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MBABANE – Businessman Moses Motsa is alleged to have concluded a share agreement with United Holding (PTY) Limited, for sale of shares in Lidwala Insurance Company.

This was disclosed by Frederick Willem Verhagen, who is the director of Resure Insurer Limited.
He alleged that a due diligence exercise was being undertaken presently by United Holdings (PTY) Limited, in respect of the sale.
Verhagen averred that if the sale proceeds, Resure would lose ownership of its shares, as a third party would have acquired them.

“Furthermore, it is imperative that, pending finalisation of the matter, the court interdicts and stops the sale and transfer of 447 442 shares of Motsa to United Holding or anyone with whom the businessman may wish to sell his shares to,” submitted the applicant.
He highlighted that this number of shares (447 442) represented the shares which had been allegedly unlawfully transferred from Resure to Motsa, as such allegedly did not form part of the shares that the businessman legally owned.

Verhagen informed the court that if an interim order was not granted, nothing would stop Motsa and United Holdings from proceeding with the sale of shares, much to the detriment of Resure, as some of its shares would have been disposed of unlawfully and involuntarily.

He implored the court to hear the matter as one of urgency, as should it take its normal course, by the time it was finalised, the impending shares between Motsa and United Holdings, who had been concluded and Resure’s shares would have passed on to the hands of third parties.

“The unethical conduct of Lidwala to refuse to furnish the documents upon which they relied upon for transfer of Resure’s shares to Mr Motsa, shows that Lidwala does not conform to the ideals of corporate governance and compliance,” contended the applicant.

He further submitted that even if United Holdings Limited were to decide to purchase the shares from Motsa, Lidwala would swiftly transfer ownership of same inspite of this application.

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