Senwesbel and Senwes have come out unscathed from a court battle with Treacle, in which the agribusiness and its holding company faced losses of more than R100 million in forgone dividends and damages if they had been found guilty of contravening sections of the Companies Act.
Treacle, a black-owned private equity firm that has a 17 percent shareholding in Senwes, accused directors of Senwes of contravening sections of the Companies Act by acquiring the firm's shares on Treacle's behalf. Instead of cancelling them, they sold the shares to Senwesbel, Senwes's holding company.
Senwesbel is an investment company that holds a 41 percent stake in Senwes, an agricultural business focusing on the development of access to markets for farm produce.
Treacle and Royal Bafokeng Holdings acquired 27.1 percent of Senwes in a black economic empowerment deal in January 2006. This resulted in the companies owning 34.7 percent of the issued shares in Senwes.
Elmarie Joynt, the company secretary and chief legal adviser at Senwes, said Treacle's allegations had no factual basis, and had Treacle got its way, the company would have had to return some of the shares and rectify its share register, which would have resulted in losses of over R100m.
Treacle has a right to appeal the ruling.
"There is no basis for the allegations and we conducted an independent forensic investigation[bar] Although we are not a listed company, we operate and disclose like a listed company," she said.
The application was brought before the North Gauteng High Court in July 2010. The court found that the shares acquisition between Senwes and Senwesbel was valid. Treacle was also ordered to pay all the legal costs of Senwesbel and Senwes.
Francois Strydom, the managing director of Senwes, said in an e-mailed statement that he was satisfied with the outcome of the trial. He also took a swipe at the media, saying that the coverage of the case was negative and they had "tried to pre-empt the ruling".
Treacle, a black-owned private equity firm that has a 17 percent shareholding in Senwes, accused directors of Senwes of contravening sections of the Companies Act by acquiring the firm's shares on Treacle's behalf. Instead of cancelling them, they sold the shares to Senwesbel, Senwes's holding company.
Treacle and Royal Bafokeng Holdings acquired 27.1 percent of Senwes in a black economic empowerment deal in January 2006. This resulted in the companies owning 34.7 percent of the issued shares in Senwes.
Elmarie Joynt, the company secretary and chief legal adviser at Senwes, said Treacle's allegations had no factual basis, and had Treacle got its way, the company would have had to return some of the shares and rectify its share register, which would have resulted in losses of over R100m.
Treacle has a right to appeal the ruling.
"There is no basis for the allegations and we conducted an independent forensic investigation[bar] Although we are not a listed company, we operate and disclose like a listed company," she said.
The application was brought before the North Gauteng High Court in July 2010. The court found that the shares acquisition between Senwes and Senwesbel was valid. Treacle was also ordered to pay all the legal costs of Senwesbel and Senwes.
Francois Strydom, the managing director of Senwes, said in an e-mailed statement that he was satisfied with the outcome of the trial. He also took a swipe at the media, saying that the coverage of the case was negative and they had "tried to pre-empt the ruling".
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