Welkom Yizani BEE scheme leaves multitudes in tears

The Nasper’s Welkom Yizani BBBEE investment scheme has left multitudes in tears of financial distress.

“I am very disappointed with these shares,” wrote Maria Collen on ujuh.co.za comments. My husband is retired at sixty six years and I am unemployed and was depending on this investment to help us out.”

Another investors, Aby Leigh, said “I was hoping to pay my child registration fees for the university (in 2014). What now?”

The seven years old scheme opened for limited trading on Monday, the 9th of December 2013, and settled at about R10 per share at the end of the week. The 107 000 black people who invested in the scheme paid R10 per share at establishment of the scheme in 2006. This means their money has realised no capital gain in seven years. Some did sell below the entry price as the Welkom Yizani share did trade at levels below R10 during the course of the week.

On the first day of trading, Monday 9th December 2013, Welkom Yizani shares touched a high of R20 and then slipped to end the day at R12.00. The next day, on Tuesday, Welkom Yizani shares closed at R9.00 and did touch a low of R8.05 on the day. The shares ended the week at R10.00. Many Welkom Yizani investors are livid. Some are calling for regulatory intervention.

“Why are business people so heartless and without conscious,” said Collen. It is really sad to see that people do not have any moral and ethics anymore. The top executives walk away with millions. Why? We ordinary people are idiots in trusting people like you to consider our needs.”

Another investor Peter said “I think here is work for Thuli Madonsela (the Public Protector).”

“These people are disgusting, they shattered our dreams. They owe us an explanation on national Television,” said Peter.

Other investors were calling for the government and mainly the BBBEE Commission housed inside the department of trade and industry to intervene.

The trail of conversation about the performance of Welkom Yizani BBBEE scheme, hosted on ujuh.co.za, is heart wrenching in displaying shattered financial hopes of multitudes.

The Welkom Yizani BBBEE scheme is invested in a Naspers subsidiary called Media24. The scheme holds 15% of Media24, a business largely invested in South African print media assets.

When the scheme was established in 2006, the company said the Welkom Yizani shares sold to the black public under the guise of BBBEE were valued around R50 per share. Naspers loaned Welkom Yizani investors to the tune of R40 per share via a preference share structure. The idea was that the loan would be repaid through dividend flow from Media24 and enough value would be created to live considerable value for Welkom Yizani investors. Indeed, the scheme did produce some considerable dividend over the years, which was largely applied to servicing the loan and in 2009 Naspers wrote off apportion of its loan to the scheme and extended the term of the scheme by a further two years. As such the scheme may be in the money on paper with estimations placing net asset value around the R24.00 per share mark. This is largely meaningless for investors who are selling at R10 per share on the over the counter trading platform.

news@ujuh.co.za

Comments from people who claim to be Welkom Yizani investors left on ujuh.co.za were submitted with full and presumably real names. Ujuh.co.za resolved to change these names and create fictitious names. We captured their comments in this article to showcase the mood out there but it was only fair to abbreviate the names because we did not speak to them for the purpose of quoting them in this article.

 

  • what wrng with these BEE schemes, welkom yizane failing to make capital gain aftr 7yrs, while mtn zakhele is not trading during december

  • This is totally appaulling…..My interest gained on investment is much higher then this shares.
    7 years and you are losing money….some people are making a gain of R5 and even less after 7years of investment.HOW CAN THIS BE…Koos Bekker please give us a 1% of your income….that will surely lift us to R60 per shares….Now how is it possible for NASpers shares to hit R1000 and Media 24 (15%) looses money…..something does not add up.

    Thuli must get the go ahead to investigate…..people dont have xmas presents now….no hope for 2014….in the spirit of Ubuntu……of Madiba ……shit hell no…..they are only serving them……what about the people(investors)……

    ZUMA…..HELP…….OBAMA….HELP……DALAI LAMA……HELP…….hell ANYONE……HELP………Corruption….

  • As an investor I am totally disgusted that after seven years the share prize is actually running at a loss.
    I would have made more money investing my money at any bank on a fixed deposit.
    Will Koos Bekker please explain to the general public how this rip off is possible.
    I am totally in favour of on an investigation into Media 24 investment scheme for black people by the public prosecutor..

    1. My friend Sinclair Mr koos Bekker has nothing to do with the shares….he owns Media24 not Welkom Yizani…our own robbed us

  • After all this years, im speechles and in great agony thinking of how long we waited for this our dividends. I feel sorry for everyone up there treating poor people like doormats. I wish u all rot in hell, you all are stinking rich @ our expense. I pray that God can wring your kaal necks!

  • Totally PATHETIC. They made this big booha when the shares came out so everybody could know about it.

    They delibrately running it at a loss. NO TRUE EFFORT has been put into it.
    its not even trading on the JSE.

    And why not let everybody know the shares are going to trade.

    for me its seems a deliberate plan to make a joke of the poor.

  • I am totally digusted in all of this…my husband could not believe his ears when he called and a lady confirmed the trading price. This money was supposed to cover my daughter’s outstanding university fees…what now????? Can someone please provide answers!!!! Is this a matter of the rich got richer and the poor poorer?!!!

  • Totally wrong and unacceptable. was depending on this money to help me through the holidays. will now seek legal assistance to sort out this mess

  • HONESTLY SPEAKING WHEN I INVESTED IN 2006 I WAS EXPECTING A LOT FROM THIS BBBEE INITIATIVE BUT INTEAD (THEY) MEDIA24 TOGETHER WITH WELKOM YIZANI BENEFITED AT MY EXPENSE, I CAN’T TAKE IT LYING DOWN. I AM IN SUPPORT OF THOSE WHO ARE SUGGESTING Mme THULI MADONSELA TO PROBE THIS UNFAIR TREATMENT BY WELKOM YIZANI.

  • IT IS REALLY DISCOURAGING AS MOST OF US BOUGHT THE SHARES TO BENEFIT NOT TO LOOSE THE MONEY. REALLY THESE NEED AN INTERVENTION FROM THE PUBLIC PROTECTOR.

    1. The public protector cannot help. You can only help yourself from this point on……..read my comments

  • I am so disgusted that I cant even breath, seriously this matter should be investigated, now I can really see that we are still back in the day where we not going to gain anything… we are taking a back seat at all times and the whites are getting the benefits of our money. I suggest the public protector needs to intervene

    1. I agree, my friend. But what we need to do is to demand a stake in Naspers.

  • Everyone, should take a deep breath and realise what country we are in and then reflect on past practices.
    In simple terms, the ones that control the economy of this country, has provided BBBEE on an industry that is dying, namely, the print media. This fact they knew long ago, but yet still made you suckers to fund it via debt. The debt gets paid and you are left with wet newspapers and torn magazines.
    True empowerment would have come from being part of the Naspers group………..which is making millions for the fat white fucked up cats. If they had any intention for your financial success, you would have shared in the larger group namely Naspers, trading at over R1000 per share. I am sorry to say this but we as black people are still taken for morons in this country. My advice is to stop trading altogether and see how fast they will act on your behalf………its economics 101. It will cost them a lot of money to keep the OTC platform open.
    They know we are not financially educated wrt these matters, therefore, they have no mercy for us.
    There is no freedom if you do not have economic freedom. Naspers was also built on the blood and sweat of Black people, but hey, we are just Black so who cares.
    I care……….and I am taking this country back.

    1. Des my boy…there’s no pills for stupidity, work a honest day and stop begging for handouts…u and I made our investments…live with it

  • To the administrator of this website.
    Dont moderate my comments………..send it to all including Naspers. I am sure many of your users online would agree with me 100%. Your users need to know the truth and how to overcome this.
    To all users………….USE THE MEDIA TO BEAT THE MEDIA.
    FUCK MEDIA24 THIEVES……….robbing poor people of their money and selling shares of a dying industry to BLACKS. Because blacks are considered second class citizens.
    “As long as Tembu cuts the grass ,the maid calls me madam and the coolie is the waiter” everthing is sweet in SA.

    I bet everyone on this blog , if this happened to Whites in SA, they would have had help from every quarter in SA and the best part is they would not have to beg for it…………like I said, hey, we are only BLACKS so who gives a shit.
    To all users reading this blog, I appologise for my rude remarks and I mean no disrespect to or your family.
    I am very sorry for my rude remarks.

  • On a lighter side Tembu and the maid could be Ceo’s of Black fronted companies and they dont even know that.
    My appologies for the analogies……….but this is a reflection on the present truth.

  • 2 years ago I phoned a big insurance company and asked them how to trade in their shares. I spoke to them in an African accent and told them I am a gardener ,just to see how I am treated. I was given a whole lot of Bull of how it is not for me. After the conversation ended, the phone was not put down on their side for about 10 seconds and I heard the lady say and laugh ” monkeys should trade in banana’s”

    1. I was very disgusted with this comment………….I am sorry to hurt my Black friends using these comments, but this is the truth we live in.

  • Mulalo Vincent Thagwana

    I’ve invested on that scheme so I’ve lost all the papers ,now wer must i go to claim my money

    1. keep your shares bro,,,dont trade now

  • I plead to all South Africans that bought shares to kkep them…do not sell them cos these people just wanna rip us all with this O.C.T.

    I am gonna keep my shares till they worth a whole lot.

  • All this is wrong our directors must explain to us.Why they enrich themselves with the poores money.Even after 7 years,we don’t earn a cent.Now Naspers sell over 1,140 00 per share.We blacks sell 10 per share,this is corruption this must be investgate.THULI MADONSELA here is you job.Pls help us,we are helpless.

  • Welkom Yizani BEE scheme, I would like to know how do you invest for 7 years and not get a cent extra in return, we bought for R10 a share and we getting the same value back after 7 years. WOW, how much money did this Scheme make of other people’s money. This is messed up, we at least had to see value and growth. I would not advise anybody to invest with them, Please people open your eyes and don’t invest your money into Yizani. Don’t let your money stay there for another 7 years, rather invest somewhere else. This was my very fist investment cause i was told its good to buy shares. Man was i fooled.

  • I am too shocked at the price the shares are going after 7 long years of waiting. This investment was not worth it at all !!

    We are being taken for a ride with straight faces by people who walk away with fat bank accounts, whilst we hardly getting anything out of this

    Not worth the money at all

    Very dissapointed and disgusted

  • Let’s just tell it like it is. Naspers screwed us over and profited from our investments. 7 years and nothing to show for it? Absolutely disgusting from these thieves. Tell me how is it possible that after so many years, there wasn’t any growth on this investment? And why must we invest among each other. NO! THis should have been listed on the JSE.

    I am so disappointed now.

  • PEOPLE REMEMBER THEIR COLOUR BLACK WHEN THEY ARE SWINDLED!

  • Is there a bored that we can lay a complaint with? Or perhaps the ombudsman? Anyone have any information with regards to reporting this sherade?

  • Utterly disappointed. After 7years I get to know that the shares I bought @ Welkom Yizani investments for Media24 are today worthless and valueless 🙁 I had plans for this Investment. My daughter is now in Tertiary, what do I do now??????

  • i am reading the comments and i feel so helpless and my qiuestion is what do we do now?Nobody is going to do anything for us,we can complain till we are blacker in the face,what we should focus on is what is our next step?do we wait another seven years or we get thuli to investigate,if so how and when?ACTION MENSE ACTION!!!We need SOLUTIONS!!!

  • to the administrators of yazani:pls tell ur wives and children that the fancy clothes and cars was bought with money that you swindled from poor hardworking black south africans.Here is my solution:give me R10 milion and i will keep it for 7 years after 7 years i will give your R10 mil back and keep all the intrests for myself i dont think you will do that but that is how this clever scheme work you clever assholes

  • when is the next shareholder meeting we should all attend and give them hell

  • All the shares holders lets set up a date march to MEDIA 24 , this people must give us our money , they can fool us but they cannot fool God.They keep on sending us evil magezines and they do not answer their phones.The white lady in their office told me that they will not eat our money , where is our money evil big fishes. I need money together with the interest of two years that .

  • I bought these shares in 2006 and yet i am about to lose if i sell them at this current share price.This is my message to whoever was managing these shares over the period of seven,I WISH YOU COULD BURN IN HELL WITH YOUR FAMILIES.You have taken poor black people for a ride to enrich yourselves.I AM PUTTING A CURSE ON ALL OF YOU AND YOUR CHILDREN.OUR TEARS WONT COME DOWN FOR NOTHING,BECAREFUL.Lets us all as black people stop buying all the print media from Media 24 by boycotting them.

  • The day that you guys will hear your faith please remember all the peoples tears
    God will judge you not us people ,and that day i hope you are prepared ,hope the hawks
    or the public protectors dig deep into this scam.

  • i as one of those who trust in welkom YIZANI im also dissapointed an as inverstors we need more clarity upon our money before further actions.

  • Write here…I am realy disgusted and so furious for falling into this scheme. After 10 years of investing in these stupid shares all I get is nothing

Leave a Reply

Your email address will not be published. Required fields are marked *