Bakubung ready for battle
FRAGILE PEACE OVER FINANCES
THE standoff between a North West royal family and a company serving as financial advisers to the community could potentially result in a complete breakdown of their relationship.
Bakubung ba Ratheo, a 35 000member community in Ledig near Sun City, and Musa Capital have over the years been involved in public feuds.
In May last year, an agreement was reached by the royal family and its commercial wings – Bakubung Community Development Corporation (BCDC) and the Bakubung Economic Development Unit (Bedu) – to bury the hatchet and work together for the advancement of the community.
But a recent march to Musa Capital ’ s upmarket Sandton offices in Johannesburg has left the company worried that the agreement reached last year could disappear.
William Jimerson, an executive director at Musa Capital, said that given the progress made by themselves and the royal family since the feud a few years ago, the march two weeks ago and also comments made by some members of the royal family threatened to destroy all the gains made.
Jimerson said he was left “puzzled ” by the march. “We were made aware this week of a gathering on the [BCDC] offices … in Sandton.
“Again, we are puzzled as to the reasons for this gathering, given that the reconciliation process is on track and that all disputes regarding the monetisation process were laid to rest 10 months ago, ” Jimerson said.
“We are also concerned that the gathering constitutes an unfounded departure from the spirit of reconciliation.”
He said the community was better off now with the half-a-billion rand investments made with the selling of shares. Had the shares not been sold, he said, it would have been an opportunity missed.
Princess Maria Kgaswane from the royal family accused Musa of being evasive with the truth and said they were willing to backtrack on the peace accord.
“We told them that there would only be peace if they were open and honest with us, but they have not been,” she said.