Shares discussed

2015-08-12 06:00

THE debacle over the control of shareholding in African Warriors looks set for another review following the death of founding director Martin Mafereka.

He founded the team in 2005, along with Thato Sempe, Dr Balekile Mzangwa and the late Jabu “The Little Corporal” Khumalo.

Following the death of Khumalo in May 2013, a bitter dispute over shareholding and ownership surfaced. The matter was heard in the Free State High Court. Following ruling in August 2013, Mafereka held 10% and Mzangwa 20%, with the late Khumalo becoming the majority shareholder (70%), after the court had ruled that Sempe transfer his 35% to Khumalo. Sempe lost his stake after he had resigned from the board of directors. Though Mafereka also resigned, he disputed he ever sold or transferred his 10% stake. He successfully defended his case and remained a 10% shareholder.

Khumalo’s wife inherited the 70% stake and was entitled to appoint a representative as director. Following Mafereka’s death, incumbent director, Mzangwa and representatives of the Khumalos are expected to discuss shareholding rights, Express learnt

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