NewzIntel.com

Category: Finance

  • MIL-OSI Security: South Carolina Man Sentenced to More Than 20 Years in Prison for Attempted Extortion

    Source: Office of United States Attorneys

    Glenn Boyd was in prison at the time he committed this offense. 

    GRAND RAPIDS, MICHIGAN — Acting U.S. Attorney for the Western District of Michigan Alexis Sanford today announced that Glenn Daeward Boyd, 36, of Kershaw, South Carolina, was sentenced to a total of 272 months in the Bureau of Prisons. A jury convicted him in February of attempted extortion, stalking, and five counts of wire fraud. 

    Boyd was serving a sentence at a prison in South Carolina for voluntary manslaughter, assault with intent to kill, assaulting a correctional employee, and inciting a riot. According to the evidence at trial, Boyd used a contraband cell phone to pretend to be “Jad,” an 18-year-old girl from Grand Rapids, Michigan on the dating application “Plenty of Fish.” As “Jad,” he communicated with B.G. beginning in August 2023. Two days after their first communication, Boyd, continuing to pose as “Jad,” told B.G. he was a 15-year-old girl. Boyd then assumed the identity of “Jad’s grandparents,” threatening B.G. that “they” would contact police and B.G.’s family to report B.G. as a pedophile if B.G. did not send money. Boyd also used a Facebook profile to post on an account related to B.G.: “He is a pedophile I have all the evidence if anyone wants to see it.” In response, and on the same day of the threats, B.G. reported Boyd’s extortion scheme to the police and died by suicide.  B.G. was 22 years old.

    “Yesterday’s sentencing serves as a stark reminder of the grave nature of Mr. Boyd’s predatory actions specifically, his heinous crimes of sexual exploitation and extortion that have tragically resulted in a profound loss of life,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI in Michigan. “As we stand in solidarity with the victim’s loved ones, the FBI is unwavering in its commitment to deliver justice. We will collaborate with our law enforcement partners throughout the state to identify and hold accountable those who perpetrate acts of online exploitation.”

    The Federal Bureau of Investigation, Wyoming Police Department, South Carolina Department of Corrections, South Carolina Department of Corrections – Office of Inspector General, Newaygo County Sheriff’s Department, and Van Buren County Sheriff’s Department investigated this case. Assistant U.S. Attorneys Constance R. Turnbull and Jonathan Roth prosecuted it.

    The FBI provides the following six tips on how people can protect themselves from sextortion schemes:

    • Be selective about what you share online. If your social media accounts are open to everyone, a predator may be able to figure out a lot of information about you.
    • Be wary of anyone you encounter for the first time online. Block or ignore messages from strangers.
    • Be aware that people can pretend to be anything or anyone online. Videos and photos are not proof that people are who they claim to be. Images can be altered or stolen. In some cases, predators have even taken over the social media accounts of their victims.
    • Be suspicious if you meet someone on one game or app and this person asks you to start talking on a different platform.
    • Be in the know. Any content you create online—whether it is a text message, photo, or video—can be made public. And nothing actually “disappears” online. Once you send something, you don’t have any control over where it goes next.
    • Be willing to ask for help. If you are getting messages or requests online that don’t seem right, block the sender, report the behavior to the site administrator, or go to an adult. If you have been victimized online, tell someone.

    If you have information about or believe you are a victim of sextortion, contact your local FBI field office, call 1-800-CALL-FBI, or report it online at http://tips.fbi.gov. More information is available at https://www.fbi.gov/how-we-can-help-you/safety-resources/scams-and-safety/common-scams-and-crimes/sextortion.

    MIL Security OSI –

  • MIL-OSI Security: Leessa Augustine, Former Sewerage & Water Board Special Agent and New Orleans Police Officer, Pleads Guilty to Multiple Fraud Schemes

    Source: Office of United States Attorneys

    NEW ORLEANS, LOUISIANA – LEESSA AUGUSTINE (“AUGUSTINE”) age 46, a resident of New Orleans, pleaded guilty on June 10, 2025, to several charges related to her involvement in fraud schemes while employed as a Sewerage & Water Board of New Orleans (“S&WB”) Senior Special Agent.  In this role, AUGUSTINE was tasked with investigating the alleged misconduct of other Sewerage & Water Board employees.

    According to court records, in one scheme, AUGUSTINE, who also served as a New Orleans Police Department reserve officer, billed a police detail customer for hours not actually worked.  During some of the times AUGUSTINE was supposed to be working the police detail for the Downtown Development District, she used her S&WB-issued computer to conduct a second fraud scheme, that involved obtaining a mortgage loan and federally funded assistance for low-income homebuyers.  In that home-purchase scheme, AUGUSTINE created fake documents, including a fake W-2 form, fake pay stubs, and fake bank statements. In a third scheme, AUGUSTINE obtained federally funded unemployment benefits by concealing her Senior Special Agent income.  Finally, in a fourth scheme, AUGUSTINE obtained federally funded emergency rental assistance from the City of New Orleans, by submitting a fake lease and a termination letter from a fictitious employer. At various times during the schemes, AUGUSTINE provided her S&WB-issued cellphone number as a contact number for three different persons she impersonated.  As a result of her fraud schemes, AUGUSTINE pled guilty to three counts of wire fraud.  She also pled guilty to one count of making false statements, for lying to investigators. 

    The wire fraud charges are each punishable by up to 30 years’ imprisonment, which may be followed by up to five years of supervised release.  The false statement charge is punishable by up to five years’ imprisonment, which may be followed by up to three years of supervised release.  Each count may also include a fine of up to $250,000 and a $100 mandatory special assessment fee.  Sentencing is set for September 16, 2025.

    Acting U.S. Attorney Simpson expressed his appreciation for the valuable assistance and contributions of the New Orleans Office of Inspector General, and the New Orleans Police Department in connection with this case.

    This case was investigated by the Federal Bureau of Investigation, the Office of Inspector General – U.S. Department of Housing and Urban Development, the Office of Inspector General – U.S. Department of Labor, and the Office of Inspector General – U.S. Department of Homeland Security.  It is being prosecuted by Assistant United States Attorney Chandra Menon of the Public Integrity Unit.

    MIL Security OSI –

  • MIL-OSI Security: Leessa Augustine, Former Sewerage & Water Board Special Agent and New Orleans Police Officer, Pleads Guilty to Multiple Fraud Schemes

    Source: Office of United States Attorneys

    NEW ORLEANS, LOUISIANA – LEESSA AUGUSTINE (“AUGUSTINE”) age 46, a resident of New Orleans, pleaded guilty on June 10, 2025, to several charges related to her involvement in fraud schemes while employed as a Sewerage & Water Board of New Orleans (“S&WB”) Senior Special Agent.  In this role, AUGUSTINE was tasked with investigating the alleged misconduct of other Sewerage & Water Board employees.

    According to court records, in one scheme, AUGUSTINE, who also served as a New Orleans Police Department reserve officer, billed a police detail customer for hours not actually worked.  During some of the times AUGUSTINE was supposed to be working the police detail for the Downtown Development District, she used her S&WB-issued computer to conduct a second fraud scheme, that involved obtaining a mortgage loan and federally funded assistance for low-income homebuyers.  In that home-purchase scheme, AUGUSTINE created fake documents, including a fake W-2 form, fake pay stubs, and fake bank statements. In a third scheme, AUGUSTINE obtained federally funded unemployment benefits by concealing her Senior Special Agent income.  Finally, in a fourth scheme, AUGUSTINE obtained federally funded emergency rental assistance from the City of New Orleans, by submitting a fake lease and a termination letter from a fictitious employer. At various times during the schemes, AUGUSTINE provided her S&WB-issued cellphone number as a contact number for three different persons she impersonated.  As a result of her fraud schemes, AUGUSTINE pled guilty to three counts of wire fraud.  She also pled guilty to one count of making false statements, for lying to investigators. 

    The wire fraud charges are each punishable by up to 30 years’ imprisonment, which may be followed by up to five years of supervised release.  The false statement charge is punishable by up to five years’ imprisonment, which may be followed by up to three years of supervised release.  Each count may also include a fine of up to $250,000 and a $100 mandatory special assessment fee.  Sentencing is set for September 16, 2025.

    Acting U.S. Attorney Simpson expressed his appreciation for the valuable assistance and contributions of the New Orleans Office of Inspector General, and the New Orleans Police Department in connection with this case.

    This case was investigated by the Federal Bureau of Investigation, the Office of Inspector General – U.S. Department of Housing and Urban Development, the Office of Inspector General – U.S. Department of Labor, and the Office of Inspector General – U.S. Department of Homeland Security.  It is being prosecuted by Assistant United States Attorney Chandra Menon of the Public Integrity Unit.

    MIL Security OSI –

  • MIL-OSI Security: Leessa Augustine, Former Sewerage & Water Board Special Agent and New Orleans Police Officer, Pleads Guilty to Multiple Fraud Schemes

    Source: Office of United States Attorneys

    NEW ORLEANS, LOUISIANA – LEESSA AUGUSTINE (“AUGUSTINE”) age 46, a resident of New Orleans, pleaded guilty on June 10, 2025, to several charges related to her involvement in fraud schemes while employed as a Sewerage & Water Board of New Orleans (“S&WB”) Senior Special Agent.  In this role, AUGUSTINE was tasked with investigating the alleged misconduct of other Sewerage & Water Board employees.

    According to court records, in one scheme, AUGUSTINE, who also served as a New Orleans Police Department reserve officer, billed a police detail customer for hours not actually worked.  During some of the times AUGUSTINE was supposed to be working the police detail for the Downtown Development District, she used her S&WB-issued computer to conduct a second fraud scheme, that involved obtaining a mortgage loan and federally funded assistance for low-income homebuyers.  In that home-purchase scheme, AUGUSTINE created fake documents, including a fake W-2 form, fake pay stubs, and fake bank statements. In a third scheme, AUGUSTINE obtained federally funded unemployment benefits by concealing her Senior Special Agent income.  Finally, in a fourth scheme, AUGUSTINE obtained federally funded emergency rental assistance from the City of New Orleans, by submitting a fake lease and a termination letter from a fictitious employer. At various times during the schemes, AUGUSTINE provided her S&WB-issued cellphone number as a contact number for three different persons she impersonated.  As a result of her fraud schemes, AUGUSTINE pled guilty to three counts of wire fraud.  She also pled guilty to one count of making false statements, for lying to investigators. 

    The wire fraud charges are each punishable by up to 30 years’ imprisonment, which may be followed by up to five years of supervised release.  The false statement charge is punishable by up to five years’ imprisonment, which may be followed by up to three years of supervised release.  Each count may also include a fine of up to $250,000 and a $100 mandatory special assessment fee.  Sentencing is set for September 16, 2025.

    Acting U.S. Attorney Simpson expressed his appreciation for the valuable assistance and contributions of the New Orleans Office of Inspector General, and the New Orleans Police Department in connection with this case.

    This case was investigated by the Federal Bureau of Investigation, the Office of Inspector General – U.S. Department of Housing and Urban Development, the Office of Inspector General – U.S. Department of Labor, and the Office of Inspector General – U.S. Department of Homeland Security.  It is being prosecuted by Assistant United States Attorney Chandra Menon of the Public Integrity Unit.

    MIL Security OSI –

  • MIL-OSI USA: ICE Boston arrests Salvadoran alien with several convictions in Massachusetts

    Source: US Immigration and Customs Enforcement

    PEABODY, Mass. — U.S. Immigration and Customs Enforcement in partnership with the Federal Bureau of Investigation and the U.S. Drug Enforcement Administration arrested an illegal Salvadoran national convicted of domestic assault and battery, violating a restraining order, and operating a vehicle under the influence of alcohol. Officers with ICE Enforcement and Removal Operations Boston working with agents from ICE Homeland Security Investigations New England, FBI Boston, and DEA New England apprehended Emilio Neftaly Pineda June 12 in Peabody.

    Pineda is also the subject of two arrest warrants in Massachusetts for leaving the scene of an accident and compulsory insurance violation after he failed to appear for his court dates for those charges.

    “Emilio Pineda has several convictions in the state of Massachusetts and represents a clear threat to the residents of our community,” said ICE ERO Boston acting Field Office Director Patricia H. Hyde. “Additionally, Pineda has been previously removed from the U.S. twice. He has shown a blatant disregard for our immigration laws and our state laws. We cannot allow New England to become a safe haven for the world’s bad actors. ICE Boston will continue to arrest and remove criminal alien threats to our neighbors.”

    Pineda illegally entered the United States on an unknown date, at unknown location, and without being admitted, inspected, or paroled by a U.S. immigration official.

    The East Boston District arraigned Pineda Nov. 6, 2000, for assault and battery on a household member. The court issued a continuance without finding on Jan. 24, 2001.

    The Everett District Court arraigned Pineda Dec. 5, 2002, for violating a restraining order. The court found him guilty of that charge Feb. 3, 2003.

    The Quincy District Court arraigned Pineda Aug. 1, 2005, for operating a motor vehicle under the influence of alcohol. The court issued a continuance without finding Jan. 23, 2006.

    The Malden District Court arraigned Pineda Sept. 30, 2015, for leaving the scene of an accident with property damage. On March 2, 2016, the court issued a default warrant for Pineda after he failed to appear for his court date.

    Between November 2015 and July 2016, ICE Boston arrested and removed Pineda on two separate occasions. He was removed from the United States on Feb. 1, 2016, and again on July 20, 2016.

    The Malden District Court arraigned Pineda Dec. 16, 2015, for a compulsory insurance violation. The Malden District Court issued a warrant for Pineda after he failed to appear to court.

    Pineda illegally re-entered the United States on an unknown date, at unknown location, and without being admitted, inspected, or paroled by a U.S. immigration official.

    On June 12, 2025, ICE Boston served Pineda with a reinstatement of deportation after his arrest. Pineda is in ICE custody pending his removal from the United States.

    Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

    Learn more about ICE’s mission to increase public safety in our communities on X at @EROBoston and @HSINewEngland.

    MIL OSI USA News –

  • MIL-OSI USA: IAM District 751 Celebrates Grand Opening of New Everett Training Center

    Source: US GOIAM Union

    IAM District 751 marked a significant milestone with the grand opening of its new training center in Everett, Washington. International President Brian Bryant and Western Territory General Vice President Robert “Bobby” Martinez joined district and local leaders, members, and community allies to cut the ribbon on the cutting-edge facility, designed to meet the evolving needs of today’s aerospace workforce.

    “We didn’t build this just to keep up, we built it to lead,” said IAM District 751 Directing Business Representative Jon Holden. “This center ensures our members have access to the same high-tech tools and instruction as the industries they serve.”

    The new training center spans more than 20,000 square feet and features a suite of state-of-the-art tools and classrooms. Among the highlights are hands-on training equipment, including computer-numerical-control (CNC) simulators, paint and welding virtual reality simulators, advanced metrology tools, 3D printers, programmable logic controllers (PLCs), and augmented reality technology to enhance industrial applications.

    “This new facility represents our deep commitment to investing in our members,” said International President Brian Bryant. “It’s a place where careers begin, skills are strengthened, and the future of aerospace is built.”

    The facility also includes real-world, shop-ready machinery, such as mills and lathes, and fully outfitted welding rigs that allow members to train on actual equipment used in today’s aerospace manufacturing. This practical, hands-on instruction ensures IAM members gain experience with the same tools and standards found on the shop floor at companies like Boeing.

    “This center is a game changer,” said IAM Western Territory General Vice President Robert “Bobby” Martinez. “Investing in training and skills is how we strengthen our union, grow our industries, and empower the next generation of IAM Union members.”

    To view photos, click here.

    The center also includes flexible classroom space and a large union hall for meetings and events. By combining traditional classroom learning with hands-on training and community partnerships, the facility positions members for long-term success.

    U.S. Sen. Maria Cantwell attended the ribbon cutting and praised the union’s investment in workforce development.

    “By 2030, we may have a shortfall of over 2 million machinists. Can you imagine? America’s competitiveness is at stake,” said Cantwell. “751 is answering the call, not just with this new facility, but in integrating the Machinists Institute to train, skill, and attract people. That is why this building and the Machinists Institute — with a training capacity of over 700 machinists, to be trained right here — is such a great facility.”

    The post IAM District 751 Celebrates Grand Opening of New Everett Training Center appeared first on IAM Union.

    MIL OSI USA News –

  • MIL-OSI Africa: African Development Bank Concludes Strategic High-Level Mission to Ghana, Identifies Five Key Areas for Transformational Partnership


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    Representatives of the African Development Bank Group (www.AfDB.org) have concluded a week-long high-level mission to Ghana, marking the institution’s first major engagement with the country’s new administration under President John Dramani Mahama.

    The delegation, led by Solomon Quaynor, the Bank Group’s Vice President for Private Sector, Infrastructure, and Industrialization, conducted extensive consultations with key government ministries, public agencies, and private sector stakeholders, to align the Bank’s support with Ghana’s transformational development priorities.

    The agencies included the ministries of Roads and Highways; Communication, Digital Technology and Innovation; the Bank of Ghana; Volta River Authority; Ghana Ports and Harbors Authority; Ghana Infrastructure Investment Fund (“GIIF”); National Pensions Regulatory Authority; National Insurance Commission, Securities Exchange Commission, Ghana Stock Exchange, Ghana Export-Import Bank, Pension Corporate Trustees and Fund Managers, and various private sector companies.

    The delegation also cohosted a successful one-day roundtable discussion on “Unlocking Long-term Local Currency Finance for Infrastructure Development in Ghana,” jointly organized with GIIF, the Private Infrastructure Development Group (PIDG), InfraCredit, Stanbic Bank, and PetraTrust, an event that laid the foundation for domestic capital mobilization initiatives.

    At the conclusion of the mission, the Bank identified five core areas for follow-up collaboration:

    • Mobilizing Domestic Capital for Infrastructure Development

    The Bank will work with partners to establish a credit enhancement and de-risking facility to unlock part of Ghana’s USD 5.2 billion cedis equivalent in pension assets for infrastructure investment. Drawing on successful models implemented through InfraCredit in Nigeria and Dhamana in Kenya and East Africa, the initiative aims to make local infrastructure, industrial, affordable housing and public-private partnerships assets attractive to institutional investors.

    • Supporting the 24-Hour Economy Initiative

    The Bank expressed strong enthusiasm for Ghana’s 24-Hour Economy concept, committing to provide comprehensive project preparation support, knowledge sharing on industrial parks development, and downstream financing solutions. Key focus areas include integrated industrial parks for textiles, garments, agro-processing and light manufacturing, and lake transport infrastructure all captured under the Volta Economic Corridor.

    • Advancing Transport Infrastructure Development

    Leveraging its continental expertise, the Bank will support Ghana’s ‘Big Push’ infrastructure initiative through partnerships with the Ministry of Roads and Highways, Ghana Ports and Harbors Authority, and the PPP Unit at the Ministry of Finance.

    • Strengthening Digital Transformation Foundation

    Collaborating with the Ministry of Communication, Digital Technology and Innovation, the Bank will support critical policy and legislative reviews focusing on data harmonization, data governance, and cybersecurity enhancement to establish a robust foundation for Ghana’s digital transformation.

    • Unlocking Private Sector Investment Opportunities

    The mission identified numerous investment opportunities across logistics, agriculture, agro-processing, energy, and other critical sectors, emphasizing the private sector’s fundamental role in sustainable and inclusive economic growth.

    Quaynor highlighted the success of the mission. “The enthusiasm, vision, and commitment we have witnessed this week from Ghana’s leadership and stakeholders give us great confidence in the transformational impact we can achieve together.”

    He emphasized that all identified areas will be actively pursued, with the Bank firmly committed to working with all stakeholders to drive sustainable economic growth and development for Ghana, noting that the alignment between the government’s priorities and the Bank’s strategic capabilities creates an unprecedented opportunity for meaningful collaboration and impact.

    The mission concluded with firm commitments for follow-up action across all identified areas, emphasizing the Bank’s dedication to forging concrete partnerships that deliver tangible results for Ghana’s economic transformation and improved livelihoods for its people.

    Other members of the Bank’s delegation were Eyerusalem Fasika, Country Manager for Ghana; Mike Salawou, Director of Infrastructure and Urban Development; Ousmane Fall, Director of Private Sector and Industrial and Trade Development; Akane Zoukpo Sanankoua, Manager, Capital Markets Development; Aude Apetey-Kacou, Regional NSO Lead, West Africa; Dennis Ansah, Regional NSO Lead, Nigeria and Dovi Amouzou, Advisor to the Vice President.

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    Media Contact: 
    Kwasi Kpodo
    Communication and External Relations
    w.kpodo@afdb.org

    About the African Development Bank Group:
    The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

    MIL OSI Africa –

  • MIL-OSI USA: Congressman Nick Langworthy Announces FAA Grants for Wellsville & Olean Airports

    Source: US Congressman Nick Langworthy (NY-23)

    WASHINGTON, D.C. – Today, Congressman Nick Langworthy (NY-23) announced the Federal Aviation Administration has awarded $76,762 to the Wellsville Airport and $33,250 to the Olean Airport for designing a new hangar and a new gate, respectively. 

     

    Specifically, the Federal Aviation Administration (FAA) awarded this grant to the Town of Wellsville in order to reconstruct an existing 15,000-square-foot hangar used for aircraft storage. For the City of Olean, the funds will be used to reconstruct two existing gates.

     

    “Investing in our local airports is essential to strengthening our regional infrastructure and economy,”said Congressman Langworthy.“I’m proud to support these FAA grants, which will help Wellsville and Olean airports make needed upgrades that improve safety, access, and future growth opportunities for our communities.”

     

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    MIL OSI USA News –

  • MIL-OSI USA: Congressman Nick Langworthy Announces FAA Grants for Wellsville & Olean Airports

    Source: US Congressman Nick Langworthy (NY-23)

    WASHINGTON, D.C. – Today, Congressman Nick Langworthy (NY-23) announced the Federal Aviation Administration has awarded $76,762 to the Wellsville Airport and $33,250 to the Olean Airport for designing a new hangar and a new gate, respectively. 

     

    Specifically, the Federal Aviation Administration (FAA) awarded this grant to the Town of Wellsville in order to reconstruct an existing 15,000-square-foot hangar used for aircraft storage. For the City of Olean, the funds will be used to reconstruct two existing gates.

     

    “Investing in our local airports is essential to strengthening our regional infrastructure and economy,”said Congressman Langworthy.“I’m proud to support these FAA grants, which will help Wellsville and Olean airports make needed upgrades that improve safety, access, and future growth opportunities for our communities.”

     

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    MIL OSI USA News –

  • MIL-OSI Security: Central Ohio woman sentenced to more than 5 years in prison for $2.8 million pandemic relief fraud scheme

    Source: Office of United States Attorneys

    COLUMBUS, Ohio – A Westerville woman who claimed affiliation with Dayton-area pizza restaurants to obtain nearly $1.9 million in COVD-19 relief funds was sentenced in U.S. District Court today to 70 months in prison.

    Lorie A. Schaefer, 63, also assisted a co-defendant in fraudulently receiving more than $980,000 pandemic relief loans in exchange for payment, causing a total of $2.8 million in fraud.

    According to court documents, Schaefer opened new bank accounts in December 2020 prior to registering a fictitious business name with the State of Ohio in March 2021.

    Schaefer fraudulently claimed affiliation with the Flying Pizza restaurants in Dayton, Centerville and Fairborn. When notified that a Paycheck Protection Plan (PPP) loan for nearly $1.9 million had been filed in the name of Flying Pizza, individuals at the family-owned business said their restaurants could not justify such a large loan.

    Schaefer claimed to have 98 employees and submitted altered bank records as part of her application. Schaefer also claimed the business was established in March 2021, even though the original Flying Pizza was established in 1984. Additionally, she claimed not to be under indictment despite having pending theft charges in Meigs County. Schaefer attached multiple fraudulent documents to her PPP application, including a bank statement, tax records, and a letter from the IRS.

    Bank records indicate Schaefer improperly used PPP funds for personal expenses, for example, nearly $26,000 on liposuction, a $10,000 check for a “newborn baby gift,” and more than $900,000 to purchase and renovate a home in Westerville. Schaefer also made purchases at Wayfair, Lamps Plus, Kroger, KFC, Burger King, Arby’s, McDonald’s and Olive Garden. Evidence also suggests Schaefer used the fraud proceeds to purchase vehicles in Ohio and property in Australia.

    After being charged in this case, Schaefer committed new offenses and violated her pre-trial release multiple times, leading to the revocation of her bond.

    She pleaded guilty in July 2024 and twice attempted to withdraw her guilty plea.

    Kelly A. Norris, Acting United States Attorney for the Southern District of Ohio; Anthony Licari, Special Agent in Charge, Department of Transportation Office of Inspector General, Midwestern Region; and Elena Iatarola, Special Agent in Charge, Federal Bureau of Investigation (FBI), Cincinnati Division; announced the sentence imposed today by U.S. District Court Judge Edmund A. Sargus, Jr. Assistant United States Attorney David J. Twombly is representing the United States in this case.

    # # #

    MIL Security OSI –

  • MIL-OSI Security: Former New York State Assembly Candidate Charged with Wire Fraud

    Source: US FBI

    Defendant Dao Yin Allegedly Reported Fake Campaign Donations to Defraud New York State of $162,800 in Public Matching Funds

    Earlier today in federal court in Brooklyn, a criminal complaint was unsealed charging Dao Yin, a Queens resident and former 2024 New York State Assembly candidate, with wire fraud in connection with his scheme to defraud New York State’s public campaign finance system by reporting false campaign contributions—including forged signatures of purported contributors—to secure matching funds.  Yin was arrested today and is scheduled to be arraigned this afternoon before United States Magistrate Judge Vera M. Scanlon.

    Joseph Nocella, Jr., United States Attorney for the Eastern District of New York; Matthew R. Galeotti, Head of the Justice Department’s Criminal Division; Christopher G. Raia, Assistant Director in Charge, New York Field Office (FBI); and Jocelyn E. Strauber, Commissioner, New York City Department of Investigation, announced the charges.

     “As alleged, the defendant, a former candidate for public office, submitted forged campaign contribution cards from members of the very community he hoped to represent, to fraudulently obtain thousands of dollars in public matching funds that he was not entitled to receive,” stated United States Attorney Nocella.  “Today’s arrest demonstrates that this Office will protect the integrity of elections and pursue candidates for elected office who violate campaign finance laws.”

    Mr. Nocella expressed his appreciation to the New York State Public Campaign Finance Board (PCFB) for its assistance.

    “Through lies and deceit, the defendant allegedly stole over $160,000 in taxpayer dollars to fund his campaign for elected office,” stated Matthew R. Galeotti, Head of the Department of Justice’s Criminal Division.  “Fraud and public corruption threaten the integrity of our elections and will not be tolerated.  The Criminal Division remains committed to aggressively prosecuting frauds that undermine U.S. interests and waste public funds.”

     “Dao Yin allegedly fabricated support to be unlawfully awarded more than $150,000 to further his election campaign. Yin also allegedly abused his position to defraud a matching funds program that could have been used to support other candidates for state office. The FBI remains committed to investigating any individual who implements deceitful tactics to find a seat in public office,” stated FBI Assistant Director in Charge Raia.

    “As charged, this former candidate for the New York State Assembly manipulated the campaign finance system through fraudulent campaign contributions in order to claim matching funds that he was not eligible to receive,” stated DOI Commissioner Strauber.  “DOI and our law enforcement partners in the United States Attorney’s Office for the Eastern District of New York and the FBI remain committed to protecting the integrity of the campaign finance system and public dollars.”

    The New York State Public Campaign Finance Program

    The PCFB oversees and administers the New York State Public Campaign Finance Program (the Program), which provides candidates running for statewide or state legislative office the ability to qualify for and receive public matching funds based on small donations from residents in applicable districts.

    To participate in the Program, a candidate must register an authorized committee with the PCFB, be in a covered election for a covered office, meet threshold requirements for the number of matchable contributions received, and total monetary contributions received, and adhere to all other program requirements such as making periodic disclosures to the PCFB.  Contributions between $5 and $250 are generally eligible for public matching funds provided they meet certain criteria.  For a State Assembly race, the candidate generally must have raised a minimum of $6,000 in matchable contributions and have a minimum of 75 matchable donations. For cash contributions to qualify for matching funds, the candidate’s authorized committee is required to submit contribution cards that, among other information, list each contributor’s name, residential address, and date of contribution.  The contribution card also must be signed by the contributor.

    The Fraudulent Scheme

    As alleged in the complaint, the defendant registered his campaign committee, Dao Yin for New York 2024 (the Committee), with the PCFB so that it could receive funds through the Program.  The defendant served as the treasurer of the Committee.

    To qualify for public matching funds, the defendant submitted fraudulent contribution cards through the Committee to the PCFB that listed the names and purported to bear the signatures of individuals he falsely claimed had donated to the Committee.  By doing so, the defendant obtained approximately $162,800 in public matching funds from the Program.

    The charges in the complaint are allegations, and the defendant is presumed innocent unless and until proven guilty. If convicted of all charges, the defendant faces a maximum sentence of 20 years’ imprisonment.

    The government’s case is being handled by the Office’s Public Integrity Section and the Public Integrity Section of the Justice Department’s Criminal Division.  Assistant United States Attorneys Andrew D. Grubin and Rebecca Schuman, along with Trial Attorney Lina Peng, are in charge of the prosecution with assistance from Paralegal Specialist Daniel Arakawa.

    The Defendant:

    DAO YIN
    Age:  62
    Flushing, NY

    E.D.N.Y. Docket No. 25-MJ-208

    MIL Security OSI –

  • MIL-OSI: Solutions30 Annual General Meeting Results – June 17, 2025

    Source: GlobeNewswire (MIL-OSI)

    Approval of all resolutions

    Nomination of new Supervisory Board members

    The Solutions 30 SE General Meeting was held in Luxembourg on June 17, 2025, chaired by Gianbeppi Fortis, Chairman of the Management Board.

    All resolutions proposed at the Annual General Meeting were adopted, including:

    • Approval of the annual accounts and the consolidated accounts of the Company for the financial year ended on 31 December 2024, and allocation of results;
    • Approval of the nomination of Mrs. Maria Zesch et de Mr. Olivier Domergue as members of the Supervisory Board, and approval of the renewal of Mrs. Pascale Mourvillier’s mandate as member of the Supervisory Board;
    • Re-appointment of PKF Audit & Conseil S. à r.l. as approved statutory auditor;
    • Appointment of PKF Audit & Conseil S. à r.l in relation to the assurance opinion on the sustainability reporting included in the management report for the financial year 2025;
    • Approval of the annual remuneration of the Supervisory Board members;
    • Approval of the remuneration report (advisory vote);     

    Solutions30 thanks its shareholders for their support and trust.

    Results of the votes will be available today on the Group’s website: www.solutions30.com.

    About Solutions30 SE

    Solutions30’s mission is to make the technological developments that are transforming our daily lives accessible to everyone, individuals and businesses alike, especially with regard to the digital transformation and the energy transition. With its network of more than 16,000 technicians, Solutions30 has completed over 65 million call-outs since its inception and led over 500 renewable energy projects with a combined maximum output surpassing 1800 MWp. Every day, Solutions30 is doing its part to build a more connected and sustainable world. Solutions30 has become an industry leader in Europe with operations in 10 countries: France, Italy, Germany, the Netherlands, Belgium, Luxembourg, Spain, Portugal, the United Kingdom, and Poland. The capital of Solutions30 SE consists of 107,127,984 shares, equal to the number of theoretical votes that can be exercised. Solutions30 SE is listed on the Euronext Paris exchange (ISIN FR0013379484- code S30). Indices : CAC Mid & Small | CAC Small | CAC Technology | Euro Stoxx Total Market Technology | Euronext Tech Croissance.

    Visit our website to learn more: www.solutions30.com

    Contact

    Individual Shareholders:
    Tel: +33 1 86 86 00 63 – shareholders@solutions30.com

    Investor relations
    Investor.relations@solutions30.com

    Press – Image 7:

    Charlotte Le Barbier – Tel: +33 6 78 37 27 60 – clebarbier@image7.fr

    Attachment

    The MIL Network –

  • MIL-OSI Security: Man Sentenced to 25 Years for Leading a 250 Kilogram Meth Trafficking Ring from Prison

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    SPARTANBURG, S.C. — Jonathan Adam Sarratt, 38, an inmate incarcerated in the South Carolina Department of Corrections, was sentenced to 25 years in federal prison after pleading guilty to conspiracy to distribute methamphetamine. Sarratt has been serving a sentence for trafficking methamphetamine, burglary, and possession of a stolen vehicle since 2019.  

    Evidence obtained in the investigation revealed that since at least early 2023, Sarratt, while incarcerated in SCDC, was facilitating the distribution of at least 250 kilograms of methamphetamine to a drug trafficking ring within the Upstate. 

    United States District Judge Donald C. Coggins sentenced Sarratt to 300 months of incarceration consecutive to the state sentence he is currently serving and a five-year term of supervision following his release. Sarratt is projected to be released from SCDC in 2026. Additionally, the Court ordered a judgment against the defendant for $1 million. United States District Judge Donald C. Coggins has already sentenced Sarratt’s co-defendantswith the final co-defendant, Daniel Wentz, awaiting sentencing.

    This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    This case was investigated by Homeland Security Investigations– Border Enforcement Security Task Force, the Bureau of Alcohol, Tobacco, Firearms and Explosives, the South Carolina Law Enforcement Division, the Cherokee County Sheriff’s Office, the Spartanburg County Sheriff’s Office, the Greenville County Sheriff’s Office, and the Greenville County Multi-Jurisdictional Drug Enforcement Unit. Assistant U.S. Attorney Jamie Schoen is prosecuting the case

    ###

    MIL Security OSI –

  • MIL-OSI Security: Former Hotel Manager Pleads Guilty to Filing False Tax Return

    Source: United States Attorneys General 1

    A former Texas hotel manager pleaded guilty today before U.S. Magistrate Judge Derek T. Gilliland to filing a false income-tax return.

    According to court documents and statements made in court, from 2014 to 2022, Hieu Duc Tran embezzled more than $1 million from the Hewitt, Texas hotel where he was a manager. To accomplish this, Tran would charge hotel guests’ credit cards using a payment processing system that he controlled, instead of the hotel’s own system, and keep the funds for himself. He would also deposit checks hotel guests wrote to pay for their stays into his own bank account. Though Tran knew that the money he embezzled was taxable income, he did not report any of that income on the tax returns he filed for 2014 through 2021.

    In total, Tran caused a tax loss to the IRS of over $200,000.

    Tran will be sentenced at a later date and faces a maximum penalty of three years in prison. He also faces a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division made the announcement.

    IRS Criminal Investigation is investigating the case.

    Trial Attorney Curtis J. Weidler of the Tax Division is prosecuting the case, with assistance from the U.S. Attorney’s Office for the Western District of Texas.

    MIL Security OSI –

  • MIL-OSI United Kingdom: UK-Ukraine TechBridge: London Tech Week 2025 Communiqué

    Source: United Kingdom – Executive Government & Departments

    News story

    UK-Ukraine TechBridge: London Tech Week 2025 Communiqué

    UK-Ukraine TechBridge Investment Accelerator at London Tech Week 2025

    9 – 11 June 2025 

    During London Tech Week, UK Government, in collaboration with 1991 Ventures and Ukraine’s Ministry of Digital Transformation (MDT), strengthened the UK-Ukraine bilateral relationship through a series of key meetings and events under the UK-Ukraine TechBridge programme, a component of the 100 Year Partnership agreement. 

    9 June 

    On the Startup Stage at London Tech Week, the UK-Ukraine TechBridge Investment Accelerator project concluded with a pitching session. Ukrainian Deputy Minister for Digital Transformation, Oleksandr Bornyakov (MDT), and Denis Gursky of 1991 Ventures joined Rodney Berkeley, Director of Infrastructure and Technology at the Department for Business & Trade (DBT), in delivering opening remarks. Pitches were delivered by 11 high potential Ukrainian tech start-ups providing innovative solutions from databases to support clinical trials, AI-powered Software as a Service (SaaS), and direct air carbon capture technology for agriculture. The Investment Accelerator project aimed at upskilling Ukrainian tech founders to scale up their businesses in the UK. 

    10 June 

    A breakfast event was hosted by the Embassy of Ukraine focused on promoting Ukraine’s CodeUA (B2B platform) initiative and connecting highly skilled Ukrainian tech companies with global business representatives. The event provided valuable insights into Ukraine’s tech ecosystem and facilitated new, collaborative opportunities for those wanting to invest in innovative, and secure technology partnerships. 

    The day concluded with an evening reception at the London Stock Exchange Group, supported by the UK-Ukraine TechBridge and DiiaCity Utd. This event celebrated the global potential of Ukraine’s tech ecosystem, bringing together Ukrainian and UK government representatives, investors, tech companies, and thought leaders to deepen cooperation between our two nations.

    Updates to this page

    Published 17 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI Canada: The federal government invests in Indigenous-led solar initiative in Watson Lake

    Source: Government of Canada News

    Watson Lake, Yukon, June 17, 2025 — Investing in green energy infrastructure is vital to building cleaner and more sustainable northern communities. With a joint investment of more than $28.6 million from the federal government, the Government of Yukon and First Kaska Utilities LP, the Sādę Solar Initiative project will significantly reduce diesel use for power generation in Watson Lake.

    This project will construct a 2.85MW solar power plant combined with a battery energy storage system that will connect to the existing micro-grid in Watson Lake, which is currently powered by diesel generators. The plant, located within the asserted traditional territory of the Liard First Nation (LFN), will be brought online in two stages to maintain grid stability and manage power fluctuations. Additional works include preparing the site for solar panel installation and upgrading the access road to support a high volume of transport trucks during the construction period.

    When running at full capacity in the peak season, the plant will provide more energy than peak loads, allowing for full generator off time. The solar energy produced is expected to replace more than 24 percent of the diesel-generated power in Watson Lake, ultimately reducing diesel consumption by approximately 1,020,300 litres and cutting GHG emissions by 3,509 tonnes annually. This initiative is also expected to have economic benefits for LFN, allowing them to generate revenues by selling surplus power to the grid operator, while creating jobs and training opportunities. 

    MIL OSI Canada News –

  • MIL-OSI USA: Former Hotel Manager Pleads Guilty to Filing False Tax Return

    Source: US State of California

    A former Texas hotel manager pleaded guilty today before U.S. Magistrate Judge Derek T. Gilliland to filing a false income-tax return.

    According to court documents and statements made in court, from 2014 to 2022, Hieu Duc Tran embezzled more than $1 million from the Hewitt, Texas hotel where he was a manager. To accomplish this, Tran would charge hotel guests’ credit cards using a payment processing system that he controlled, instead of the hotel’s own system, and keep the funds for himself. He would also deposit checks hotel guests wrote to pay for their stays into his own bank account. Though Tran knew that the money he embezzled was taxable income, he did not report any of that income on the tax returns he filed for 2014 through 2021.

    In total, Tran caused a tax loss to the IRS of over $200,000.

    Tran will be sentenced at a later date and faces a maximum penalty of three years in prison. He also faces a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division made the announcement.

    IRS Criminal Investigation is investigating the case.

    Trial Attorney Curtis J. Weidler of the Tax Division is prosecuting the case, with assistance from the U.S. Attorney’s Office for the Western District of Texas.

    MIL OSI USA News –

  • MIL-OSI Security: ATF Offers Reward in Fatal Las Cruces Shooting

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    LAS CRUCES, New Mexico — The Bureau of Alcohol, Tobacco, Firearms and Explosives, Phoenix Field Division, in conjunction with the Las Cruces Police Department, is offering a reward of up to $5,000 for information leading to the arrest and conviction of those responsible for the fatal shooting of a 14-year-old.

    At about 9 p.m. on June 2, the Las Cruces Police Department responded to a parking lot near the intersection of Solano Drive and Spruce Avenue on a report of a road rage shooting involving gunfire from one vehicle into another. Tragically, a 14-year-old boy who was seated in the rear passenger-side seat of the vehicle that was fired upon sustained gunshot wounds and died at the scene.

    The suspect vehicle, described as a 2018-2022 white mid-size SUV, was driven by a male and fled the scene.

    Anyone with information about this homicide should contact ATF at (888) ATF-TIPS (1-888-283-8477). Information can also be sent to ATFTips@atf.gov or through ATF’s website at www.atf.gov/contact/atftips. Tips can be submitted anonymously using the Reportit® app, available from both Google Play and the Apple App store, or by visiting www.reportit.com.

    ATF is the lead federal law enforcement agency with jurisdiction involving firearms and violent crimes. Our Investigative priorities focus on armed violent offenders and career criminals, narcotics traffickers, narco-terrorists, violent gangs, and domestic and international arms traffickers. ATF targets, investigates and recommends prosecution of these offenders to reduce the level of violent crime and to enhance public safety. More information about ATF and its programs is available at www.atf.gov.

    ###

    MIL Security OSI –

  • MIL-OSI: 74Software Appoints Julia Siepmann as Group Chief Human Resources Officer

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    74Software Appoints Julia Siepmann as Group Chief Human Resources Officer

    Paris, June 17, 2025 – 74Software today announces the appointment of Julia Siepmann as Group Chief Human Resources Officer, effective as of 19th May 2025.

    Julia Siepmann brings over 20-years of global experience in strategic human resources management within technology-driven companies undergoing companywide transformation. Throughout her career, she has demonstrated a strong ability to lead deep cultural evolutions, implement global HR frameworks, and foster inclusive, engaging, and high-performing work environments.

    Prior to joining 74Software, Julia served as Chief Human Resources Officer at Nielsen, Analytics Portfolio Organizations. She previously spent over 15 years at Teradata where she held Global HR leadership roles based in London and Singapore. Known for her thoughtful and structured approach, she has led numerous Global programs focused on HR transformation, employee engagement, and inclusion. Julia is based in London, United Kingdom.

    Patrick Donovan, Chief Executive Officer of 74Software, stated:

    “Julia’s appointment marks an important step in driving our development. We are committed to our team and their development, and her proven leadership and deep expertise in organizational transformation and talent management will be key assets in strengthening our corporate culture and sustaining our growth. We are pleased to welcome her to the executive leadership team.”

    Julia will play a central role in shaping and executing a human resources strategy aligned with 74Software’s development ambitions. Her mission will be to enhance organizational performance by fostering cohesion across entities, supporting talent development, and embedding a company culture rooted in respect, equity, and well-being.

    “I am delighted to be joining 74Software at a pivotal time in its growth as a portfolio company uniting several strong technology brands around shared values and a common culture,” said Julia Siepmann. “In a constantly evolving and competitive environment, HR plays a critical role in supporting this momentum and shaping a compelling, forward-looking employee value proposition. I look forward to contributing to the development of an inclusive, high-performing, and sustainable organization.”

    With this appointment, the Executive Committee of 74Software now comprises 9 members representing 4 nationalities:

    • Patrick Donovan, Chief Executive Officer
    • Éric Bierry, Deputy CEO, CEO of SBS
    • Roland Royer, CEO of Axway
    • Tobias Unger, Chief Financial Officer
    • Xavier Rebeuf, Chief R&D Operations
    • Paul French, Chief of Staff
    • Philippe Buisson, Chief of Integration and Secretary
    • Yann Metz-Pasquier, Chief Strategy Officer
    • Julia Siepmann, Chief Human Resources Officer

    About 74Software

    74Software is an enterprise software group founded through the combination of Axway and SBS – independently operated leaders with unique experience and capabilities to deliver mission-critical software for a data driven world. A pioneer in enterprise integration solutions for 25 years, Axway supports major brands and government agencies around the globe with its core line of MFT, B2B, API, and Financial Accounting Hub products. SBS empowers banks and financial institutions to reimagine tomorrow’s digital experiences with a composable cloud-based architecture that enables deposits, lending, compliance, payments, consumer, and asset finance services and operations to be deployed worldwide. 74Software serves more than 11,000 companies, including over 1,500 financial service customers. To learn more, visit 74Software.com

    Contacts – Investor Relations:

    Arthur Carli – +33 (0)1 47 17 24 65 – acarli@74software.com

    Chloé Chouard – +33 (0)1 47 17 21 78 – cchouard@74software.com

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    The MIL Network –

  • MIL-OSI United Kingdom: Crossbench Peerages June 2025

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    Press release

    Crossbench Peerages June 2025

    The King has been graciously pleased to signify His intention of conferring Peerages of the United Kingdom for Life.

    The King has been graciously pleased to signify His intention of conferring Peerages of the United Kingdom for Life upon the undermentioned:

    Nominations for Crossbench Peerages:

    1. Sir Tim Barrow GCMG LVO MBE – lately National Security Adviser. Former Second Permanent Under-Secretary and Political Director at the Foreign, Commonwealth & Development Office (FCDO).

    2. Dr Simon Case CVO – lately Cabinet Secretary and Head of the Civil Service. Former Private Secretary to HRH Prince William, Duke of Cambridge. Former Principal Private Secretary to the Prime Minister.

    3. Dame Katherine Grainger DBE – Chair of the British Olympic Association, former Chair of UK Sport and former Olympian. Former Chancellor of Oxford Brookes University, currently Chancellor of the University of Glasgow.

    4. Dame Sharon White, Lady Chote, DBE – former Chair of the John Lewis Partnership, former Chief Executive of the Ofcom and former Second Permanent Secretary at HM Treasury.

    Citations

    Sir Tim Barrow GCMG LVO MBE

    Sir Tim Barrow served as National Security Adviser from 2022 to 2024. Prior to this he was the Second Permanent Secretary and Political Director at the Foreign, Commonwealth and Development Office (FCDO). As Political Director, he worked on the biggest foreign policy issues facing the country, including playing a leading role in the UK’s diplomatic response to Putin’s illegal war in Ukraine.

    Sir Tim was the Permanent Representative of the United Kingdom to the European Union from 2017 to 2020 and the British Ambassador to the European Union from 2020 to 2021 and played an important role in the United Kingdom’s Brexit negotiations with the EU.

    Sir Tim’s civil service career began at the Foreign and Commonwealth Office (FCO) in 1986. He served in London, Kyiv, Moscow and Brussels before his appointment as the British Ambassador to Ukraine in 2006. In 2008, he became the Ambassador to the Western European Union and the UK Representative to the Political and Security Committee. From 2011 to 2016, he served as the British Ambassador to Russia before returning to London as the Foreign, Commonwealth and Development Office’s Political Director.

    Dr Simon Case CVO

    Dr Simon Case was Cabinet Secretary and Head of the Civil Service from September 2020 to December 2024. As Cabinet Secretary he supported four Prime Ministers in responding to the Covid-19 pandemic, the war in Ukraine and the delivery of the funeral arrangements for Queen Elizabeth II. Before this he was appointed Permanent Secretary at No.10.

    Simon has had a long and varied career as a senior public servant. He served as Private Secretary to HRH Prince William, Duke of Cambridge and as Principal Private Secretary to the Prime Minister from 2016 to 2017. He has also served as Director General for Northern Ireland and Ireland and Director General for the UK-EU relationship, both at the Department for Exiting the European Union, and Director of Strategy at GCHQ.

    Since leaving Government, he has been appointed as the independent Chair of the Barrow Delivery Board Barrow Transformation Fund, a £200m government package to deepen and develop Barrow’s crucial role at the heart of UK national security and nuclear submarine-building, overseen by the Defence Nuclear Enterprise. He is also a Non-Executive Director at the Ministry of Defence. Simon holds a PhD in political history from Queen Mary’s University of London.

    Dame Katherine Grainger DBE

    Dame Katherine Grainger is Britain’s most decorated female rower and the only female athlete – in any sport – to gain medals in five consecutive Olympic Games. Following her completion of two terms as Chair of UK Sport, Dame Katherine was appointed as Chair of the British Olympic Association.

    Born in Glasgow, Dame Katherine read law at the University of Edinburgh and then obtained a Masters in law from the University of Glasgow and a PhD from King’s College London. Dame Katherine began rowing in 1993, winning a silver medal at the Sydney, Athens and Beijing Olympics, before winning a gold medal in London, and a further silver medal in Rio de Janeiro, as well as eight World Championship medals, including six gold medals.

    Dame Katherine is on the board of the Youth Sport Trust and is patron of Netball Scotland, Winning Scotland and the National Coastwatch Institution. She was appointed a DBE in 2017, following previous awards of MBE and CBE. Katherine was previously Chancellor of Oxford Brookes University and is currently the Chancellor of the University of Glasgow and Honorary Colonel of the 215 (Scottish) Multirole Medical Regiment of the British Army. She is also the Honorary President of Scottish Rowing.

    Dame Sharon White DBE

    Dame Sharon White has spent much of her career in public service, holding a number of the most senior positions in the Civil Service.  She was the first black person and second woman to be a Permanent Secretary at HM Treasury, serving as the Second Permanent Secretary between 2013 and 2015, after which she was CEO of Ofcom from March 2015 to November 2019.

    Dame Sharon joined the Civil Service in 1998, working at HM Treasury, the British Embassy in Washington, the 10 Downing Street Policy Unit and the World Bank, before becoming a Director General in the Department for International Development, followed by the MoJ, DWP and HMT. Dame Sharon was appointed DBE in 2020 for Public Service. Dame Sharon is an honorary fellow at Nuffield College, University of  Oxford, and was a Non-Executive Director for Barratt Developments.

    Since leaving the Civil Service, Dame Sharon has become the Managing Director and Head of Europe for Caisse de dépôt et placement du Québec (the Quebec Deposition and Investment Fund), having previously been the Chair of the John Lewis Partnership from February 2020 until September 2024.

    Updates to this page

    Published 17 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI Security: Connecticut Man Pleads Guilty to Multi-State Conspiracy to Obtain Driver’s Licenses for Ineligible Applicants

    Source: Office of United States Attorneys

    Defendant conspired to fraudulently apply for driver’s licenses for more than 1,000 individuals who resided in states that prohibited illegal aliens from obtaining licenses

    BOSTON – A Waterbury, Conn. man pleaded guilty on June 13, 2025 to conspiring to obtain driver’s licenses for ineligible applicants, principally illegal aliens.  

    Cesar Agusto Martin Reis, 28, pleaded guilty to one count of conspiracy to unlawfully produce and possess with intent to transfer identification documents, and one count of possession with intent to use or transfer unlawfully identification documents. U.S. District Court Judge Margaret R. Guzman scheduled sentencing for Sept. 10, 2025. In December 2024, Cesar Agusto Martin Reis was charged along with four co-conspirators.

    From in or about November 2020 through in or about September 2024, Cesar Agusto Martin Reis and his alleged co-conspirators fraudulently procured driver’s licenses for illegal alien customers who resided in states that prohibited illegal aliens from obtaining driver’s licenses. Prior to July 2023, illegal aliens residing in Massachusetts were not permitted to obtain Massachusetts driver’s licenses. Beginning in 2019, illegal aliens residing in New York became eligible to obtain New York driver’s licenses. Cesar Agusto Martin Reis and his alleged co-conspirators conspired to fraudulently obtain New York driver’s licenses for illegal alien customers who did not reside in New York, including Massachusetts residents, and after July 2023 to fraudulently obtain Massachusetts driver’s licenses for illegal alien customers who did not reside in Massachusetts. In exchange for fraudulently obtaining the driver’s licenses, Cesar Agusto Martin Reis and his alleged co-conspirators typically charged approximately $1,400 per customer.
     
    In New York, before obtaining a driver’s license, applicants were required to pass a written permit test and complete driver’s education coursework from a New York driving school. Online permit test-takers were required by the New York Department of Motor Vehicles (NY DMV) to take a picture of themselves with a web camera during the test. This was to ensure that the test-taker was indeed the applicant and that there was not a person sitting with and helping the applicant with the test.  

    To avoid the customers having to take the permit tests, Cesar Agusto Martin Reis and his alleged co-conspirators obtained several pictures of the customers sitting down, making it look as if the customers were taking the tests. Cesar Agusto Martin Reis conspired with his alleged co-conspirators to complete the permit tests for the customers online and, when prompted by the NY DMV to take pictures during the tests, and to upload the pictures that the customers previously provided – purporting to show that it was the customers who were taking the tests, not the defendants. The defendants also allegedly created fraudulent driver’s education certificates of completion, purportedly from New York driving schools, forged the signatures of driving school staff on the fake certificates and gave these documents to the customers to provide to the NY DMV.

    The NY DMV also required that applicants appear at a NY DMV location and provide documents to prove their identity and residence in New York. Cesar Agusto Martin Reis conspired with his alleged co-conspirators to meet Massachusetts-based customers at locations in Massachusetts – typically several customers at a time – and drive them to NY DMV branch locations. When they arrived at the NY DMV locations, the defendants allegedly gave the customers fraudulent documents falsely purporting to demonstrate that the customers resided in New York. The customers provided these fake records to the NY DMV staff, and the NY DMV relied on the misrepresentations to issue New York driving permits to the customers. Cesar Agusto Martin Reis conspired with his alleged co-conspirators to arrange for the NY DMV to mail the permits to locations in New York that were controlled by the defendants and provided the permits to the customers in-person. Additionally, the defendants allegedly conspired to schedule road driving license tests for the customers with the NY DMV and, again, drive the customers to New York for them to take the road tests. If the customers passed the tests, the NY DMV sent the driver’s licenses to mailing addresses in New York that the defendants allegedly controlled, and the defendants then provided the licenses to the customers.  

    The defendants allegedly conspired to obtain Massachusetts driver’s licenses for out-of-state residents, in generally the same manner as they allegedly obtained the New York licenses for Massachusetts residents. In Massachusetts, the defendants allegedly conspired to fraudulently obtain purported foreign passports to provide to the customers to use as proof of identity with the Massachusetts Registry of Motor Vehicles in support of customer driver’s license applications.

    Collectively, Cesar Agusto Martin Reis and his alleged co-conspirators fraudulently applied for licenses for more than 1,000 customers, obtained licenses for more than 600 of the customers, and collected at least hundreds of thousands of dollars.    

    The charge of conspiracy to unlawfully produce and possess with intent to transfer identification documents carries up to five years in prison, up to three years of supervised release, and a fine of up to $250,000; and the charge of possession with intent to use or transfer unlawfully identification documents, carries up to 15 years in prison, supervised release of up to 3 years, and a fine of up to $250,000.  Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    United States Attorney Leah B. Foley; Michael J. Krol, Special Agent in Charge of Homeland Security Investigations in New England; and Kelly Larco-Ward, Inspector in Charge of the U.S. Postal Inspection Service, Boston Division made the announcement. Valuable assistance was provided by the NY DMV Division of Field Investigation; the Boston, Danbury (Conn.) and Waterbury (Conn.) Police Departments; the U.S. Attorney’s Office for the District of Connecticut; and the New York State Inspector General’s Office. Assistant U.S. Attorney Brendan O’Shea of the Worcester Branch Office is prosecuting the case.

    The details contained in the charging documents are allegations. The remaining defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
     

    MIL Security OSI –

  • MIL-OSI Security: Arrest Warrants Issued for Father of Missing Union City Child

    Source: Office of United States Attorneys

    Jackson, TN – Arrest warrants have been issued for Jose Inocencio Fraire Chavez, 39.  The warrants are related to incidents which occurred in Obion County, Tennessee.  Joseph C. Murphy, Jr., Interim United States Attorney for the Western District of Tennessee, announced the issuance of the arrest warrants today.  

    Chavez has been charged with being an illegal alien in possession of a firearm; willful failure to comply with removal procedures in violation of Title 8 U.S.C. § 1253(b); and flight to avoid prosecution.

    The Federal Bureau of Investigation, the United States Marshals Service, and United States Immigration and Customs Enforcement are working together in coordination with the Union City Police Department and the Tennessee Bureau of Investigation to safely locate Chavez and his child, who have not been seen in the Union City area since May 2, 2025.

    “Since issuing a statewide Endangered Child Alert on May 5th, the Tennessee Bureau of Investigation has remained committed to working alongside our local, state, and federal partners to bring Tah Yah Yona Chavez home safely,” said TBI Director David Rausch. “At the heart of this investigation is an innocent child who deserves to be safely reunited with her family in West Tennessee. We are truly grateful for the invaluable teamwork of our law enforcement partners in these efforts.”

    This case is being prosecuted by Assistant United States Attorney Hillary Lawler Parham.

    The charges and allegations contained in an indictment or complaint are merely accusations of criminal conduct, not evidence.  The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt and convicted through due process of law.  If convicted, the defendant’s sentence will be determined by the Court after review of the factors unique to the case, including the defendant’s prior criminal records (if any), the defendant’s role in the offense, and the characteristics of the violation.

    ###

    For more information, please contact the Media Relations Team at USATNW.Media@usdoj.gov. Follow the U.S. Attorney’s Office on Facebook or on X at @WDTNNews for office news and updates.

    MIL Security OSI –

  • MIL-OSI Security: Former Hoboken Director of Health and Human Services Sentenced to 24 Months in Prison for Embezzlement, Filing False Tax Return

    Source: Office of United States Attorneys

    NEWARK, N.J. – Pantaleo “Leo” Pellegrini, the former Hoboken Director of Health and Human Services and Director of the Department of Environmental Services, was sentenced to 24 months in prison for embezzling money from the City of Hoboken and filing a false tax return, U.S. Attorney Alina Habba announced

    Pellegrini previously pleaded guilty to embezzlement and filing a false tax return before U.S. District Judge Michael E. Farbiarz in Newark federal court.

    According to documents filed in this case and statements made in court:

    While working for the City of Hoboken, Pellegrini embezzled money from the City of Hoboken by diverting approximately $223,500 in payments intended for the City of Hoboken to bank accounts he controlled. Pellegrini also embezzled money from the City of Hoboken by submitting approximately $234,432.60 in his personal expenses, which the City of Hoboken unknowingly paid. Additionally, Pellegrini did not report the embezzled money on his personal tax returns, and thereby made and subscribed a false personal tax return and avoided approximately $119,972.60 in taxes due.

    Pellegrini’s oversight responsibilities related to certain public recreational facilities, including soccer fields that could be reserved by both Hoboken and non-Hoboken residents for a fee paid to the City of Hoboken.  Through this arrangement, the City of Hoboken Department of Parks, Recreation & Public Works sponsored a non-profit recreation soccer league open to Hoboken youth (the “Youth Soccer League”), which was funded by the City of Hoboken and participant fees.  Also during the charged time period, an adult soccer league open to Hoboken and non-Hoboken residents (the “Adult Soccer League”) was in operation, which was funded from participant fees.

    Pellegrini developed a scheme to divert the Adult Soccer League’s participant fee payments intended for the City of Hoboken to a business account on which he was a signatory which was registered to a soccer-related entity linked to him.

    During the relevant time period, Pellegrini was also the Owner and President of a private travel soccer club.  Pellegrini also submitted or caused the submission to the City of Hoboken invoices associated with his private soccer club, which Pellegrini falsely or fraudulently represented to the City of Hoboken as invoices eligible for reimbursement by the City of Hoboken.  As a result, the City of Hoboken—at Pellegrini’s direction—unknowingly paid tens of thousands of dollars to the Pellegrini’s private soccer club vendors for its expenses, and also unknowingly paid tens of thousands of dollars directly to Pellegrini through his private soccer club.

    Pellegrini used the embezzled funds on personal expenses including meals, entertainment, and gambling, allowing him to live far beyond his means.  Moreover, Pellegrini intentionally did not disclose and report the income from the above-described embezzlement scheme, thereby causing his tax returns to understate a substantial amount of the income he received.

    In addition to the prison term, Judge Farbiarz ordered restitution of $439,972.60 to the City of Hoboken, restitution of $119,464 to the Internal Revenue Service, and forfeiture of $439,972.60.  Judge Farbiarz also ordered a term of supervised release.

    U.S. Attorney Habba credited special agents of the FBI, under the direction of Acting Special Agent in Charge Terence G. Reilly in Newark and special agents of IRS-Criminal Investigation, under the direction of Special Agent in Charge Jenifer L. Piovesan in Newark, with the investigation leading to the sentencing.

    The government is represented by Assistant U.S. Attorneys Mark J. McCarren and Matthew Specht of the Special Prosecutions Division.

                                                                           ###

    Defense Counsel:

    John D. Lynch, Esq., Union City, NJ 

    MIL Security OSI –

  • MIL-OSI: Annual Report and Financial Statements for the year ended 31 March 2025

    Source: GlobeNewswire (MIL-OSI)

    17 June 2025

    Northern Venture Trust PLC
    Annual Report and Financial Statements for the year ended 31 March 2025

    Northern Venture Trust PLC is a Venture Capital Trust (VCT) advised by Mercia Fund Management Limited. The trust was one of the first VCTs launched on the London Stock Exchange in 1995. It invests mainly in unquoted venture capital holdings and aims to provide long-term tax-free returns to shareholders through a combination of dividend yield and capital growth.

    Financial highlights (comparative figures as at 31 March 2024):

      Year ended
    31 March
    2025    		 Year ended
    31 March
    2024
    Net assets £121.3m £114.8m
    Net asset value per share 61.5p 60.3p
    Return per share    
    Revenue 0.4p 0.6p
    Capital 3.8p 1.2p
    Total 4.2p 1.8p
    Dividend per share declared in respect of the period    
    Interim dividend 1.6p 1.6p
    Proposed final dividend 1.5p 1.6p
    Total 3.1p 3.2p
    Return to shareholders since launch    
    Net asset value per share 61.5p 60.3p
    Cumulative dividends paid per share  ^* 195.3p 192.1p
    Cumulative return per share^ 256.8p 252.4p
    Mid-market share price at end of period 57.0p 57.5p
    Share price discount to net asset value 7.3% 4.6%
    Annualised tax-free dividend yield  ^** 5.1% 5.2%

    *        Excluding proposed final dividend payable on 5 September 2025.

    **        Based on net asset value per share at the start of the period.
    ^ Definitions of the terms and alternative performance measures used in this report can be found in the glossary of terms in the annual report.

    Chair’s statement

    Overview
    Over the past 12 months, the UK economy has displayed resilience, with inflation easing and interest rates falling, albeit at slower rates than initially forecasted. Uncertainties posed by geopolitical events and conflicts continue to cause volatility in the financial markets, and notably increased following the end of the financial reporting period.

    It is pleasing to note that the valuation of our unquoted portfolio has increased during the past year. Investment activity remained consistent with the two previous financial years, with £14.3 million invested in six new and 11 existing portfolio companies.

    Despite the macroeconomic environment, our share offer of £15 million was oversubscribed and I would like to thank existing shareholders for their continued support and warmly welcome new investors. Proceeds from the share offer, together with sales proceeds from investments, mean that the Company is well positioned both to pursue new opportunities to support small and medium businesses and to work with existing portfolio companies to realise their growth plans.

    Results and dividend
    In the year ended 31 March 2025 the Company delivered a return on ordinary activities of 4.2 pence per share (year ended 31 March 2024: 1.8 pence), representing a total return of 7.0% on the opening net asset value (NAV) per share. The NAV per share as at 31 March 2025, after deducting dividends paid during the year of 3.2 pence, was 61.5 pence, compared with 60.3 pence at 31 March 2024. The strong result for the year generated a performance fee to our Adviser of £399,000 (year ended 31 March 2024: £nil).

    There were six exits in the year, the most notable being Gentronix, sold for net proceeds of £6.1 million compared to an original cost of £1.4 million, a 4.5 times lifetime return.

    Investment income was higher than the prior period at £2.6 million (year ended 31 March 2024: £2.2 million), which included £0.8 million interest income on realised investments.

    In 2018 we revised our dividend policy in the light of the new VCT rules for investment introduced in 2015 and 2017, which we expected to result in more volatile returns. We introduced an annualised target dividend yield of 5% of opening NAV, which has been exceeded in every period since. Having already declared an interim dividend of 1.6 pence per share which was paid in January 2025, your Directors now propose a final dividend of 1.5 pence per share. The total of 3.1 pence per share is equivalent to 5.1% of the opening net asset value per share of 60.3 pence. The final dividend, if approved, will be paid on 5 September 2025 to shareholders on the register on 8 August 2025.

    Our dividend investment scheme, under which dividends can be re-invested in new ordinary shares free of dealing costs and with the benefit of the tax reliefs available on new VCT share subscriptions, continues to operate with around 16% participation during the year. Instructions on how to join the scheme are included within the dividend section of our website, which can be found here: mercia.co.uk/vcts/nvt/.

    Investment portfolio
    Investment activity has remained strong, with £8.9 million of capital provided to six new venture capital investments and £5.4 million of follow-on capital invested into the existing portfolio. We also made progress in realising the Company’s mature portfolio acquired under the previous VCT rules with the remaining such investments now totalling £9.4 million (31 March 2024: £16.0 million).

    The value of the portfolio increased by £5.6 million (2.8 pence per share) in the year, with several portfolio companies enjoying significant growth: Pure Pet Food and Project Glow Topco (t/a The Beauty Tech Group) both increased in value by over £3 million. Against this there were some significant write-downs in the investments in Adludio and Newcells Biotech.

    Share offers and liquidity
    In April 2024 shares related to the second allotment of the 2023/24 share offer, totalling £20 million, were issued. This allotment saw the issuance of 12,234,307 new ordinary shares, yielding gross subscriptions of £7.8 million.

    As a result of the public share offer launched in January 2025, 24,216,029 new ordinary shares were issued in April 2025, yielding gross proceeds of £15 million.

    The Board continues to monitor liquidity carefully and plans to raise up to £20 million of new capital in the 2025/26 tax year. Further details will be provided in due course.

    Share buy-backs
    We have maintained our policy of being willing to buy back the Company’s shares in the market when necessary, in order to maintain liquidity, at a 5% discount to NAV. During the year ended 31 March 2025 a total of 7,272,999 (year ended 31 March 2024: 5,263,205) shares were repurchased by the Company for cancellation at an average price of 56.6 pence (year ended 31 March 2024: 58.0 pence), representing 3.8% (year ended 31 March 2024: 3.2%) of the opening issued share capital.

    Responsible investment
    The Company is mindful of its Environmental, Social and Governance (ESG) responsibilities and we have outlined our evolving approach in the annual report.

    VCT legislation and qualifying status
    We have continued to meet the stringent and complex qualifying conditions laid down by HM Revenue & Customs for maintaining our approval as a VCT. The Investment Adviser monitors the position closely and reports regularly to the Board. Philip Hare & Associates LLP has continued to act as independent adviser to the Company on VCT taxation matters.

    In September 2024 we were pleased that the extension of the VCT Sunset Clause until 2035 was confirmed. The ‘Sunset Clause’ is a European state aid requirement which, without extension, would have removed the VCT tax reliefs that investors receive on newly issued VCT shares.

    Whilst no further amendments to VCT legislation have been announced, it is possible that further changes will be made in the future. We will continue to work closely with the Investment Adviser to maintain compliance with the scheme rules at all times.

    Investor communications
    The Board is conscious of its responsibility to communicate transparently and regularly with shareholders. Aside from the recent newsletter, we look forward to welcoming shareholders to our AGM and to our forthcoming investor seminar to be held on 7 October 2025 in London. A copy of the recent newsletter and details of how to register for the October seminar can be found on the Company’s website at www.mercia.co.uk/vcts/nvt/.

    Audit tender process
    Following a formal and rigorous audit tender process, the Board has resolved that it intends to recommend Johnston Carmichael LLP for appointment as the Company’s auditor for the financial year ending 31 March 2026 onwards, subject to shareholder approval at the AGM in 2025. Forvis Mazars will remain the Company’s auditor until the AGM in 2025. The Board would like to thank Forvis Mazars LLP for their diligent service over the past five years.

    Annual General Meeting
    The Company’s AGM will be held at 12:30pm on 5 August 2025. The AGM provides an excellent opportunity for shareholders, the Directors and the Investment Adviser to meet in person, exchange views and comment. We will hold the AGM in person at Fora, 210 Euston Road, London, NW1 2DA. We also intend to offer remote access for shareholders through an online webinar facility for those who would prefer not to travel. Full details and formal notice of the AGM are set out in a separate document. Please note that shareholders attending remotely must register their votes ahead of time, as it will not be possible to count votes from online participants at the AGM.

    Board succession
    John E Milad joined the Board on 21 August 2024. John brings over 25 years’ experience as an executive leader, board member, venture capital investor and investment banker focused on the life sciences and medical technology sectors. He is currently the CEO of ERS Genomics, a licenser of the Nobel Prize-winning CRISPR / Cas9 gene editing technology.

    Further biographical details for all the Directors can be found in the annual report.

    We will mark the retirement from the Board of David Mayes at the AGM. David was appointed in November 2014. Over the past decade, he has served the Company and its shareholders with dedication and commitment. On behalf of the Board and our shareholders, I would like to thank David for his valuable contributions and steadfast support to the Company during his tenure.

    Performance Fee
    I am pleased to report that the Company’s performance over the past financial year has met the threshold required to trigger the payment of a performance fee of £399,000 to the Investment Adviser. This outcome reflects a year of strong execution and value creation within the portfolio, and I would like to extend the Board’s thanks to the Adviser’s team for delivering results that warrant this reward.

    The performance fee has been calculated in line with the revised fee structure agreed with shareholders in 2023. Under this framework, which was designed to provide stronger alignment with long-term shareholder value creation, the performance fee payable is broadly comparable to the level that would have been paid under the legacy arrangement. The performance fee is intended to reward the Adviser for delivering sustained solid performance over time. In addition to the performance fee, the Company’s co-investment scheme continues to play a vital role in aligning the interests of the Adviser’s team with those of our shareholders. Together, these mechanisms provide a well-structured incentive framework that encourages long-term thinking and disciplined capital deployment in the interests of all shareholders.

    Outlook
    We are cautiously optimistic of the UK’s growth prospects, while remaining aware of and vigilant to the volatility generated from both domestic and global sources. We remain positive about the resilience, diversity and growth potential of the portfolio and its ability to generate long term shareholder value.

    Deborah Hudson
    Chair
    17 June 2025

    Income statement
    for the year ended 31 March 2025

        Year ended 31 March 2025   Year ended 31 March 2024
    Revenue
    £000    		 Capital
    £000    		 Total
    £000    		   Revenue
    £000    		 Capital
    £000    		 Total
    £000
    Gain / (loss) on disposal of investments       – 3,555 3,575   – 1,203 1,203
    Unrealised fair value gains / (losses) on investments       – 5,603 5,603   – 2,499 2,499
            – 9,158 9,158   – 3,702 3,702
                         
    Dividend and interest income       2,594 – 2,594   2,220 – 2,220
    Investment management fee       (568) (2,103) (2,671)   (516) (1,549) (2,065)
    Other expenses       (600) – (600)   (641) – (641)
                         
    Return before tax       1,426 7,055 8,481   1,063 2,153 3,216
    Tax on return       (592) 592 –   79 (79) –
                         
    Return after tax       834 7,647 8,481   1,142 2,074 3,216
                         
    Return per share       0.4p 3.8p 4.2p   0.6p 1.2p 1.8p

    Balance sheet
    as at 31 March 2025

        31 March
    2025
    £000    		   31 March
    2024
    £000
    Fixed assets            
    Investments       93,537   82,574
                 
    Current assets            
    Debtors       2,895   951
    Cash and cash equivalents       25,439   31,497
            28,334   32,448
                 
    Creditors (amounts falling due within one year)       (620)   (191)
    Net current assets       27,714   32,257
    Net assets       121,251   114,831
                 
    Capital and reserves            
    Called-up equity share capital       49,302   47,615
    Share premium       35,348   30,418
    Capital redemption reserve       8,476   6,658
    Capital reserve       20,451   28,099
    Revaluation reserve       6,779   882
    Revenue reserve       895   1,159
    Total equity shareholders’ funds       121,251   114,831
    Net asset value per share       61.5p   60.3p

    Statement of changes in equity
    for the year ended 31 March 2025

        Non-distributable reserves   Distributable reserves    
    Called-up share capital
    £000    		 Share premium
    £000    		 Capital redemption
    reserve
    £000    		 Revaluation reserve*
    £000    		   Capital
    reserve
    £000    		 Revenue
    reserve
    £000    		   Total
    £000
    At 31 March 2024       47,615 30,418 6,658 882   28,099 1,159   114,831
    Return after tax       – – – 5,897   1,750 834   8,481
    Dividends paid       – – – –   (5,282) (1,098)   (6,380)
    Net proceeds of share issues       3,505 4,930 – –   – –   8,435
    Shares purchased for cancellation       (1,818) – 1,818 –   (4,116) –   (4,116)
    At 31 March 2025       49,302 35,348 8,476 6,779   20,451 895   121,251

    for the year ended 31 March 2024

        Non-distributable reserves   Distributable reserves    
    Called-up share capital
    £000    		 Share premium
    £000    		 Capital redemption
    reserve
    £000    		 Revaluation reserve*
    £000    		   Capital
    reserve
    £000    		 Revenue
    reserve
    £000    		   Total
    £000
    At 31 March 2023       41,230 19,394 5,342 1,698   34,433 400   102,497
    Return after tax       – – – (816)   2,890 1,142   3,216
    Dividends paid       – – – –   (6,156) (383)   (6,539)
    Net proceeds of share issues       7,701 11,024 – –   – –   18,725
    Shares purchased for cancellation       (1,316) – 1,316 –   (3,068) –   (3,068)
    At 31 March 2024       47,615 30,418 6,658 882   28,099 1,159   114,831

    Statement of cash flows
    for the year ended 31 March 2025

          Year ended
    31 March
    2025
    £000    		   Year ended
    31 March
    2024
    £000
    Cash flows from operating activities              
    Return before tax         8,481   3,216
    Adjustments for:              
    (Gain) / loss on disposal of investments         (3,555)   (1,203)
    Movements in fair value of investments         (5,603)   (2,499)
    (Increase) / decrease in debtors         58   (103)
    Increase / (decrease) in creditors         429   8
    Net cash inflow / (outflow) from operating activities         (190)   (581)
                   
    Cash flows from investing activities              
    Purchase of investments         (14,258)   (15,351)
    Proceeds on disposal of investments         10,451   24,310
    Net cash inflow / (outflow) from investing activities         (3,807)   8,959
    Cash flows from financing activities              
    Issue of ordinary shares         8,801   19,353
    Share issue expenses         (366)   (628)
    Purchase of ordinary shares for cancellation         (4,116)   (3,068)
    Equity dividends paid         (6,380)   (6,539)
    Net cash inflow / (outflow) from financing activities         (2,061)   9,118
    Increase / (decrease) in cash and cash equivalents         (6,058)   17,496
    Cash and cash equivalents at beginning of year         31,497   14,001
    Cash and cash equivalents at end of year         25,439   31,497

    Investment portfolio
    31 March 2025

    Fifteen largest venture capital investments

    		 Cost
    £000    		 Valuation
    £000    		 Like for like valuation
    increase / (decrease)
    over year**
    £000    		 % of net assets
    by value    		  
    1 Project Glow Topco (t/a The Beauty Tech Group) 1,686 7,323 3,766 6.0%  
    2 Pure Pet Food 1,675 6,205 3,301 5.1%  
    3 Rockar 1,877 3,559 393 2.9%  
    4 Pimberly 2,060 3,520 41 2.9%  
    5 Tutora (t/a Tutorful) 3,305 3,305 – 2.7%  
    6 Forensic Analytics 2,717 2,717 – 2.2%  
    7 Netacea 2,631 2,631 – 2.2%  
    8 Biological Preparations Group 2,366 2,620 445 2.2%  
    9 Ridge Pharma 1,497 2,527 359 2.1%  
    10 Enate 1,516 2,176 659 1.8%  
    11 LMC Software 1,950 2,156 207 1.8%  
    12 Broker Insights 2,076 2,152 68 1.8%  
    13 Turbine Simulated Cell Technologies 1,863 2,074 22 1.7%  
    14 Clarilis 1,972 1,972 – 1.6%  
    15 Semble 1,951 1,951 – 1.6%  
    Other venture capital investments          
    16 Naitive Technologies 1,836 1,938 104 1.6%  
    17 Napo 1,933 1,933 – 1.6%  
    18 Risk Ledger 1,412 1,911 500 1.6%  
    19 Social Value Portal 1,888 1,888 – 1.5%  
    20 Administrate 2,906 1,842 (184) 1.5%  
    21 Send Technology Solutions 1,770 1,838 69 1.5%  
    22 Moonshot 1,329 1,805 478 1.5%  
    23 IDOX* 238 1,799 (139) 1.5%  
    24 Newcells Biotech 3,225 1,777 (1,693) 1.5%
    25 Volumatic Holdings 216 1,773 (148) 1.5%
    26 Locate Bio 1,753 1,753 – 1.4%
    27 VoxPopMe 1,660 1,660 – 1.4%
    28 Camena Bioscience 1,594 1,594 – 1.3%
    29 Wonderush Ltd (t/a Hownow) 1,421 1,421 – 1.2%
    30 Ski Zoom (t/a Heidi Ski) 1,404 1,404 – 1.2%
    31 Axis Spine Technologies 1,353 1,357 4 1.1%
    32 Buoyant Upholstery 672 1,349 (719) 1.1%
    33 Culture AI 1,324 1,324 – 1.1%
    34 Duke & Dexter 1,237 1,281 637 1.1%
    35 Promethean 1,281 1,281 – 1.1%
    36 Optellum 1,276 1,276 – 1.1%
    37 Rego Technologies (t/a Upp)(formerly Volo) 2,504 1,104 401 0.9%
    38 Centuro Global 1,038 1,038 – 0.9%
    39 iOpt 941 1,025 84 0.8%
    40 Tozaro (formerly MIP Discovery) 1,025 1,025 – 0.8%
    41 Scalpel 976 976 – 0.8%
    42 Seahawk Bidco 513 971 (21) 0.8%
    43 Wobble Genomics 968 968 – 0.8%
    44 Warwick Acoustics 964 964 – 0.8%
    45 Oddbox 1,093 869 71 0.7%
    46 Synthesized 510 751 240 0.6%
    47 Quotevine 1,311 495 495 0.4%
    48 Thanksbox (t/a Mo) 1,685 402 (13) 0.3%
    49 Atlas Cloud 704 387 (1) 0.3%
    50 RTC Group* 436 345 – 0.3%
    51 Fresh Approach (UK) Holdings 885 313 (127) 0.3%
    52 Sorted 182 241 58 0.2%
    53 Arnlea Holdings 1,305 227 (11) 0.2%
    54 Sen Corporation 681 141 (156) 0.1%
    55 Northrow 1,494 76 (615) 0.1%
    56 Angle* 131 36 (9) 0.0%
    57 Adludio 2,927 33 (2,904) 0.0%
    58 Customs Connect Group 1,525 33 (80) 0.0%
    59 Velocity Composites* 90 25 (6) 0.0%
      Total venture capital investments 86,758 93,537   77.1%
      Net current assets   27,714   22.9%
      Net assets   121,251   100.0%

    *        Listed on AIM.

    **        This change in ‘like for like’ valuations is a comparison of the 31 March 2025 valuations with the 31 March 2024 valuations (or where a new investment has been made in the year, the investment amount), having adjusted for any partial disposals, loan stock repayments or new and follow-on investments in the year.

    Risk management
    The Board carries out a regular and robust assessment of the risk environment in which the Company operates and seeks to identify new risks as they emerge. The principal and emerging risks and uncertainties identified by the Board which might affect the Company’s business model and future performance, and the steps taken with a view to their mitigation, are as follows:

    Risk Mitigation
    Availability of qualifying investments: there can be no guarantee that suitable investment opportunities will be identified in order to meet the Company’s objectives, which could have an adverse effect on Investor returns. Additionally, the Company’s ability to obtain maximum value from its investments may be limited by the requirements of the relevant VCT Rules in order to maintain the VCT status of the Company. The Investment Adviser has a dedicated investment team that identifies and transacts in qualifying investments. The Directors regularly meet with the Investment Adviser to maintain awareness of the pipeline, and factors this into the Company’s fund raising plans.
    Credit risk: the Company holds a number of financial instruments and cash deposits and is dependent on the counterparties discharging their commitment. Such balances my be held with banks or in money market funds as part of the Company’s liquidity management. The Directors review the creditworthiness of the counterparties to these instruments including the rating of money market funds to seek to manage and mitigate exposure to credit risk.
    Economic and geopolitical risk: events such as economic recession or general fluctuation in stock markets, exchange rates and interest rates, notwithstanding recent lower inflation and falling interest rates, may affect the valuation of investee companies and their ability to access adequate financial resources, as well as affecting the Company’s own share price and discount to net asset value. In addition, US trade policy and hostilities in the Middle East and Ukraine (including sanctions on the Russian Federation) may have further economic consequences as a result of market volatility and the restricted access to certain commodities and energy supplies. Such conditions may adversely affect the performance of companies in which the Company has invested (or may invest), which in turn may adversely affect the performance of the Company, and may have an impact on the number or quality of investment opportunities available to the Company and the ability of the Investment Adviser to realise the Company’s investments. Any of these factors could have an adverse effect on Investor returns. The Company invests in a diversified portfolio of investments spanning various industry sectors and which are at different stages of growth. The Company maintains sufficient cash reserves to be able to provide additional funding to investee companies where it is appropriate and in the interests of the Company to do so. The Investment Adviser’s team is structured such that appropriate monitoring and oversight is undertaken by an experienced investment executive. As part of this oversight, the investment executive will guide and support the board of each unquoted investee company. At all times, and particularly during periods of heightened economic uncertainty, the investment team of the Investment Adviser share best practice from across the portfolio with the investee management teams in order to help with addressing economic challenges.
    Financial risk: most of the Company’s investments involve a medium to long-term commitment and many are illiquid. The Directors consider that it is inappropriate to finance the Company’s activities through borrowing except on an occasional short-term basis. Accordingly they seek to maintain a proportion of the Company’s assets in cash or cash equivalents in order to be in a position to pursue new unquoted investment opportunities and to make follow-on investments in existing portfolio companies. The Company has very little direct exposure to foreign currency risk and does not enter into derivative transactions.
    Investment and liquidity risk: the Company invests in early stage companies which may be pre-revenue at the point of investment. Portfolio companies may also require significant funds, through multiple funding rounds to develop their technology or the products being developed may be subject to regulatory approvals before they can be launched into the market. This involves a higher degree of risk and company failure compared to investment in larger companies with established business models. Early stage companies generally have limited product lines, markets and financial resources and may be more dependent on key individuals. The securities of companies in which the Company invests are typically unlisted, making them particularly illiquid and may represent minority stakes, which may cause difficulties in valuing and disposing of the securities. The Company may invest in businesses whose shares are quoted on AIM however this may not mean that they can be readily traded and the spread between the buying and selling prices of such shares may be wide. The Directors aim to limit the investment and liquidity risk through regular monitoring of the investment portfolio and oversight of the Investment Adviser, who is responsible for advising the Board in accordance with the Company’s investment objective. The investment and liquidity risks are mitigated through the careful selection, close monitoring and timely realisation of investments, by carrying out rigorous due diligence procedures and maintaining a wide spread of holdings in terms of financing stage and industry sector within the rules of the VCT scheme. The Board reviews the investment portfolio and liquidity with the Investment Adviser on a regular basis.
    Legislative and regulatory risk: in order to maintain its approval as a VCT, the Company is required to comply with current VCT legislation in the UK. Changes to UK legislation in the future could have an adverse effect on the Company’s ability to achieve satisfactory investment returns whilst retaining its VCT approval. The Company is registered with the Financial Conduct Authority (FCA) as a small internally managed AIF and is required to comply with a number of reporting and other regulatory requirements. Failure to comply correctly or changes in the regulatory regime could affect the status of the VCT. The Board and the Investment Adviser monitor political developments and where appropriate seek to make representations either directly or through relevant trade bodies. The Board also works closely with the Adviser to ensure that the Company remains compliant with the relevant regulatory requirements.
    Operational risk: the Company does not have any employees and the Board relies on a number of third party providers, including the Investment Adviser, registrar and custodian, sponsor, receiving agent, lawyers and tax advisers, to provide it with the necessary services to operate. Such operations delegated to the Company’s key service providers may not be performed in a timely or accurate manner, resulting in reputational, regulatory, or financial damage. The risk of cyber-attack or failure of the systems and controls at any of the Company’s third party providers may lead to an inability to service shareholder needs adequately, to provide accurate reporting and accounting and to ensure adherence to all VCT legislation rules. The Board has appointed an Audit and Risk Committee, who monitor the effectiveness of the system of internal controls, both financial and non-financial, operated by the Company and the Investment Adviser. These controls are designed to ensure that the Company’s assets are safeguarded and that proper accounting records are maintained. Third party suppliers are required to have in place their own risk and controls framework, business continuity plans and the necessary expertise and resources in place to ensure that a high quality service can be maintained even under stressed scenarios.
    Performance of the Investment Adviser: the successful implementation of the Company’s investment policy is dependent on the expertise of the Investment Adviser and its ability to attract and retain suitable staff. The Company’s ability to achieve its investment objectives is largely dependent on the performance of the Investment Adviser in the acquisition and disposal of assets and the management of such assets. The Board has broad discretion to monitor the performance of the Investment Adviser and the power to appoint a replacement, but the Investment Adviser’s performance or that of any replacement cannot be guaranteed. The Board have both formal reviews by way of the Management Engagement Committee and Board meetings, and informal reviews over the course of the year outside of the formal Board timetable. Performance is closely monitored, including receiving detailed league table information and other market intelligence. Any concerns or suggestions are passed to the Investment Adviser, which are robustly challenged.
    Stock market risk: a small proportion of the Company’s investments are quoted on AIM and will be subject to market fluctuations upwards and downwards. External factors such as terrorist activity, political activity or global health crises, can negatively impact stock markets worldwide. In times of adverse sentiment there may be very little, if any, market demand for shares in smaller companies quoted on AIM. The Company’s small number of holdings of quoted investments are actively managed by the Investment Adviser, and the Board keeps the portfolio and the actions taken under ongoing review.
    VCT qualifying status risk: while it is the intention of the Directors that the Company will be managed so as to continue to qualify as a VCT, there can be no guarantee that this status will be maintained. A failure to continue meeting the qualifying requirements could result in the loss of VCT tax relief, the Company losing its exemption from corporation tax on capital gains, to shareholders being liable to pay income tax on dividends received from the Company and, in certain circumstances, to shareholders being required to repay the initial income tax relief on their investment. The Investment Adviser keeps the Company’s VCT qualifying status under continual review and its reports are reviewed by the Board on a quarterly basis. The Board has also retained Philip Hare & Associates LLP to undertake an independent VCT status monitoring role.

    Other matters

    The above summary of results for the year ended 31 March 2025 does not constitute statutory financial statements within the meaning of Section 435 of the Companies Act 2006 and has not been delivered to the Registrar of Companies. Statutory financial statements will be filed with the Registrar of Companies in due course; the independent auditor’s report on those financial statements under Section 495 of the Companies Act 2006 is unqualified, does not include any reference to matters to which the auditor drew attention by way of emphasis without qualifying the report and does not contain a statement under Section 498 (2) or (3) of the Companies Act 2006.

    The calculation of the return per share is based on the return after tax for the year of £8,481,000 (2024: £3,216,000) and on 200,018,249 (2024: 179,260,563) shares, being the weighted average number of shares in issue during the period.

    If approved by shareholders, the proposed final dividend of 1.5 pence per share for the year ended 31 March 2025 will be paid on 5 September 2025 to shareholders on the register at the close of business on 8 August 2025.

    The full annual report including financial statements for the year ended 31 March 2025 is expected to be made available to shareholders on or around 27 June 2025 and will be available to the public at the registered office of the company at Forward House, 17 High Street, Henley-in-Arden B95 5AA and on the Company’s website.

    The contents of the Mercia Asset Management PLC website and the contents of any website accessible from hyperlinks on the Mercia Asset Management PLC website (or any other website) are not incorporated into, nor form part of, this announcement.

    The MIL Network –

  • MIL-OSI USA: Business Owner Sentenced After Receiving More than $1.6 Million in Funds from the CARES Act

    Source: United States Small Business Administration

    Click Here to View the Original U.S. Department of Justice (DOJ) Press Release

    A former Oklahoma man with business ties in Florida was sentenced today after pleading guilty to four counts of bank fraud, announced U.S. Attorney Clint Johnson.

    U.S. District Judge Sara E. Hill sentenced Shawn Ray Murnan, 57, of Windemere, Florida, to 33 months imprisonment, followed by five years of supervised release. Judge Hill further ordered Murnan to pay $1,641,796.47 in restitution to the U.S. Small Business Administration (SBA).

    “In 2020, the CARES Act funding was established to provide emergency financial assistance to help businesses that were disrupted,” said U.S. Attorney Clint Johnson. “Investigators and prosecutors are committed to finding those like Murnan who steal government funding and prosecuting them to the fullest extent of the law.”

    From April 2020 through October 2021, Murnan admitted to falsifying several CARES Act applications to the SBA. Murnan was the owner of numerous business ventures in Oklahoma, Florida, and other states. He submitted 14 applications on behalf of his businesses, including Blujett, LLC, which was based in Broken Arrow. He submitted applications claiming to have several employees and falsified his payroll expenses. Murnan requested more than two million and successfully received $1,641,796.47 from seven Paycheck Protection Program loans and two Economic Injury Disaster Loans. After receiving the funds, Murnan applied for the loans to be forgiven.

    Previously released on bond, Murnan was taken into custody following the sentencing today, where he will remain pending transfer to the U.S. Bureau of Prisons.

    The Office of Inspector General for the Board of Governors of the Federal Reserve System and Consumer Financial Protection Bureau, the Office of Inspector General for the Small Business Administration, and the U.S. Treasury Inspector General for Tax Administration investigated the case. Assistant U.S. Attorney David Whipple prosecuted the case.

    The Fraud Section leads the Criminal Division’s prosecution of fraud schemes that exploit the Paycheck Protection Program (PPP). Since the inception of the CARES Act, the Fraud Section has prosecuted over 150 defendants in more than 95 criminal cases and has seized over $75 million in cash proceeds derived from fraudulently obtained PPP funds, as well as numerous real estate properties and luxury items purchased with such proceeds. More information can be found at Justice.gov/OPA/pr/justice-department-takes-action-against-covid-19-fraud.

    Related programs: COVID EIDL, Disaster, Pandemic Oversight, PPP

    MIL OSI USA News –

  • MIL-OSI USA: Oregon Business Owner Pleads Guilty to Employment Tax Crimes

    Source: US State of Vermont

    An Oregon business owner pleaded guilty yesterday to not paying over employment taxes to the IRS.

    According to court documents and statements made in court, Joyce Leard owned and operated Mr. Tree Inc., a Happy Valley-based company that provided tree removal and landscaping services to customers. Mr. Tree advertised itself as being in business for thirty years, and the company employed approximately 50 to 75 employees each year. From 2017 through 2024, Leard also owned and operated Wall 2 Wall Hardwood Floors Inc, another Happy Valley-based company.

    Leard was responsible for withholding Social Security, Medicare and federal income taxes from the wages of her employees and then paying those funds over to the IRS each quarter. The timely payment of these taxes is critical to the functioning of the U.S. government, because, for example, they are the primary source of funding for Social Security and Medicare. The federal income taxes that are withheld from employees’ wages also account for a significant portion of all federal income taxes collected each year.

    From the fourth quarter of 2018 through the fourth quarter of 2020, Leard collected and withheld taxes from her employees’ wages but did not pay the funds over to the IRS or file quarterly payroll tax returns as required by law. Instead of paying over these payroll taxes, Leard used funds in her business bank account to purchase approximately $3.5 million of real estate, which was titled in her name.

    In total, Leard caused a tax loss to the United States of more than $1.5 million.

    Leard is scheduled to be sentenced on Oct. 6. She faces a maximum penalty of five years in prison as well as a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division made the announcement.

    IRS Criminal Investigation is investigating the case.

    Trial Attorneys J. Parker Gochenour and Megan E. Wessel of the Tax Division are prosecuting the case.

    MIL OSI USA News –

  • MIL-OSI Security: Oregon Business Owner Pleads Guilty to Employment Tax Crimes

    Source: United States Attorneys General

    An Oregon business owner pleaded guilty yesterday to not paying over employment taxes to the IRS.

    According to court documents and statements made in court, Joyce Leard owned and operated Mr. Tree Inc., a Happy Valley-based company that provided tree removal and landscaping services to customers. Mr. Tree advertised itself as being in business for thirty years, and the company employed approximately 50 to 75 employees each year. From 2017 through 2024, Leard also owned and operated Wall 2 Wall Hardwood Floors Inc, another Happy Valley-based company.

    Leard was responsible for withholding Social Security, Medicare and federal income taxes from the wages of her employees and then paying those funds over to the IRS each quarter. The timely payment of these taxes is critical to the functioning of the U.S. government, because, for example, they are the primary source of funding for Social Security and Medicare. The federal income taxes that are withheld from employees’ wages also account for a significant portion of all federal income taxes collected each year.

    From the fourth quarter of 2018 through the fourth quarter of 2020, Leard collected and withheld taxes from her employees’ wages but did not pay the funds over to the IRS or file quarterly payroll tax returns as required by law. Instead of paying over these payroll taxes, Leard used funds in her business bank account to purchase approximately $3.5 million of real estate, which was titled in her name.

    In total, Leard caused a tax loss to the United States of more than $1.5 million.

    Leard is scheduled to be sentenced on Oct. 6. She faces a maximum penalty of five years in prison as well as a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division made the announcement.

    IRS Criminal Investigation is investigating the case.

    Trial Attorneys J. Parker Gochenour and Megan E. Wessel of the Tax Division are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI Africa: Empowering Türkiye’s Economic Future: Islamic Corporation for the Development of the Private Sector (ICD) and Golden Global Investment Bank Ink USD 20 Million Private Sector Financing Agreement

    The Islamic Corporation for the Development of the Private Sector (ICD) (https://ICD-ps.org) and Golden Global Investment Bank (the Bank) have entered into a landmark agreement to bolster economic growth in Türkiye. This new USD 20 million Commodity Murabaha Facility is designed to support private sector projects, with a special focus on small and medium-sized enterprises (SMEs) and corporates operating in the agriculture, ship construction and leasing sectors in the Republic of Türkiye.

    This strategic partnership highlights ICD’s dedication to fostering private sector development within its member countries. The facility provided by ICD will enable the Bank to fund a range of private sector projects, particularly in the agriculture, ship construction and operational leasing sectors, which will ultimately contribute to the economic development in Türkiye.

    Key Highlights of the Agreement:

    • Funding Amount: USD 20 Million
    • Target Sector: Private sector projects, especially Corporates and SMEs
    • Objective: Enhance the SME and Corporates landscape in Türkiye by providing essential resources for business growth and development
    • Strategic Alignment: Supports ICD’s Private Sector Channel Development Strategy

    The agreement underscores the critical role of private sector financing in economic development. By facilitating access to financial resources, the initiative will help bridge funding gaps for SMEs and corporate clients, driving innovation and fostering a more robust and diverse economy.

    Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

    For further details, please contact:
    Nabil El-Alami
    Communications & Corporate Marketing Division Manager
    nalami@isdb.org

    About Golden Global Investment Bank:
    Golden Global Investment Bank was established on 15 October 2019 with the permission on 29 May 2019 from the Banking Regulation and Supervision Agency and started its activities on 1 June 2020. The Bank performs all kinds of Investment Banking activities in accordance with the principles of interest-free finance (Sharia-compliant financing), without collecting deposits and funds through special current and participation accounts specified in the Banking Law and relevant legislation.

    About the Islamic Corporation for the Development of the Private Sector (ICD):
    ICD is a member of the Islamic Development Bank (IsDB) Group and focuses on supporting economic development and private sector growth in its member countries through Shariah-compliant financing and investment solutions. ICD also offers advisory services to foster the establishment, expansion, and modernization of private enterprises. The organization is highly rated by international credit agencies: A2 by Moody’s, A+ by Fitch, and A- by S&P.

    MIL OSI Africa –

  • MIL-OSI Africa: South Africa Accelerates Drive to Expand Intra-African Trade through African Continental Free Trade Area (AfCFTA)

    South Africa has reaffirmed its commitment to harnessing the African Continental Free Trade Area (AfCFTA) to unlock new growth opportunities for local businesses and strengthen regional integration. Opening the IATF2025 South Africa Business Roadshow in Johannesburg, Mr. Humphrey Nwugo, Regional Director (Southern Africa) at Afreximbank (https://www.Afreximbank.com/), emphasised the urgency of mobilising concrete action. “This is the time to ensure that South Africa’s public and private sectors are not only present but strategically positioned to seize the immense opportunities that IATF2025 will present.”  

    Mr. Nwugo underscored South Africa’s pivotal role in the continent’s integration journey, citing its strong economic foundations, entrepreneurial energy, and institutional capacity – well positioned to integrate into African value chains. 

    “We are here to invite South Africa to lead. We want to see the country’s private sector on full display in Algiers,” he added. The Intra-African Trade Fair (IATF2025), set to take place in Algiers from 4–10 September 2025, is poised to be a landmark market event and gateway to unprecedented trade and investment prospects across Africa. 

    E. Wamkele Mene, Secretary General of the AfCFTA Secretariat, highlighted the critical importance of IATF2025, taking place amid global instability, climate change, and shifting trade dynamics. 

    “Despite these headwinds, Africa has the capacity to navigate the challenges, accelerate industrial development, and realise the vision of a fully integrated continent,” he said. 

    He stressed the urgency of building regional value chains in sectors like automotive and agribusiness, which offer vast potential for inclusive growth. Strengthening these interconnected ecosystems will support technology transfer, diversify intra-African trade, and create new opportunities for small and medium enterprises across the continent. 

    Speaking at the event, the Honourable Sihle Zikalala, Deputy Minister of Public Works and Infrastructure, noted South Africa’s strong positioning to drive industrialisation, innovation, and regional value chain development.  

    “South Africa views the AfCFTA as a historic opportunity to deepen economic ties with our neighbours, expand market access for our goods and services, and promote inclusive, job-rich growth,” said Minister Zikalala.  

    “The IATF2025 must be viewed as more than just a marketplace, and rather as a strategic tool for implementation, where policy meets practice. South Africa has a critical role to play in driving this vision, underpinned by entrepreneurial spirit, institutional strength, and a dynamic SMME ecosystem. Through partnerships and public-private collaboration, we can develop world-class infrastructure across Africa while reducing our reliance on foreign exchange by trading in our own currencies,” he added. 

    H.E Ms. Baleka Mbete, founder NaLHISA and former Deputy President of the Republic of South Africa was also in attendance. 

    The Roadshow convened over 350 business leaders, policymakers, creatives, and investors, as well as senior representatives from African Export-Import Bank (Afreximbank), the African Union Commission (AUC), and the AfCFTA Secretariat. Themed “Harnessing Regional and Continental Value Chains: Accelerating Africa’s Industrialisation and Global Competitiveness under the AfCFTA,” the event spotlighted strategies to build resilient supply chains and boost intra-African trade. 

    Accelerating intra-African trade is pivotal to unlocking industrial opportunities tailored to the continent’s strengths. It reduces dependence on external markets, builds economic resilience, and enables value addition within Africa. When African nations trade more with one another, they retain more wealth, create higher-quality jobs, and foster inclusive growth through regional value chains. 

    With the AfCFTA creating a single market of 1.4 billion people, Africa gains the scale and efficiency needed to compete globally. A stronger internal market also improves the continent’s bargaining power in international negotiations, strengthens its integration into global supply chains, and sets the stage for long-term economic transformation. 

    South Africa’s strong industrial base, advanced financial sector, and world-class infrastructure position it as a regional anchor for AfCFTA implementation. According to South African Revenue Service (SARS) and UN COMTRADE, South Africa recorded merchandise exports of $110.5 billion and imports of $113.2 billion in 2023, resulting in a modest trade deficit of $2.7 billion. Trade made up 65.7% of GDP (World Bank, 2023), demonstrating South Africa’s deep integration into global markets. 

    Notably, intra-African trade remained a national strength. As reported in Afreximbank’s 2024 African Trade Report, South Africa exported $29.6 billion and imported $9.6 billion from African partners, with intra-African exports comprising 26.8% of total exports. Key sectors such as automotive, agro-processing, and financial services are already benefiting and poised to grow further through regional integration and value chain expansion. 

    Dr. Gainmore Zanamwe, Director, Trade Facilitation and Investment Promotion, Afreximbank, highlighted ongoing efforts to enable seamless intro-Africa trade: “Afreximbank is deeply committed to unlocking Africa’s industrial and trade potential by building enabling ecosystems from financing to infrastructure and standards. Through platforms like the Africa Trade Gateway and Pan-African Payment and Settlement System (PAPSS), we are removing long-standing barriers to intra-African trade, allowing businesses to transact in local currencies and access real-time market intelligence.”  

    Dr. Zanamwe also emphasised the growing role of South Africa and Algeria in regional value chains, especially in manufacturing and automotive sectors. He encouraged South African companies to participate actively in IATF2025, pointing to over $13 billion in EPC (Engineering, Procurement and Construction) contracts facilitated by Afreximbank. He also highlighted funding vehicles such as the Fund for Export Development in Africa (FEDA), the Africa Direct Investment Initiative, and the $2 billion Export Agriculture for Food Security programme. 

    “IATF2025 is not just an exhibition – it’s a business gateway. With 2,000+ exhibitors, 35,000 visitors, and 140+ participating countries, we project over $44 billion in trade and investment deals. This is South Africa’s opportunity to lead,” he said. 

    In closing, H.E. Ambassador Ali Achoui, Algeria’s Ambassador to South Africa, extended a warm invitation to South African businesses: 

    “Welcome to Algeria – a country with the third-largest GDP in Africa, no external debt, and ranked first in Africa and the Arab world in achieving the United Nations Sustainable Development Goals. We are proud to host IATF2025 and are committed to facilitating streamlined visa processes by reducing documentation requirements to ease access for all African participants.” 

    Since 2018, IATF has secured more than $100 billion in trade deals, welcomed over 70,000 visitors, more than 4500 exhibitors and has become Africa’s most influential trade and investment platform. 

    The event will feature: 

    • A trade exhibition 
    • The Creative Africa Nexus (CANEX) showcase of fashion, music, film, sports, gastronomy, arts and craft, and literature 
    • A four-day Trade and Investment Forum 
    • The Africa Automotive Show 
    • Special Country Days and Global Africa Day celebrations 
    • B2B and B2G matchmaking 
    • The AU Youth Start-Up programme 
    • The Africa Research & Innovation Hub 
    • AfSNET to promote sub-national trade and cultural exchange 
    • IATF virtual. 

    To register for IATF2025 or learn more, please visit: www.IntrAfricanTradeFair.com 

    Distributed by APO Group on behalf of Afreximbank.

    Media Contact: 
    media@intrafricatradefair.com  
    press@afreximbank.com

    About the Intra-African Trade Fair:
    Organised by the African Export-Import Bank (Afreximbank), in collaboration with the African Union Commission (AUC) and the AfCFTA Secretariat, the Intra-African Trade Fair (IATF) is designed to boost intra-African trade and investment. It provides a unique platform for businesses to connect, exchange trade and market information, and explore opportunities to scale across Africa. IATF is open to African and global companies committed to supporting the continent’s industrialisation and transformation. 

    About The Johannesburg Tourism Company (JTC):  
    JTC, the official sponsor of the IATF2025 South Africa Business Roadshow, is focused on promoting Johannesburg as a business and leisure destination and often supports various events within the city.  

    MIL OSI Africa –

  • MIL-OSI: Subsea 7 – contract award offshore Norway

    Source: GlobeNewswire (MIL-OSI)

    Luxembourg – 17 June 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a substantial1 contract offshore Norway. 

    Subsea7’s scope includes engineering, procurement, construction and installation (EPCI) of pipeline bundles, spools, protection covers and tie-ins using key vessels from Subsea7’s fleet. 

    Project management and engineering will commence immediately at Subsea7’s offices in Stavanger, Norway and Aberdeen, Scotland. Fabrication of pipeline bundles will take place at Wester, Scotland. Offshore operations are expected to take place in 2025-2027.

    Erik Femsteinevik, Vice President for Subsea7 Norway said: “We are excited to have been awarded this project. Our collaboration with our clients leverages our collective experience from past and current projects. By engaging early in the field development process, we can optimise design solutions and contribute to a positive final investment decision. Subsea7 looks forward to a safe, efficient, and reliable field development.”

    No further details are disclosed at this time.

    1. Subsea7 defines a substantial contract as being between $150 million and $300 million.

    *******************************************************************************
    Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.

    Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

    *******************************************************************************

    Contact for investment community enquiries:
    Katherine Tonks
    Investor Relations Director
    Tel +44 20 8210 5568
    ir@subsea7.com

    Contact for media enquiries:
    Jan Roger Moksnes
    Communications Manager
    Tel +47 41515777
    janroger.moksnes@subsea7.com
    www.subsea7.com

    Forward-Looking Statements: This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’ ‘may’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘strategy’ ‘will’, and similar expressions. The principal risks which could affect future operations of the Group are described in the ‘Risk Management’ section of the Group’s Annual Report and Consolidated Financial Statements. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; (xvii) global availability at scale and commercially viability of suitable alternative vessel fuels; and (xviii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
    This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. 
    This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 17 June 2025 at 16:40 CET.

    Attachment

    The MIL Network –