ONTIME FINALLY PLACED UNDER LIQUIDATION

MBABANE – Principal Judge Qinisile Mabuza yesterday ordered that all companies under Sukke Ontime Investment should be placed under provisional liquidation.

The order by the court comes after a joint application that was filed by the Central Bank of Eswatini and the Financial Services Regulatory Authority (FSRA).

 A provisional liquidation is a process which exists as part of the corporate insolvency laws of a number of common jurisdictions whereby after lodging of a petition, the court may appoint a liquidator on a provisional basis.

In practice, most instances of applications for a provisional liquidator involve some type of allegation of fraud or other misconduct to the company.

The companies under Sukke, which FSRA and Central Bank have successfully applied that they should be placed under provisional liquidation are; Sukke Logistics (PTY) Limited, Sukke Construction (PTY) Limited and MTG Investments.

Other respondents in the matter are the director of the companies, Maqhawe Gama, the master of the High Court and the attorney general.

standing

The Court also appointed Kobla Quashie, an accountant in good standing, as the provisional liquidator of the companies.  The duo further want the court to authorise Quashie to seize and take into his possession the assets and funds belonging to Gama in terms of the Financial Services Regulatory Authority Act of 2005.

Judge Mabuza ordered that the liquidator should file a periodic six months report to the court.  The bank and FSRA were represented by Mancoba Tsambokhulu of Waring Attorneys while Musa Shongwe appeared on behalf of the company and its director.

Meanwhile, an investigation that was conducted by the Central Bank of Eswatini revealed that Sukke Ontime Investment allegedly received a sum of E32 749 793.48 from members of the public.

This is contained in a report compiled by the Central Bank of Eswatini after extensive investigations into the affairs of the company.

The amount, as per investigations, was purportedly collected from the general public between 2017 and 2019.

The report, which has been presented to the High Court, reflects that a sum of E22 832 142.23 was paid as return on investment to various members of the public who had invested in the company.

According to the 14-page report, an amount of E7 107 392.74 was allegedly used by the director of the company, Gama, for various personal ends or enrichment.

Post your comment

Your name:

Your e-mail address:

Add your comments:

Please enter the code you see in the image:

Image:

Code: