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22 November 2017 09:29 (South Africa)

Absa applies for liquidation of Majali's firm

  • Andy Rice
    andy rice
    Andy Rice

    Andy Rice is a founding partner of Yellowwood Future Architects, a marketing strategy consultancy. In his other lives, he is the southern hemisphere's only supporter of Cambridge United Football Club, and was once upon a time the South African National Spoofing Champion. He has played football at Wembley and cricket at Lord's within the same weekend, but troubled the scorer on neither occasion. Things could only go up from here.

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

  • Andy Rice
    andy rice
    Andy Rice

    Andy Rice is a founding partner of Yellowwood Future Architects, a marketing strategy consultancy. In his other lives, he is the southern hemisphere's only supporter of Cambridge United Football Club, and was once upon a time the South African National Spoofing Champion. He has played football at Wembley and cricket at Lord's within the same weekend, but troubled the scorer on neither occasion. Things could only go up from here.

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