SUED FOR FRAUD
SIMON BARBER: Milost’s ‘reclusive rainmaker of note’ is in hot water
On Friday September 21 building material supplier WG Wearne announced that a little-known New York-based private equity firm, Milost Global, had come to its aid with R300m in loan and equity finance attached to certain unspecified strings. When the JSE reopened the next Tuesday, WG Wearne’s stock surged to R34 from its Friday close of R8, before sliding back to its previous trading band. On December 5, the Financial Services Board said it was eyeing the company’s securities for signs of possible insider trading in September. Milost Global’s CEO is one Mandla Gwadiso. I asked him for an interview but he said I would have to wait until February because he was travelling. I understand I am not alone in receiving this kind of brush-off. From what’s in the public domain, it’s clear that Gwadiso is a private person. His company’s website features photographs of his team but not of him. His face does not appear on his LinkedIn or Twitter profiles either. On the company site he says he is "...
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