Babereki Investments' AGM Faces More Delays
Goitsemodimo Kaelo | Tuesday May 4, 2021 16:54
This is after the court last week granted the warring factions a consent order for the meeting to be postponed again.
When all looked set for the overdue meeting, Justice Jennifer Dube ordered the meeting to be postponed indefinitely, pending finalisation of an application before Justice Chris Gabanagae brought by Olefile Monakwe’s faction.
The meeting was expected to discuss, amongst others, the appointment of and/or removal of directors.
A panel of three judges of the Court of Appeal (CoA), had in March ordered the meeting be held not later than April 25, 2021. Following the CoA judgement, BI Board chairperson Masego Mogwera then issued notice for the meeting to be held on April 24.
However, the meeting was left in jeopardy after the BOPEU warring factions both submitted lists for the AGM, prompting Monakwe’s camp to file an urgent application for the court to give direction on who has the singular honour to submit the list of the National Executive Committee to attend the meeting.
On Friday, Gabanagae also granted former BOPEU general secretary, Topias Marenga together with Tambona Khuwa Jopi, Beltos Ralebante, Mothusi Mojela, Rakola Gilbert, Joseph Kasorere Kasorere, Lilian Motswakgotleng permission to be joined as respondents in the proceedings.
Gabanagae also ordered the parties to return to court on June 28, 2021, for a status hearing. BI’s AGM for the shareholders has not been held in a long time amidst instability caused by fighting for control of one of the country’s richest unions.
There is a myriad of other cases, which the court ruled in the past, was a violation of both the BI constitution and the Companies Act.
Stakeholders have accused each other of frustrating efforts to hold the AGM.
The court has also ruled that for the longest time, BI was found to be guilty of non-compliance with the dictates of the Non-Bank Financial Institutions Regulatory Authority.