EswatiniBank disputes
MBABANE – EswatiniBank and late sugar tycoon and hotelier Dumisa Dlamini’s company, Dumisa Ranching Company (Pty) Ltd, do not agree on his shareholding in the company.
The importance of ascertaining 'lamini¶s exact shareholding percentage at 'umisa 5anching Com pany arose because the percentage would be used in calculating the payout due to his insolvent estate, after the sale of two immovable properties.
The sale went through without any problem. :hen Eswatini%ank heard about the sale to third parties, and since 'lamini had personal outstanding loans with the bank, it sought to have its interests considered in the transaction in the wholesale transaction.
The bank applied to be joined in the court proceed ings involving 'umisa 5anching Company, Sibusiso Motsa, who is a trustee in 'lamini¶s insolvent estate, and the master of the High Court. The attorney gen eral is the third respondent.
High Court -udge %ongani Sydney 'lamini granted the bank¶s application for leave to join the proceed ings. The court also granted the bank 14 days to file its answering affidavit to the main application.
Interest
The background of the matter is that in the main matter, 'umisa 5anching Company instituted court proceedings at the High Court against the trustee, Motsa, to compel him to pay to it the sum of E 548 000, together with interest.
'umisa 5anching Company was or is the registered owner of several immovable properties in the country. 2n or about -anuary 2020, the company took a de cision to sell two of its immovable properties to two local companies, registered as 9erdant *reen (Pty) /td and 8mfomoto 5anch (Pty) /td.
'umisa 5anching Company has a number of shareholders and 'lamini was one of the registered shareholders.
The company and Eswatini%ank do not agree on the shareholding percentage of 'lamini in 'umisa 5anching Company /td.
The importance of ascertaining the exact percentage held by the late sugar tycoon in 'umisa 5anching Company arises because such a percentage is to be used in calculating the payout due to the insolvent estate, on the sale of the two immovable properties.
To avoid frustrating the sale transaction in one way or the other, the shareholders of 'umisa 5anching Company, met on -uly 15, 2020, and took a resolu tion, among others, that the deed of sale dated -anuary 22, 2020, be amended to read “The seller reTuests that the purchaser pays 50 per cent of the net purchase price to the account of 'umisa 'lamini ,nsolvent Estate Standard %ank $ccount 1o. and the remaining balance to be paid to the company¶s bank account (seller¶s bank account) held in the name of 'umisa 5anching Company (Pty) /td.”
Shares
The shareholders of 'umisa 5anching Company acknowledged that there could be claims lodged by third parties against the shares held by the late 'lamini in the company, emanating from the sale of the two immovable properties.
To deal with this problem, the shareholders of the company allowed 50 per cent of the proceeds of the sale to be to be held in trust by the trustee, Motsa, of 'lamini¶s insolvent estate.
$ccording to evidence submissions made in court,