Absa applies for liquidation of Majali’s firm

By Andy Rice 28 October 2010

Absa applied to the Johannesburg High Court on Wednesday for Tshozi Investments to be liquidated. The company is owned by controversial businessman Sandile Majali, who is currently out on bail in a fraud case relating to the attempted hijacking of Kalahari Resources. According to the head of Absa's legal department, Marthinus van Rensburg: "Tshozi stood surety for a loan that Absa made to Imvume Resources. Imvume was voluntarily liquidated by its shareholder, Sandile Majali, and Absa is entitled to recover its loan from the surety company." The court reserved judgment on the case. Read more: Sapa, via Business Report

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