Naspers share-price tanks on news of US law firm investigation

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Naspers is down more than 4% after US law firm Pomerantz announced it was investigating the African media giant.

Included in the investigation are allegations that MultiChoice paid huge amounts to the SABC and then Gupta-owned ANN7 in exchange for political influence with regards to digital migration.

Pomerantz has confirmed it is investigating whether Naspers and its directors engaged in security fraud or other unlawful business practices.

The probe is carried out on behalf of Naspers shareholders and it's now being reported there could be a class action lawsuit.

The Money Show’s Bruce Whitfield interviewed Techcentral Editor Duncan McLeod.

For more detail; listen to the interview in the audio below (and/or scroll down for quotes from it).

There are so many angles to this story…

Duncan McLeod, Techcentral

The level of lobbying that was going on… the company [MultiChoice] was pressing very hard to get this to go in its favour…

Duncan McLeod, Techcentral

International best practice is to not have encryption.

Duncan McLeod, Techcentral

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This article first appeared on 702 : Naspers share-price tanks on news of US law firm investigation


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