I want my share –Masisi nephew
Sharon Mathala | Monday February 27, 2023 06:00
In the matter, Masisi’s nephew, Olebile Pilane has dragged his aunt, Boitumelo Phadi-Mmutle and their business associates, G & M Building Services (PTY) LTD, Kelebogile Monnaatshipi, Tswela Khumo Ventures and Huashi Li before court over 40% fungible share of his company.
In court this week as they seek to squash the matter on merits through exception, his aunt and parties are of the view that Pilane’s demands are unreasonable as the project he is referring to is on-going.
Through their lawyers, Obrien Bvindi of Akheel Jinabhai and Associates, they are of the view that Pilane's claims are based on perceived profit. “The plaintiff claim is based on what he perceives will be the profit to be made by the first defendant from the project he alleges is being carried out by the first defendant, what if the project does not make any profit?,” the defence lawyers asked.
“A shareholder is only entitled to a dividend as defined in terms of section 66 of the companies Act. He is not entitled to a share of the profit of a company as has been sought, as the company would have to pay its expense, taxes, and other commitments before declaring a profit. Without a dividend being declared, the plaintiff's claim is still born and cannot be sustained,” the lawyers further argued.
Masisi’s sister and her business associates, said the project is ongoing and it has not been completed hence they cannot be liable to any damages sought. “A claim for work not completed is incompetent, and unsustainable, as it is speculative and without basis, in fact and in law,” they told the court.
For his defence, Masisi’s nephew told the court that in fact he is entitled to his share because “In one of their exceptions the defendants states that the plaintiff or any other shareholder is not entitled to a share of the profits of a company but rather to dividends this is not what the plaintiff is seeking in his claim. The defendants seem to lose sight of the fact that what the plaintiff seeks is damages for loss sustained as a result of unlawful dealing with his shares and not a share of the profits of the first defendant s they would like to allude.”
Through his lawyer, Pilane argues that his aunt and their business associates are playing a delay tactic by trying to kill the matter through exception. “It is the plaintiff submission that the defendants exception is not only insubstantial but it is a desperate attempt to avoid liability for loss sustained by the plaintiff,” he further added.
The bitter war emanated from the half-a-billion pula water tender awarded to Phadi Mmutle and nephew Pilane through their shared company, G and M Building Services (Proprietary) Limited, listed as the first defendant in the court papers. The President’s nephew feels he was elbowed out fraudulently from G&M soon after the P550 million tender was awarded and now he is coming out with guns blazing at his aunts and other business associates for allegedly pushing him out in what he perceives as an attempt to defraud him of his share. Turning to what he is entitled to, Pilane revealed that he is deserving of over P17 million of the P550 million water tender. “The first defendants’ 40% share of the said profit would be P43,975,972.36. The plaintiff’s share in the first defendants’ profit of P43,975,972.38 (which would be the amount owed to their company from the 40 to 60% joint venture) is P17,590,388.95,” Pilane argued.
Out of rage, in court papers, Pilane also exposed how through the same company he was instructed to pay the BDP about five percent of the money from the government tender. He said after refusing to give BDP some of his tender money, his aunt threatened him.
Still on the same matter, his family had reported him to Police for theft.
The case of stealing by servant was reported to the police on November 30 and according to documents seen by Mmegi, the police summoned Pilane to explain some of the transactions in which his then partners believe money was misused.
“This office is investigating a case of stealing by servant in which Mr Li Huashi of Pre-Com Construction reported that his former employee a Botswana citizen male, Olebile Joseph Pilane was given an amount of P100,000 which was supposed to be paid to you for the service you rendered for his company (Pre-Com Construction) it came out that he only paid P60,000,” reads the investigations file.
Gaborone High court judge , Michael Leburu is expected to make ruling on exception April 20th.