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LRA regulations rile car dealers
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Community forum calls on government to shut down illegal mining shafts
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ABC elective conference to expel Thabane back on
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Damning liquidator’s report for Flying King
MASERU – A liquidator’s report has revealed how Flying King, the troubled vehicle clearing agent, was allegedly looted by senior managers.
The report, sent to creditors on May 5, also shows that the managers were not paying tax on imported vehicles despite collecting such from clients.
The once-popular clearing agency collapsed last year following a bitter dispute between shareholders.
Pillay Kuben, a South African businessman who owns 51 percent of the company, says Joel Mohale and Donald Monethi, the local directors and shareholders, misused the company’s funds.
He also alleged that Mohale had used Flying King’s funds to start a rival company with Monethi. The HMR thrived while Flying King sank in debt.