Businessman in bid to recoup millions from Sisa Ngebulana over Zunaid Moti-linked deal
South Africa

Businessman in bid to recoup millions from Sisa Ngebulana over Zunaid Moti-linked deal

Businessman in bid to recoup millions from Sisa Ngebulana over Zunaid Moti-linked deal

By Manyane Manyane Time of article published 5m ago

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Johannesburg – Ammeti holdings property Limited director Mikaeel Moti, wants the Billion Group and the Amatolo Family Trust to be dissolved following its failure to pay him R17 million for providing liaison and advisory services when controversial businessman Zunaid Moti sold back the shares he bought from the group’s real estate investment fund Rebosis.

Billion, a property company and Amatolo, are headed by business mogul and lawyer Sisa Ngebulana.

In his 508-page affidavit, Mikaeel said Ngebulana assigned his company to facilitate negotiations of selling shares between the Billion and (Zunaid) Moti.

“In concluding the aforementioned share purchase and consistent with its rights under FA1 (Recording Financial Transactions), the respondent (Billion Group Pty Ltd.) nominated Amatolo Family Trust to be the purchaser of the target shares.

“Amatolo is no more than the alter ego of Ngebulana because he is the donor, a beneficiary and a trustee of the trust that he controls and benefits absolutely. I should add that the trust is also the sole shareholder of Ngebulana,” said Mikaeel in his founding affidavit.

Mikaeel said Ngebulana acquired the shares on August 31, last year, but promised to make payments for advisory services before December 18, 2020.

Ngebulana then proudly announced to the public, in the financial press and on the Stock Exchange News Service (SENS) that he had become the majority shareholder of Rebosis Property Fund Limited, consistent with what is stated above that the trust is simply his alter ego.” Mikaeel further said that Ngebulana failed to tell the public that the acquired “shares had not been paid for”.

Zunaid Moti had also filed an affidavit last year, in which he claimed that Ngebulana, through Amatolo, was a debtor to the value of R125m. He (Moti) said the sum consisted of R114m, being the purchase consideration of the shares acquired by the trust in an off-market transaction on August 31, last year, which resulted in Ngebulana increasing his shareholding in Rebosis to an effective interest of 31.26%.

The interest charged as a result of the deferred purchase consideration of the shares until December 18, 2020, was R11m. Moti claimed that no payment was made on the due date and requested for the sequestration of the Amatolo, calling it insolvent.

Mikaeel said Ngebulana breached the most material provision of FA1 by failing to make the payments on December 18, last year.

Mikaeel indicated, in his affidavit, “In accordance with the provisions of FA1, and on December 22, 2020, my attorneys made written demand to the respondents to remedy its breach within a period of 14 business days from receipt thereof. Additionally, a copy of FA3 (business knowledge) was emailed to Ngebulana as is apparent from FA41 to FA4 3.”

He said Ngebulana responded to the letters and emails after Moti instituted the sequestration application on Amatolo.

“This was done on January 14, 2021, when the respondent’s attorney addressed a letter to his attorney,” said Mikaeel.

He said in the letter, Ngebulana’s attorney indicated that his client did not purchase any shares from Moti, and further said Ngebulana did not conclude any final agreement with Moti. And that, he neither nominated another entity to purchase the shares, nor informed him (Mikaeel) of any nomination.

Mikaeel’s affidavit reflects that, there “has been no reply or response to FA6” and that the Respondent was ‘clearly unable to pay his debts in the ordinary course, lacked bona fides, and was intending to frustrate the Applicant by resorting to dilatory tactics, and that should be dealt with by bringing this application”.

He added: “The respondent under the control of Ngebulana, like several entities under his control, is demonstrating debtor delinquency. It is and therefore would be necessary and appropriate for any opposition filed by him to be interpreted in the context of that behaviour.”

“He was well aware that irrespective of whether the shares were purchased by the Billion or its nominee, the respondent would incur liability for payment of the applicant (Mikaeel) agreed fee in the amount of R17m.

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The Sunday Independent

Original Article

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