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Company 'hijackers' to appear in court

Dec 03 2010 08:11 Sapa

Company Data

ARCELORMITTAL SOUTH AFRICA LIMITED [JSE:ACL]

Last traded 34.28
Change 1.07
% Change 0.03
Cumulative volume 479332
Market cap 15.28bn

Last Updated: 23/07/2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Businessman Sandile Majali and three others were expected to appear in the Johannesburg Specialised Commercial Crimes Court on Friday on fraud charges.

Majali, Haralambos (Harry) Sferopoulous, Stephan Khoza and Elvis Bongani Ndala stand accused of changing the directorship of mining company Kalahari Resources.

The accused allegedly removed Kalahari Resources' two directors, Brian Amos Mashile and his sister Daphne Mashile-Nkosi, from the Companies and Intellectual Property Registration Office (Cipro) database in August.

The two siblings had to bring an urgent interdict before the High Court in Johannesburg to get themselves reinstated as directors of the company.

At the last appearance, the court ordered, on the State's request, that Majali's three co-accused be sent for mental observation.

They are all listed on the internet as directors of the "South African Community Government Union" (SACGU). Its website, www.sacgu.org, carries bizarre graphs and pictures.

According to the website, Khoza is the "Master" of the SACGU, Ndala the "deputy" and "doctor" Sferopoulous in charge of "economics".

An extract from website's home page says SACGU tasks include: "Overseeing the multinational people of the Republic of South Africa, united by the common fate of our land, establishing human rights and freedoms, civic peace and accord, preserving the historical established state unity, proceeding from the universally recognised state principles of equality and self-determination of peoples... ."

Kalahari Resources owns a 40% stake in Kalagadi Manganese, the mining company developing an R11bn manganese mine and sinter plant in the Northern Cape, as well as a smelter at Coega.

The Industrial Development Corporation owns 10% of Kalagadi Manganese, while steel producer ArcelorMittal SA [JSE:ACL] owns the remaining 50% stake.

Majali came into the public eye following his role in the so-called Oilgate saga, that saw him "donate" R11m of national oil company PetroSA's funds to the ANC ahead of the 2004 elections.
 
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