Register now for Fin24 Dashboard and get access to portfolios, watchlists, financial comparison tools, and a whole lot more to help you achieve your financial goals.

Data provided by McGregor BFA
All data is delayed
Loading...
Where am I? Home
 
Prices are delayed by 15min.
Join the Fin24.com conversation about JSE-listed stock by using every time you tweet.

Shabangu lashes out at Hawks over raid

Aug 24 2011 18:23 I-Net Bridge & Sapa

Company Data

Kumba Iron Ore Ltd [JSE : KIO]

Last traded R512.00
Change R-3.00
% Change -0.58%
Cumulative volume 249,359
Market cap R164.89bn

Last Updated: 25/05/2012 at 19:32. Prices are delayed by 15 minutes. Source: McGregor BFA

 

Related Articles

Hawks target ICT powerbroker

Amsa sees Sishen arbitration in 2012

Davies takes on Kumba

Kumba to be charged in rights dispute

 

Top Stories

Greek euro worries pressures rand

May 25 2012 19:13

Uncertainty over the future of the euro zone returned to push the rand down against the dollar.

Gauteng road project costs rocket

May 25 2012 13:58

The costs of the first phase of the Gauteng Freeway Improvement Project have increased significantly to almost R90bn, according to a report.

JSE halts 'incorrect' trade

May 25 2012 11:36

The JSE has identified and stopped "incorrect" trades from one of its members, and will reverse the trades and lower the session's total value after the close.

 
Share Share line Print
Cape Town - Mineral Resources Minister Susan Shabangu has lashed out at the Hawks for their raid on her department's offices and that of the state law adviser, describing it has highly irregular.

Answering questions in the National Assembly on Wednesday, Shabangu also accused the SA Police Services Directorate of Priority Crimes, known as the Hawks, of passing confidential information to mining group Kumba.

"I just need to indicate their action was highly irregular and unacceptable," Shabangu said, responding to a question from Cope MP Philip Dexter.

The raid took place in late July supposedly to obtain information about mining rights that were alleged by Hawks spokesperson Lt. Colonel McIntosh Polela to have been fraudulently awarded.

It transpired that the raid was used to also obtain information relating to the court case between iron and steel producers Kumba Iron Ore [JSE:KIO] , Imperial Crown Trading (ICT) and the department of Mineral Resources and the 21% stake in iron mining operation Sishen.

Shabangu said the State Law Adviser was her department's legal advisor and "...they (the police) do not raid the offices of your legal adviser."

She said the normal procedure would have been for the ministers of police, justice and her to have written to each other over the issue and agreed on a process.

Responding to a separate question on whether the raid suggested "possible collusion" between the Hawks and litigants in the court case, she said it was "quite clear" the Hawks had gone beyond their jurisdiction.

"And we are just surprised about some of the issues... they make us wonder about the relationship between Kumba and the Hawks, as the law enforcement agency," Shabangu said.


 
 
Comment on this story
13 comments
Add your comment
Comment 0 characters remaining
Facebook's intrinsic value
May 23 2012 11:32

When it comes to judging a company’s worth, value investors like Warren Buffett look at intrinsic value. By that measure, Facebook’s shares are worth less than $10. A Reuters analyst breaks down the math. (Reuters)

NicolaaSmith

CIPPA equals automatic zero erosion in the constant item economy We do not have stable – as in fixed real value – money. The real value of money is generally accepted by the public at large to be stable – as in fixed – in low inflation economies, but this is not true. The be... Read their blog...

Recently updated
Podcasts
The Sishen saga

Legal expert Peter Leon on the increasingly complex legal wrangle over the Sishen Iron Ore mine. Time: 8:17 Listen Here...

Before you list

Is the clarion call of the JSE calling? Listen to Fin24’s expert panel discussion before you list your small business. Time: 17:29

Compare and Buy

Compare and apply for hundreds of financial products from many suppliers.

Credit cards Medical aid Current accounts Think Money

Money Clinic

Money Clinic Do you have a question about your finances? We'll get an expert opinion.
Click here...

Loading...