The Sheriff attached the company’s office assets on 29 June, before Encha paid R1 244 607.26 in taxed legal costs, interest and the Sheriff’s fees to secure the release of its property on 6 July Retired deputy chief justice Dikgang Moseneke’s family-owned property company, Encha Properties Pty Limited (Encha Properties KWT), could be forced to pay more than R50 million to buy out Firstmile Properties’ minority equity stake. This is if the Gauteng High Court accepts independent referees’ expert calculations in a shareholding dispute that has dragged on for almost two decades. The disagreement between Encha and Firstmile started after businessman Robin Vela pulled out of the pact because of non-payment of either dividends or interest on his 10% equity stake.
Vela says he has also not been paid for sales of bulk land, extraction of fees by Encha Properties and the raising of loans in Encha KWT since 2009. According to court papers, Vela was never paid anything for his efforts in Encha Properties, Encha KWT and Encha Bloemfontein (Pty) Limited, a move that triggered the fallout and judgments in Firstmile’s favour that date from 2016. Since the Gauteng High Court ordered Encha to pay Firstmile for its 10% equity, Vela says the Moseneke family business has adopted a sluggish approach in carrying out the court order and did not co-operate with valuation information requirements, all this in an effort to ensure the dispute remains unresolved. This led to Vela filing contempt of court charges against Encha and Moseneke family members, accusing them of frustrating the valuation and purchase of his minority shareholding.
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