Naspers Comments on MultiChoice South Africa’s Review of Its Carriage Contract with the TV Channel ANN7, & Its Government L...
January 31 2018 - 8:24AM
Business Wire
The following is a statement from Naspers:
Naspers Limited (JSE: NPN; LSE: NPSN) today advised
that the Naspers Audit and Risk Committees, and the Naspers Board,
have considered the process undertaken by MultiChoice South Africa
to assess its carriage agreement with the news channel ANN7 and its
government lobbying, following certain allegations made in November
2017.
A review was performed by the MultiChoice Audit and Risk
Committee. The Committee was chaired by Don Eriksson CA (SA), and
comprised four non-executive directors and independent
non-executive director, Advocate Kgomotso Moroka (SC), who was
seconded to the Committee. The Committee was supported by attorneys
Webber Wentzel, for legal issues and contracts, as well as an
independent audit firm, for forensics and payments. The Committee
had all relevant contracts scrutinised, five years of payment
information and emails checked, executives involved interviewed,
and undertook objective contract and cost comparisons. The
Committee then presented its findings and recommendations to the
full MultiChoice Board.
Subsequently, the Chair of the MultiChoice Audit and Risk
Committee provided a detailed explanation of the review process, as
well as the findings and recommendations, to the Naspers Audit and
Risk Committees. On Thursday, 25 January, the Naspers Board
reviewed the processes.
Both the Naspers Audit and Risk Committees and the Naspers Board
are satisfied that the MultiChoice review was extensive and
complied with its governance requirements. The findings and
recommendations were detailed in the MultiChoice South Africa press
statement of Wednesday 31 January.
The review found no evidence of corruption or illegal activity.
It is evident from the findings that the presently polarised
political environment in South Africa and controversy around the
ANN7 channel ownership demanded a higher level of diligence and
scrutiny than was the practice previously. Naspers supports the
recommendations made by the MultiChoice Board to ensure that
governance of sensitive issues like channel ownership is tightened
and elevated further to avoid similar problems in the future.
- END -
About Naspers
Founded in 1915, Naspers is a global internet and
entertainment group and one of the largest technology investors in
the world. Operating in more than 120 countries and markets with
long-term growth potential, Naspers builds leading companies that
empower people and enrich communities. It runs some of the world’s
leading platforms in internet, video entertainment, and media.
Naspers companies connect people to each other and the wider
world, help people improve their daily lives, and entertain
audiences with the best of local and global content. Every day,
millions of people use the products and services of companies that
Naspers has invested in, acquired or built, including Avito,
Brainly, Codecademy, Delivery Hero, eMAG, Flipkart, ibibo,
iFood, letgo, Media24, Movile, MultiChoice, OLX, PayU,
Showmax, SimilarWeb, Swiggy, Twiggle, and Udemy. Similarly,
hundreds of millions of people have made the platforms of its
associates Tencent (www.tencent.com;
SEHK 00700), Mail.ru (www.corp.mail.ru; LSE: MAIL),
and MakeMyTrip Limited (www.makemytrip.com; NASDAQ:MMYT) a
part of their daily lives.
Naspers is listed on the Johannesburg Stock Exchange (NPN.SJ)
and has an ADR listing on the London Stock Exchange (LSE:
NPSN).
For more information, please visit www.naspers.com.
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NaspersMeloy Horn, +27 11 289 3320Head of Investor
Relationsmeloy.horn@naspers.com
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