class action lawsuit against Naspers

South Africa's new media star

Behind successful online services such as Tencent and Mail.ru infected Naspers. Largely unnoticed by the general public in Europe and the U.S., the South African media and Internet companies a sense of new, profitable business develops - and this shows worldwide.

Naspers CEO Koos Bekker is one of the secret sizes of the Internet industry.
CAPE TOWN. Share price increase within a year: 30 percent. Profit doubled in the first nine months of 2010, operating revenues increased by 20 percent. Such results are rather investors of Apple, Google & Co. usual and not by a traditional media company. Especially not when it comes from Africa.

But that is precisely the case with Naspers: Largely unnoticed by the general public in Europe and the U.S., the South African media and Internet company a great success story written. Last year, broke away as most international rivals revenue, Naspers doubled its market value. Also this year it has gone up: Currently, the average market capitalization of Naspers, which stood at 400 million euros in 1997 to around 15 billion euros.


Industry experts attribute the success to the charismatic company director Koos Bekker: while in other parts of the world publishing executive held on to outdated business models and just sit on savings in the little dynamic print division, Bekker, the company has reinvented and international position.
Bekker itself makes rather a chain of fortunate circumstances responsible for the success. "For one thing we had the World Cup in their own country - and then the great fortune that we go into emerging markets are almost exclusively" he says.
Naspers generated in the six months to end September sales of 15.8 billion rand (1.75 billion euros). The net profit was 3.8 billion rand. Contributed decisively to the attracted from the World Cup almost 500 000 new subscribers in the pay-TV broadcaster MultiChoice, which now broadcasts its programs in Africa.
Since taking office as head of the company in 1997, Bekker has created the largest media group in Africa. From the once limited almost exclusively to the South African print market company a global multimedia company has become. In addition to the pay-TV, the Group earned especially with internet services, printing money - addition (South) Africa, in China, India, Brazil and Russia.
Finally, the South Africans have expanded vigorously the Internet business: The single most important pillar is its 35-percent stake in the Hong Kong-listed Chinese Internet portal Tencent. The portal dominates 80 percent of the local market for social networks. Tencent will remain for years to come, according to analyst Khulekani Dlamini of the fund company Afena Capital is a money machine, especially the core group of 15 - to 35-year-old Chinese disponer excess income.


LontohCoal to File Class Action Lawsuit against Naspers Limited in New York
LontohCoal Limited ("LontohCoal" or "Company"), one of the fastest growing mining companies in Southern Africa, is preparing to file a civil lawsuit against media empire, Naspers Limited ("Naspers"). Naspers is a multinational broad-based media company, incorporated in 1915 as a public limited liability company and listed on the Johannesburg Stock Exchange in September 1994. The company also has an ADR listing on the London Stock Exchange.

The quantum value of the damages suffered is still being determined. The law suit is to be instituted in the state of New York, United States of America, for a series of false, defamatory and malicious articles published in various media platforms of Naspers between January and April 2012.

LontohCoal - a South African domiciled company incorporated in 2008 with commercial and operational interests globally - is a public company which has an international footprint and is therefore a global citizen, like Naspers.

This class action seeks a relief for an unprecedented reputational damage and financial losses suffered by the Company stemming from the three published articles. The articles were published in January, February and April 2012.

It needs to be stated further that the severity of the reputational harm to the Company and its officers is not only confined to South Africa, but extends globally. LontohCoal board of directors is a diverse organ of the Company representing persons from across the world. Because of the international prominence of the Company, this litigation class action will be pursued in order to achieve the maximum impact. To this end, LontohCoal has briefed its South African legal counsel to appoint a reputable international law firm to handle the class action lawsuit which will be instituted in the State of New York, United States of America.

It is the averment of the Company that as a direct result of these published articles that contain information which is false in content and context, and therefore defamatory, misleading and prejudicial to the Company and its officers, led to the incurrence of significant reputational damage and financial losses, the quantum value of which is determinable.

It is LontohCoal's view that besides the contents which are false and malicious, the article headings amounted to "an intentional or negligent departure from the facts whether by distortion, exaggeration or misrepresentation, material omissions or summarisation"; as quoted from the South African Press Code.

It needs to be emphasised that despite the openness with which LontohCoal management handled enquiries from Naspers media organisations, the organisations in question failed to report fairly, objectively and truthfully.

The decision to file the lawsuit against Naspers in New York is in the view of the board of directors of LontohCoal, a significant step towards restoring the reputational standing of the Company, given its international profile.

Enquiries:

Mr. Tshepo Kgadima Mobile: +27 82 965 7131

Source: Lontoh Coal