Ex-Vele boss bugged by bacteria deal

● They expected a tiny organism to grow into a mountain of profits but instead it morphed into a multimillion-rand headache.

Business person Maanda Manyatshe bought 10t of a substance called Micromix, derived from bacteria, from a British Virgin Islands company, Anait Technology, in 2013.

His company, Interlog Trading, said it urgently needed the product, which is used in fertilisers, sewage treatment and oil spill rehabilitation, to supply to clients.

But when it arrived in Cape Town harbour, the company refused to take delivery or pay for it, leading to this week’s order that Interlog, Manyatshe and fellow directors Alvaro Tangocci and Henry Lombard owe Anait R23m plus six years’ interest.

For Manyatshe, right, it is another headache on top of the collapse of VBS Bank. He is the former chair of Vele Investments, which is implicated in the looting of almost R2bn, allegedly by the bank’s directors and politicians.

Interlog claimed Anait reneged on a verbal agreement to buy 40% of the company’s shares for $5m (about R50m at the time). Without the financial injection, it said in court papers, it would not be able to take delivery of the shipment. But the explanation did not impress judge Ashley Binns-Ward.

“When the product arrived in Cape Town, Interlog refused to sign the necessary import documentation and [the Micromix] could not be cleared through customs,” he said.

The Micromix, which had a limited shelf life, had remained in a bonded warehouse at Cape Town harbour and Anait had lost track of it while “Interlog has shown no interest in it”, said the court judgment.

Manyatshe told the Sunday Times he had not yet decided whether to appeal. Lombard said he was not aware of the lawsuit or the judgment. “I haven’t been part of the company for many years,” he said. Tangocci did not respond to Sunday Times inquiries.