FSE 0.00% 0.5¢ fuse minerals limited

Found this on Friday whilst perusing my favourite name and shame...

Currently unlisted. Proposed listing date: APPLICATION WITHDRAWN ON 28 MARCH 2024
  1. 1,113 Posts.
    Found this on Friday whilst perusing my favourite name and shame Rag. Wonder where the money came from?

    "One of its current fundraising initiatives is at the annual Presidential Address Golf Challenge, organised by the department of public service and administration, at which a breakfast or dinner “opportunity” with the president is auctioned for at least R1.2-million if one makes a contribution to the trust.

    The golf day traditionally coincides with the State of the Nation address and the “partner package” is offered on its website. The “partner” is expected to “commit a minimum of R1.2-million from its annual corporate social investment budget over three years with an annual escalation of 10%”.

    It says this commitment will “open the door to build a more long-term relationship with corporate entities” and enables the relationship “to take on a new form”.

    A “key partner benefit” is the breakfast or dinner with the president in the partner’s city of choice.
    The partnership includes the adoption of a school, whose representatives are invited to the meal with Zuma. The partner is also required to mentor the top pupils and provide an opportunity for internships and possible employment.

    Combined donations to the trust from the 2011 and 2012 golf days amounted to about R10-million. This excluded the sponsorship packages taken up in both tournaments.

    R4-million for a 4-hour lunch
    One of the donors at last year’s golf challenge, held at the De Zalze Golf Estate in Stellenbosch, was mining baron Timothy Tebeila, whose Timothy Tebeila Foundation donated R4-million to secure a four-hour lunch with Zuma.

    Tebeila said he would bring 16 other people to the lunch, each of whom was expected to donate R500 000.

    The department did not reply to written questions about its role, despite saying it would do so.

    Until the 2009 election, the trust had raised about R11-million, according to its annual report. But the same report said it almost doubled that in the 2009-2010 financial year -- the first year of Zuma’s presidency -- raising a further R10-million.

    The website of Texas Southern University, where Zuma received an honorary doctorate in September last year, stated that the trust had budgeted R25-million for tuition and accommodation for the beneficiaries of the trust for that year."
 
watchlist Created with Sketch. Add FSE (ASX) to my watchlist
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.