Retraction and apology

The Daily Nation in its yesterday’s publication carried a story headlined: “SA court sentences Madison Financial Services Group chairman to 10 years for fraud”

In the story, it was reported that Madison Financial Services Plc Group Chairman, Mogamat Rushdie Lagardien a former practising attorney had been sentenced to ten (10) years’ imprisonment following a high-profile fraud case involving the misappropriation of millions of Rands.

It was also reported that despite Lagardien’s conviction in the Bellville Commercial Crimes Court, the current MFS board had failed to inform the public of the 10th of November 2025 Bellville Commercial Crimes Court judgement of its chairman.

It has come to our attention that in fact, Mr Mogamat Rushdie Lagardien had resigned from the Board of Directors of MFS on 18 November 2025 and that his resignation was dully announced on the formal SENS (Stock Exchange News Services).

It has also come to our attention that Mr Lagardien no longer holds any position whatsoever on the Board of MFS whether as Chairman or indeed director.

Following the above, the Daily Nation therefore fully retracts the story and unservedly apoligise the Board of MFS.

The Daily Nation has also undertaken to pull down the story from all its digital platforms.