Court deals blow to Smuts Ngonyama in Bosasa battle
Unless he appeals, judgment means his shares will belong to liquidators of Bosasa Youth Development Centres
In a blow for investor and SA’s ambassador to Japan, Smuts Ngonyama, the Supreme Court of Appeal has overturned a high court judgment that ordered the late Gavin Watson of Bosasa to ensure the return of lucrative mining shares to Ngonyama’s investment vehicle, Thunder Cats Investments.
The shares are in Ntsimbintle Holdings, in which Saki Macozoma’s Safika group is the largest shareholder. Ntsimbintle owns, through a subsidiary, an interest in a part of the largest manganese mine in SA, Tshipi Borwa mine.
The high court had also lashed Watson for lying about the BEE credentials of Bosasa Youth Development Centres, a company meant to empower black women and youths and to which Ngonyama had donated the disputed shares...