The genesis of the dispute:

• In 2006, Coral bought 10 million Capitec shares at a price of R30 a share. Coral was a special purpose vehicle established to buy the bank shares on behalf of a broad-based black economic empowerment consortium. Mahloele was appointed as director of Coral and its parent company Ashbrook.

• According to Nyhonhya, Mahloele pushed for a transaction with the Public Investment Corporation (PIC). In January 2012, Coral sold 5.2million Capitec shares to the PIC at R156 per share. Part of the agreement was that the shares would be sold after five years to a “black purchaser”.

• In 2015, the PIC announced that it had sold the 5.2million shares to Petratouch, now called Lebashe at R461 per share. The profit made by the PIC was, therefore about R1.7-billion.

• This saw Coral in 2016 launch arbitration proceedings, infuriated that the shares were sold to Lebashe, of which Mahloele is a co-founder.

• The parties, Coral, Lebashe and Mahloele resolved the dispute in April 2018 and agreed that Coral would be given the shares that it now says Lebashe is no longer willing to do.