07 Jun 2011
Senwesbel and Senwes could lose R100m if Treacle wins case
June 7 2011 at 06:01am
By Ayanda Mdluli
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Senwesbel and Senwes stand to lose more than R100-million in damages and lost dividends should they lose a case brought against them by Treacle, a black-owned private equity firm based in Johannesburg.
Treacle has alleged in court papers that the directors of Senwes contravened sections of the Companies Act by acquiring the firm’s shares on its behalf and instead of cancelling them, selling the shares to Senwes’s holding company, Senwesbel.
Senwesbel is an investment company that holds a 41 percent stake in Senwes, an agricultural business focusing on the development of access to markets for agricultural produce.
http://www.iol.co.za/business/business-news/senwesbel-and-senwes-could-lose-r100m-if-treacle-wins-case-1.1079571
