Liquidators at loggerheads over Majali's estate

THE liquidators of two of dead businessman Sandile Majali's companies are at loggerheads over his estate, running into hundreds of millions of rand.

Liquidators of Imvume Resources (Pty) Ltd and Tshozi Investments (Pty) Ltd are fighting over his shares - worth R130 million.

Imvume's liquidators yesterday launched an urgent application in the Johannesburg High Court to prevent Tshozi from disposing of 85% of the total issued share capital in Siyanda Mining that Majali had acquired in 2003.

The company also wants the court to interdict Tshozi from proceeding with a tender they had advertised.

The tender invites bidders to buy the company's shares on auction.

Imvume was liquidated in December 2009 while Tshozi was placed under liquidation in April.

Majali was found dead in a hotel room in December last year.

Advocate Reenen Potgieter, SC, representing Imvume's liquidators, argued that the shares in question were worth R130-million. "Here we have two companies in liquidation and two sets of liquidators contesting shares," he said.

Potgieter said Majali acquired shares in Siyanda Mining Corporation through Lindani Mthwa, who was Imvume director in 2003.

He described the shares as a "sham" aimed at "unlawfully expropriating Imvume's shares".

Potgieter argued that no genuine sale and no resolution had been made by the board of directors to move the shares across.

"We do not know what happened between 2004 and 2008, but what we know is that Tshozi became the owner of the shares. But to become an owner there should be a genuine sale.

"There was no authority for those shares to move across," he said.

The hearing continues today.