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The obvious recent case in point is AYO Technology, which suffered a 36% revenue decline in the half-year to February, plunging the company into a loss-making situation. But it then went ahead and calmly declared a dividend 86% higher than its previous dividend, which will cost the company around R200-million.
To me, the first question here is whether this constitutes reckless trading as defined by section 22(1) of the Companies Act. The section says: “A company must not carry on its business recklessly, with gross negligence, with intent to defraud any person or for any fraudulent purpose.” If it does, directors become personally liable.
Opinion: Goolam V has been shown to be part of a co-ordinated social media bot strategy to discredit Sekunjalo, and is linked to the Thuma Mina media group.
Sekunjalo Group slams Mpati PIC investigation for âunfoundedâ allegations
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Cape Town - Sekunjalo Investment Holdings has slammed sections of the Mpati Commission report which implied improper conduct by the group despite no adverse findings or evidence being presented to support this.
The Mpati report was released last year following an investigation into the business practises at the Public Investment Corporation (PIC).
The Sekunjalo group believes there were numerous unfounded statements made in the report which has negatively painted the group and its companies.
In a presentation to Parliament s standing committee on finance, advocate Wallace Mgoqi put a case on various statements made in the report which have left allegations hanging against the Sekunjalo group.