Anglo American warns public of online share trading scams
Anglo American has raised an alarm over a surge in online share trading scams exploiting its brand and the identities of its executives to deceive victims.
According to the miner, these scams, circulating on social media and digital platforms, promote fraudulent trading schemes offering unrealistic returns.
Anglo American executive head of external relations in South Africa, Nevashnee Naicker said the scams often featured sophisticated websites and apps, alongside AI-generated videos using prominent business figures.
“Scammers often use faces of prominent business leaders in fraudulent recruitment, procurement and share trading, resulting in many people falling victim. We’ve seen several fake videos on social media using artificial intelligence, and posts encouraging people to invest their hard-earned money. These posts then get shared by unsuspecting people on platforms such as WhatsApp, making them hard to trace and stop. Do not to respond to unsolicited offers through emails and social media advertisements with links. Anglo American will never ask anyone to invest in this way,” she said.
Anglo American said the company does not trade shares directly with the public. Naicker urged caution, advising against responding to unsolicited emails or social media ads. “If an offer seems too good to be true, it probably is,” she said.
The company encourages the public to report suspicious activity to authorities or email [email protected].
FSCA warns against 4Sight Holdings impersonators on Telegram
The Financial Sector Conduct Authority (FSCA) has issued a public warning about fraudsters on Telegram impersonating 4Sight Holdings Limited and its CEO Tertius Zitzke.
4Sight Holdings, a JSE-listed company, has confirmed it is not affiliated with these individuals, who are using its name, trademarks, and employee images without permission.
According to the FSCA, these scammers are reportedly soliciting funds by promising unrealistic returns—such as R20,000 from an initial R5,000 investment within 24 hours.
The FSCA emphasises that offering financial products or services in South Africa requires proper authorisation.
4Sight Holdings clarified that it does not conduct business via Telegram or social media. The FSCA could not reach the administrators of these fraudulent Telegram groups for comment.
The public is strongly advised to verify the legitimacy of any financial service providers through the FSCA. Confirm that entities are licensed to offer financial products and that their advice is appropriate for the investment's risk level. Exercise caution with unsolicited offers, especially on social media, to avoid falling victim to scams.
Cancer Alliance granted participation rights in breast cancer drug pricing case
The Competition Tribunal has granted Cancer Alliance NPC permission to intervene in a high-profile case against Roche Holdings AG and its subsidiaries over allegations of excessive pricing of a life-saving breast cancer drug, Trastuzumab.
The drug is widely used in South Africa's public and private healthcare sectors.
The Competition Commission alleges that Roche's pricing of Trastuzumab violates sections 8(a) and 8(1)(a) of the Competition Act 89 of 1998, asserting that the excessive costs deny women access to essential healthcare and infringe on basic human rights.
Cancer Alliance argued that it has a direct interest in the case and can assist the Tribunal by providing critical insights into the impact of the alleged overpricing.
Under the Tribunal’s decision, Cancer Alliance will provide written and oral submissions on key issues, including:
- The harm caused to breast cancer patients in both public and private sectors is due to the alleged excessive pricing.
- The interplay between competition and patent laws, particularly concerning patented medicines.
- How the Tribunal should interpret section 8 of the Competition Act in the context of constitutional rights to healthcare.
- Appropriate remedies if the Tribunal finds Roche guilty of contravening the Act.
PERSONAL FINANCE