Firms told to show records

2012-11-09 00:00

THE North Gauteng High Court has ordered three companies linked to Julius Malema to reveal their ownership details in the next five days.

Judge Sulet Potterill yesterday ruled in favour of City Press in a court challenge that began more than a year ago after On-Point Engineers, SGL Engineering and Gwama Properties refused to hand over their share registers to City Press.

She ruled that the refusal by the companies’ directors to hand over the details was “criminal conduct”.

Malema’s Ratanang Family Trust owns shares in On-Point — a company in Polokwane that has scored massive government contracts from Limpopo state departments.

The former ANC Youth League leader is a former director of SGL — which was awarded construction tenders by Limpopo municipalities — and Gwama owns properties occupied by Malema’s relatives. Malema’s business partner, Lesiba Gwangwa, is a director of all three companies.

The legal representatives for the companies argued that City Press did not have the right to access the share registers of private companies under the 2008 Companies Act. But Potterill rejected this argument, ruling that the new act made the same provisions as the old 1973 legislation, which allows members of the public to inspect the ownership records of private companies.

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