Tycoon feels wrath of Companies Act
BUSINESSMAN Lambert Lobelo is one of the first people to be a victim of the new Companies Act when he was declared a delinquent director in the Johannesburg High Court last week.
The Companies Act came into effect on May 1 2011. Under the Act, Lobelo, owner of a number of construction businesses, has been barred from being a director of any company in the next five years.
Lobelo was taken to court by his business partner Aobakwe Kukama for misappropriating more than R60-million.
The money, which was a VAT refund from SARS, was supposed to go into Peolwane Properties, where the two are shareholders. But the money was diverted to Diphuka Construction - owned by Lobelo.
Judge ND Tshabalala ruled that Lobelo be declared a delinquent director and that Kukama can institute legal proceedings against Diphuka "for payment of R22,715.22 or such other amount, together with interests and costs ..."
Kukama can also institute legal proceedings against Lobelo on behalf of Peolwane Properties. Lobelo was also ordered to pay Kukama's legal costs.
Thabiso Maseko, of Mncedisi Ndlovu and Sedumedi Attorneys, said: "This is one of the first cases pertaining to the Act. A director is supposed to work in the best interests of the company at all times, and if that does not happen then he can be declared a delinquent. In some cases, the director can also be charged criminally."
Lobelo also owns Tau Pride. Tau Pride was supposed to build a R108-million clinic in Tlhabane, Rustenburg.
An audit firm is currently conducting a forensic investigation into the controversial awarding of the tender.
Lobelo did not respond to Sowetan's enquiries.