United States law firm to investigate Naspers

Pressure is mounting on MultiChoice's parent company, Naspers over its relationship with the Gupta family.

This follows calls made by the DA towards the end of November for MultiChoice to publicly release the full details of the contract it entered into with Gupta-linked news network, ANN7.

US-based legal firm Pomerantz has waded into the fray by initiating an investigation into claims that Naspers and certain of its officers or directors might have engaged in securities fraud or other unlawful business practices.

USA law firm Pomerantz LLP said on Tuesday it had launched an investigation into whether South Africa's Naspers and its directors had engaged in any business malpractices. A phone call to the firm's NY office wasn't answered out of business hours.

United States consultancy McKinsey & Co and auditor KPMG are among worldwide companies to have found that work done for the family had breached corporate governance standards.

"According to local media‚ citing leaked emails‚ MultiChoice substantially increased its annual payment to ANN7 from R50-million to R141-million over the past two years".

In the latest fallout in the widening scandal involving allegations of corruption, collusion and undue corporate influence from Naspers' MultiChoice unit to allegedly influence South Africa's long-stalled digital migration switch from analogue to digital TV, US law firm Pomerantz has launched a search for investors who want to start a class action lawsuit against Naspers.

Naspers shares fell 4.1% to R3 480 as of 2.03pm in Johannesburg, the lowest in more than a month.

Naspers on Friday issued a statement saying it was the MultiChoice board's responsibility to deal with allegations, adding that once investigations have been done it would need to "report back to the Naspers board and public".

Naspers did not respond immediately to a request for comment.



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