Babereki Investments AGM in jeopardy as factions battle in Court

While it was expected that preparations for the AGM were in full swing, it seems that such is not the case as the rival factions this week appeared in court battling an urgent application filed by Olefile Monakwe’s faction. The faction is praying among others issues that Masego Mogwera be removed from BI instantly while the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) deals with her for what the faction claims is failure to manage the company prudently.

The case comes after the rival camps’ respective general secretaries, Topias Marenga and Kaboyaone Sedimo each submitted lists for the AGM, prompting a question as who has the singular honor to submit the list of members of the National Executive Committee to attend the meeting. When the hearing of the matter commenced before Justice Chris Gabanagae on Wednesday, the court was forced to postpone to April 20, 2021 after Marenga brought a joinder application to the proceedings.