share basis, that computes to R6.84, well below the R8.90 a share when Randgold & Exploration was suspended from trading last year.

The situation remains dynamic, to say the least. On 14 December 2005 the new management at JCI advised that forensic investigators appointed by it had unearthed “prima facie evidence that there has been misappropriation of company assets, including during prior financial periods.” This indicated that accounts published for such prior periods stretched the truth.

Randgold & Exploration was delisted from the Nasdaq, one of the US’s biggest stock exchanges, on September 21 last year. Previously, as part of its listing requirements, Randgold & Exploration filed its 2003 annual report with the Securities Exchange Commission in Washington. Part of the huge 218-page filing said Randgold & Exploration had issued 8.8m new shares (then worth R260m) to acquire Viking Pony Properties 359, which “held 235,000 Anglo Platinum shares, 315,000 Harmony shares and 7,3 million shares of The Afrikander Lease.” Viking Pony, the filing said, also owned 75% of Kabusha, which in turn held 23 million shares in Aflease.

In an affidavit signed in November last year, new JCI CEO Peter Gray referred to the claims that Viking held such shares, and stated that “As will appear from the Viking balance sheet, Viking owns no such shares.” Gray, who was applying for Viking to be liquidated, diplomatically avoided reference to the entity that had been paid R260m. That party, Phikoloso Mining (Proprietary) Limited, was referred to by Randgold & Exploration in its SEC filing. The name also appeared in the glossy 2003 Randgold & Exploration annual report, where Roger Kebble (Brett’s father), then non-executive chairman, said that the Phikoloso “transaction brought on board several new and talented participants in the form of Chris Nissen, Brenda Madumise and Lunga Ncwana.”

In its December 2005 advisory to shareholders, JCI also said “work was in progress to determine the exact extent of the misappropriation, which could be substantial, as well as to initiate, if necessary, the relevant legal processes, including the necessary actions for the recovery of misappropriated assets.”

But the big mystery remains, to this day. It has been painstaking work digging out the reality that hundreds of millions of rands in cash went walkabouts under the hand of the late Brett Kebble. Investors, however, are still a long, long way from being informed as to exactly where the cash went. Given Kebble’s core focus of protecting his personal interest in JCI, there is no doubt that chunks of the missing cash would have been filtered back into the group, directed least at Randgold & Exploration, but mainly at keeping JCI’s key interest, Western Areas, above water.

Eldorado · 6. März 2006

Anyone who doubts that the South African government is a foul Communist entity which lets the favored Insiders steal from legitimate investors and hardworking people, is a damn fool.

PatroneLupo · 6. März 2006

Ich kenne mich in der Tierwelt gut aus.......bei W.O. schrieb ich mal einem ....ich hätte die Moral einer schwulen Klapperschlange
Bei Hippos ist mir das neu.....ich stellte mir vor er verkurbelte mit seinem Schwänzchen seinen Mist um das Revier zumarkieren.....Hippos tun das.

cu DL...der nicht mal mit dem Stecken in diesem Mist Perlen suchen möchte

gogh · 6. März 2006

[Blockierte Grafik: http://jovan.ru/pics3/ah.jpg]

seit das Hippo ermordet wurde, nimmt es epidemische Ausmasse an.

WAR und mit Einschränkungen JCI sind das Solideste an der JSE,

wo es wenig Solides gibt

gogh

Eldorado · 6. März 2006

""JCI sind das Solideste an der JSE""

Really ?....or is this another Hippo Joke.

The Goldproduction in RSA is the lowest since 1923.

Solid is a Bimbo Head

Ulfur · 29. März 2006

Ergebnisse der forensischen Untersuchung:
>Mehr als 2 Mrd. Rand hat Brett Kebble den Aktionären von Randgold& Exploration gestohlen. 95 Mio Rand gingen dabei an den ANC und deren führende Mitglieder. 116 Mio Rand sind auf Kebbles persönliche Bankkonten eingezahlt worden von Firmen, die durch Kebbles unberechtigte Zahlungen begünstigt wurden. Der Untersuchungsbericht fordert u.a.:
-Strafrechtliche Anklage und zivilrechtliche Forderungen gegen PricewaterhouseCoopers (PwC)
- das gleiche gegen frühere R&E Direktoren, darunter das Hippo
- aus dem Kebble-Besitz 390 Mio Rand zurückzufordern. <

Who got Kebble’s dirty millions

•ANC and leading members accused of receiving R95m•Top auditing firm should face charges, say investigators •Forensic report says family must give back R390m

26 March 2006

‘It is clear that a fraud has been perpetrated by the former directors, undetected by the external auditors’

WISANI wa ka NGOBENI, DOMINIC MAHLANGU and DUMISANE LUBISI

SLAIN mining magnate Brett Kebble claimed to have channelled more than R95-million of shareholders’ money to bankroll the ANC and leading members of the ruling party [Blockierte Grafik: http://www.smiliemania.de/smilie132/00000116.gif], a forensic investigation has revealed.

Now forensic investigators are urging Kebble’s former mining company, Randgold & Exploration, to claim back the money. The Sunday Times is in possession of a series of forensic reports drawn up by Umbono Financial Advisory Services between October 2005 and January this year.

Kebble was shot dead in Johannesburg in September last year.

The reports include a list that was found on Kebble’s desk in his Cape Town office after his death. It is headed “Loan Account” and appears to be a summary of those he lent money to.

At the top of this list, Kebble stated that he had lent the ANC R18- million.

The ANC said yesterday it had no knowledge of loans from Kebble. “We know nothing like that,” said spokesman Steyn Speed.

According to the list, ANC heavyweights and businessmen who also benefited from Kebble include:

• Mac Maharaj, former Transport Minister (R280000);

• Popo Molefe, former North West premier (R768000);

• Former ANC chief whip Tony Yengeni (R1.4-million);

• Dali Tambo, son of late ANC president Oliver Tambo (R11.096-million)

•Sello Rasethaba, director of Matodzi (R9.667-million);

•Eric Molefe, former chairman of Exel Petroleum, the black-owned oil company (R431000);

•Chris Nissen, former Western Cape ANC leader (R370000);

•David Barritt, Kebble’s former spokesman (R10.295-million);

•Sharif Pandor, husband of Education Minister Naledi Pandor (R979966);

•Dominic Ntsele, a Kebble business associate (R2-million);

•Lunga Ncwana, a prominent ANC Youth League member (R7.060-million); and

•Andile Nkuhlu, a Youth League leader and former JCI executive (R333000).

The document that alleges payments to the ANC and its top figures was handed to investigators by John Stratton, an Australian businessman with whom Kebble dealt in the past. It was handed to Stratton by Rita Meininghaus, who used to work for Kebble, after she discovered it on Kebble’s desk.

A handwritten note on the document reads: “This document has been on Brett’s desk since a meeting he had held with George Poole during July or August 2005.” Poole is a former group secretary of Kebble’s companies.

In 2004, Kebble publicly acknowledged that he was one of the mystery donors who pumped R500000 into the coffers of the ANC in the Western Cape, which was short of money at the time.

Nissen said the money he received was for “consultancy work” he did for Kebble.

Tambo said yesterday it was well known that he had business dealings with Kebble. However, he said he was not aware of the R11-million.

Barritt said he had worked for all the money he received and that he had launched a civil claim against Kebble’s estate to recover money still owed to him.

Nkuhlu said he had never received the money.

Maharaj, Molefe, Ntsele and Yengeni could not be reached for comment.

The forensic reports say that more than R2-billion in shareholders’ money has vanished from the company through a series of deals put together by Kebble.

The audit was instituted by institutional investors Allan Gray and Investec after the controversial businessman was booted off the boards of his own companies in August.

The forensic reports recommend, among other things, that:

•Criminal charges and civil claims be laid against the auditing firm PricewaterhouseCoopers (PwC);

•Criminal charges and civil claims be laid against former Randgold directors and officers; and

•Randgold claim back about R390-million from Kebble’s estate.

Brian Gibson, a Randgold spokesman, said the company would indeed move to recover the money.

Fulvio Tonelli, a director of PwC, said yesterday that his firm had not had contact with the investigators and had not yet seen their report.

“Accordingly, we are unable to comment on the matter,” he said.

PwC signed off Randgold’s last audited set of accounts for the year ended December 2003, finding the statements to “fairly present, in all material respects, the financial position of the company”.

But forensic investigators found that Randgold’s financial statements for the same period “grossly misrepresent the financial position of the listed company”.

“It is clear that a material fraud has been perpetrated by the former directors, undetected by the external auditors, against Randgold, a company listed on the Nasdaq stock market. The gravity of this situation cannot be overemphasised,” the forensic investigators said in a report to Randgold.

Implicated Randgold directors include Nissen, prominent ANC Youth League members Ncwana and Songezo Mjongile, Brett’s father Roger Kebble and directors Hennie Buitendag and Brenda Madumise.

Nissen said the alleged breaches happened before he became a director of the company.

Mjongile, also speaking on behalf of Ncwana, said he had no comment because he had not seen the forensic reports.

The forensic investigators have found that a total of R116-million was paid into Kebble’s personal bank account by companies that benefited from the unauthorised sale of Randgold assets.

The investigators said a claim should also be instituted against Kebble’s estate for Randgold’s loss of a R268-million investment in a 2003 BEE mining deal.

Kebble is believed to have died owing up to R100-million to the South African Revenue Service.
http://www.sundaytimes.co.za/a…rticle.aspx?ID=ST6A174876

PatroneLupo · 29. März 2006

Bimboooo-money ist immer gut....die Wich...... nehmen was sie greifen können.

Deshalb nur die Kleptokraten Parei wählen ..da weis man wer es nachher hat.

cu DL...der jeden umlegt der das Volxswohl im Auge hat

Kuddel · 3. April 2006

Posted to the web on: 03 April 2006

CEO plans merger of pillaged Kebble firms

Rob Rose
--------------------------------------------------------------------------------

Special Report: Brett Kebble

Chief Reporter

FORMER Brett Kebble companies JCI, Randgold & Exploration (R&E) and Matodzi may be merged in the next few months. R&E CEO Peter Gray said on Friday that “ideally”, the three JSE-listed companies in the wider group — JCI, Randgold and Matodzi — would be merged into one entity.

“This makes sense if you look at the group, because it doesn’t appear to justify having three listed entities,” he said. “But we would have to determine the ratios for such a merger, and put this to shareholders.”

Gray made the comment as R&E released its overdue accounts for 2004 and 2005, as well as details of its forensic audit showing that nearly R2bn in shareholders’ money was stolen during Kebble’s tenure as CEO.

JCI is expected to release a similar report this week, which is likely to be equally intriguing.

Gray said the theft at R&E was “in some ways worse than Enron”, and the sheer scale of the fraud and theft of shareholders’ assets made the Kebble case one of the largest instances of corporate deceit in SA.

R&E’s main asset, 48% of Randgold Resources, was entirely sold without shareholder permission for R1,8bn (partly through fraudulent deals), and less than a quarter of the proceeds went back to the company. In some instances, brokers’ notes and bank balances were faked to make it seem as if the shares sales were legitimate.

Other deals, including one of the company’s empowerment deals with three ANC Youth League leaders that cost R&E R268m, was found to be a sham transaction where the black-owned company was propped up by “fictitious investments … supported by false brokers’ notes … and false legal agreements”.

Other companies and people also made off with millions of rand belonging to R&E, and Gray said the company was “pursuing various civil and criminal claims” to recover the assets.

While the forensic report itself will not be released, R&E will forward details to the South African Reserve Bank, the Financial Services Board and criminal prosecuting authorities for them to determine whom to pursue. The forensic report is understood to have recommended that Randgold’s former auditors, PricewaterhouseCoopers be held liable.

The accounts released on Friday show that R&E’s 2003 accounts signed by Pricewater-houseCoopers were wrong, in that they overstated investments by R235m and “did not fairly reflect the (company’s) affairs”. The original accounts also said R&E made a profit of R177m in 2003, but the revised figures show this was actually a loss of R159m — a R336m error.

But even though the restated financials are finally out, Gray said there were no immediate plans for the company to begin trading on the JSE soon.

The company was suspended from trading on the JSE and Nasdaq last year when it failed to publish its accounts. It has since been entirely delisted from Nasdaq, and it looks unlikely at this stage that it will relist in the US. Gray said that before R&E considers trading again on the JSE, “we first need to get the accounts finally audited, and then hold a shareholders’ meeting some time before June”.

While the company would also appear to be technically insolvent because its liabilities of R133m dwarf its assets of R9,1m, Gray said there were certain assets that could be realised quickly should the company need to. This included a claim of R1,1bn against JCI, currently headed by Gray.

Kuddel · 3. April 2006

Posted to the web on: 03 April 2006

CEO plans merger of pillaged Kebble firms

Rob Rose
--------------------------------------------------------------------------------
Chief Reporter