u/263SerialEjaculator

JOHANNESBURG, April 29 (Reuters) - A South African court on Wednesday ordered the youngest son of Zimbabwe's former president Robert Mugabe to pay a ​large fine and said he would be deported for ‌pointing a toy gun at someone and breaking immigration laws.

Bellarmine Chatunga Mugabe, believed to be in his late 20s, and another man were arrested in ​February after a worker was shot and wounded at a ​mansion in Johannesburg where Mugabe was staying.

Both have been ⁠in custody since their arrest. They pleaded guilty as part of ​negotiations with prosecutors.

It is not clear how Bellarmine Mugabe broke South ​Africa's immigration laws, and he pleaded guilty to pointing a toy gun in a separate incident from the one in which the worker was shot.

He ​was given a 400,000 rand ($24,100) fine for pointing the toy ​gun and a 200,000 rand fine for violating immigration rules.

His co-accused Tobias Matonhodze ‌pleaded ⁠guilty to attempted murder of the worker along with other charges like defeating the ends of justice.

Matonhodze was sentenced to three years in prison, after which he will be deported.

The investigating officer told ​the Alexandra Magistrate's ​Court last ⁠week that the worker who was shot twice in the back received a compensation settlement of 250,000 ​rand, with a further payment of 150,000 rand to ​come.

The ⁠firearm used in the shooting is still missing.

Robert Mugabe ruled Zimbabwe for 37 years after independence from Britain in 1980. He was ousted ⁠in ​a military coup in 2017 and died ​in 2019 at a hospital in Singapore, aged 95.

($1 = 16.60 rand)

Reuters

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First Mutual eyes May listing for US$10m gold-backed ETF

Online ReporterOnline Reporter Herald April 22, 2026 0 Comments

Nelson Gahadza

First Mutual Wealth Management says its proposed US dollar-denominated exchange traded fund will launch with an initial net asset value of US$10 million, targeting a listing on May 8, 2026.

According to a published prospectus, the fund is designed to provide offshore gold exposure through a single security listed on the Victoria Falls Stock Exchange (VFEX).

“The fund is intended to provide investment returns that, before fees and expenses, closely correspond to the combined weighted performance of the JSE-listed Invest Gold ETF and four JSE-listed gold mining companies, as prescribed from time to time by the manager,” reads part of the prospectus.

FMWM said the underlying portfolio will target a 50 percent allocation to a gold commodity ETF (Invest Gold ETF) and 50 percent exposure to four blue-chip gold mining equities, each weighted at 12,5 percent.

It said all underlying securities are primarily listed on the Johannesburg Stock Exchange (JSE), and the portfolio will be rebalanced quarterly to maintain target weights, while the composition of gold-mining constituents will be reviewed annually in line with the fund’s stated methodology.

According to the prospectus, the ETF is expected to benefit from lower stated round-trip (buy/sell) trading costs on the VFEX versus the Zimbabwe Stock Exchange (ZSE), and subscriptions will be processed through a Reserve Bank of Zimbabwe exchange control-approved custodial account.

The ETF, according to the prospectus, will operate across both primary and secondary markets. On the secondary market, investors will trade units on the VFEX at prevailing market prices, which may differ from net asset value (NAV) due to supply and demand, spreads, and liquidity conditions.

“On the primary market, authorised participants may create or redeem units at NAV in prescribed creation unit sizes, subject to minimum lot requirements and applicable fees,” reads part of the prospectus.

Among the benefits, the prospectus highlights diversification as key, noting that gold typically moves independently of traditional asset classes such as equities and bonds.

“This means that even when stock markets are volatile, gold prices and associated gold assets may remain stable or even increase, providing a potential buffer for investors,” FMWM said.

It also underscored gold’s role as an inflation hedge, stating that as the cost of goods and services increases, the value of gold tends to rise, thereby helping to preserve purchasing power.

However, the firm cautioned that commodity markets can be highly volatile, influenced by geopolitical developments, supply-demand dynamics, weather conditions, and global economic trends. Such volatility may result in significant price fluctuations and potential losses.

Additionally, political instability and shifts in consumer demand may directly affect commodity prices and, by extension, the value of the ETF.

The prospectus noted that the dual linkage between the VFEX and JSE is expected to enhance liquidity.

“Should the VFEX be unable to find adequate bids for sellers locally, the FMW Gold ETF units can still be sold on the JSE and proceeds remitted back in hard currency,” it states.

It added that the fund is also positioned as a cost-effective alternative to holding physical gold.

“First Mutual Wealth Management is targeting an all-in management fee of no more than 1 percent per annum. In addition, the VFEX offers trading cost advantages, with round-trip costs estimated at 2,13 percent, compared to 4,14 percent on the ZSE,” reads part of the prospectus.