Big shots' wrangle ends - at last?

ISAIAH MOREWAGAE
Staff Writer | Wednesday November 30, 2011 00:00

 

However, the agreement entered into by the parties was not disclosed. Prominent figures, all members of the old boys' club who teamed up for investment purposes, including former president Festus Mogae, former Chief Justice Julian Nganunu, former permanent secretaries, former ambassadors and other businessmen - were to face off in a high profile case involving a bitter fight over money and shares as things fall apart.

The case involved an urgent application by 18 members of the 21st Century Holdings that the High Court restrains and interdicts Charles Tibone, Lekalake and 21st Century Holdings from implementing a resolution of a meeting held at the company premises.

The resolution, made at an emergency general meeting of 21st Century Holdings on June 10, 2008, was to remove Sam Mpuchane, McClean Letshwiti, Emang Maphanyane and Lawrence Khupe as directors of the company.

The applicants are Mogae, Nganunu, Legwaila Legwaila, Mpuchane, Letshwiti, Nkobiwa Sebele, Goabaone Mokena, Toshiba Mothibatsela, Ludo Makhwade, Letlhogonolo Dabutha, Alfred Dube, Dikokole Mosinyi and Dzene Makhwade-Seboni.

There is also Kgarebe Investments owned by Aloysius Kgarebe, JDM Investments - a company owned by Nganunu and his son Dziki, - the two of them have deponed supporting affidavits - Letshwao Investments owned by Lesego Selotate and Khupe, FGM Investments of Mogae, San Safaris of Emang Maphanyane, Tsela Alliance represented by Matenge Matenge.

The defendants are Tibone, Lekalake, Lekalake and 21st Century Holdings (Pty). Mogae and Company were represented by advocates Panayiotis Stais and Hudson Janisch appearing with John Carr-Hartley of Armstrong Attorneys while Tibone and others are represented by South African-based advocates Werner Luderitz and Cyril Ziman.

The 21st Century is an association of about 40 citizen investors who have merged for the purposes of looking for investment opportunities. The company owns 30 percent of Stockbrokers Botswana.